Consumer Fraud Prevention Act - Amends the Federal Trade Commission Act to make it unlawful to disseminate any false advertisement for the purpose of inducing the purchase of services. (Current law addresses only dissemination of false advertisements regarding products.) Permits courts to join parties having common interests in false advertising suits brought under such Act.

Modifies the procedures for the service of process by the Federal Trade Commission in cases involving temporary restraining orders and preliminary injunctions.

Permits the FTC to use subpoenas to obtain physical evidence.

Directs the United States Postal Service to amend its regulations concerning mail covers to permit the FTC the same access now permitted other law enforcement agencies.

Allows the FTC to gain access to the financial records of consumer fraud suspects, after first obtaining a court order, upon a showing that the funds which are the subject of the records are likely to be dissipated, removed, or destroyed, and are subject to seizure by reason of having been obtained in violation of law.

Permits the FTC to appoint State attorneys general to enforce FTC rules.

Requires the FTC to extend its mail order rule to telemarketing. Requires the FTC to consider including in such final rule a requirement that telemarketers inform consumers of their rights under the rule.

Directs the FTC to conduct a study of the life-care industry and, if appropriate, initiate a trade regulation rule proceeding.