; and (v) the policy regarding refunds, repairs, replacements, or other remedies as a result of a user report or a violation of the terms of service or consumer protection policy. (c) Standard short-Form statements and graphic icons for consumer protection practices (1) Study and report Not later than 180 days after the date of the enactment of this Act, the Commission shall conduct a study to determine the most effective method of communicating common consumer protection practices in short-form consumer disclosure statements or graphic icons that disclose the consumer protection and content moderation practices of social media platforms and online marketplaces. The Commission shall submit a report to the Committee on Energy and Commerce of the House of Representatives and the Committee on Commerce, Science, and Transportation of the Senate with the results of the study. The report shall also be made publicly available on the website of the Commission. (2) Regulations Except as provided in paragraph (3), after completion of the study and not later than 1 year after the date of the enactment of this Act, the Commission shall finalize regulations based on the results of such study that require social media platforms and online marketplaces to communicate their consumer protection and content moderation practices, and any other information as the Commission may determine, in a clear and conspicuous manner. (3) Exception If the Commission determines, by a majority vote of the Commissioners, that short-form consumer disclosure statements or graphic icons will not advance consumer understanding of consumer protection and content moderation practices of social media platforms and online marketplaces, the Commission shall include its reasoning for making that determination in the report to Congress required by paragraph (1) and shall not finalize the rulemaking until it determines such rules would advance consumer understanding of consumer protection and content moderation practices of social media platforms and online