E-NEWSLETTER

After a two-week trial, a federal jury in Cheyenne, Wyo., convicted on Jan. 21 Randy Lee (aka Jimmy Lee) on 11 of 14 felony counts with which he was charged, the Justice Department announced.

Tags: Compliance, used-car dealer

Compli, a provider of workforce and compliance management software, appointed executive Lon Leneve as president & CEO, effective this month.

Tags: Compli

In what is expected to have a big impact on the special-finance marketplace, the Federal Trade Commission (FTC) and the Federal Reserve Board (FRB) issued in late December finalized rules that will require creditors, including dealers, to alert consumers when derogatory credit data causes them to receive less than optimal terms. The rule is expected to take effect Jan. 1, 2011.

Tags: Adverse Action, Federal Reserve, Federal Trade Commission, NADA, risk-based pricing notice

A Lackawanna County, Penn., used-car warranty company and its operators, accused of defrauding thousands of motorists across the country, are the subject of a lawsuit filed by the state’s Attorney General's Bureau of Consumer Protection.

Tags: Compliance, FRAUD, used-car warranty

Reynolds and Reynolds announced that Hyundai Capital America, which finances Hyundai and Kia vehicles sold in the United States, has adopted the Reynolds LAW 553 Universal Retail Sale Contract for use in its vehicle financing business.

Tags: retail installment contract, Reynolds and Reynolds

The Florida Office of Insurance Regulation issued on Dec. 21 an order to National Automotive Services Inc.; Warranty Financial Inc. a/k/a Warranty Financial O.R.G. Inc.; Warranty USA; and Warranty Services to cease and desist transacting the unauthorized marketing and selling of motor vehicle service agreement products in the state.

Tags: Compliance, vehicle service products

Terrence O’Loughlin, director of compliance for Reynolds and Reynolds, has been elected to the governing board of the Conference on Consumer Finance Law (CCFL), according to the Dayton Daily News.

Tags: Reynolds and Reynolds

A local news channel in Raleigh, N.C., reported on Dec. 7 that the North Carolina Division of Motor Vehicles (DMV) has identified 62 dealerships that have not delivered titles on vehicles paid in full within the time required by law.

Tags: lien holder, North Carolina, title delivery

Compli, a provider of on-demand workforce and compliance management software for auto dealers, introduces its Time-Off Tracker, a color-coded dashboard calendar that gives management a real-time snapshot of its department coverage by day, week and month.

Tags: Compli, Compliance

The former owner of a Chicago car dealership was arrested Nov. 6 on federal charges alleging that he and two former employees, who also were charged, engaged in a fraud scheme involving more than 100 vehicles and caused lending institutions, car dealerships, and customers to lose nearly $2.8 million.

Tags: Compliance, FRAUD

A growing sense of empowerment many financial services regulators gained under President Barack Obama’s administration in 2009 will likely transform into a broad array of new rules and agencies, as well as stepped-up enforcement actions in 2010, according to regulatory compliance experts at Wolters Kluwer Financial Services.

Tags: Compliance, Wolters Kluwer

RouteOne announced today that Sonic Automotive Inc. will subscribe all of its dealerships nationwide to RouteOne's identity verification and electronic document storage products.

Tags: Compliance, electronic document storage , identity verification , RouteOne, Sonic Automotive

Hudson Cook LLP, a nationwide provider of legal compliance services for the financial services industry, announced that Thomas J. Buiteweg, a partner at the firm’s Ann Arbor, Mich., office, has been elected to The American Law Institute (ALI).

Tags: Hudson Cook

When Millennium Protection Group Inc. founder Wilbur “Tray” Harrison Jr. launched the Tires for Life tire replacement program in 2005, few dealers who signed up to sell the policies could have guessed that claims would be paid from a Texas checking account and the company would land in bankruptcy court.

The House Financial Services Committee approved a key amendment, 47-21, to keep automobile dealers under the already effective state and federal laws which govern vehicle financing.

Tags: Consumer Financial Protection Agency, House Financial Services Committee , NADA

DealerTrack Inc., a provider of on-demand software and data solutions, added red flags reporting to its DealerTrack Compliance Solution to help dealers better track their identity theft prevention programs and to more effectively monitor dealership activity.

Tags: DEALERTRACK, Federal Trade Commission, Red Flags Rule

Auto Advisory Services (AAS) launches today a new Multistate Audit Program by conducting its first compliance audits of automobile dealerships in New York and New Jersey.

Tags: compliance audit, Equal Credit Opportunity Act, Fair Credit Reporting Act, Gramm-Leach-Biley Act

The education committee for The Leedom Group’s 15th Annual Buy-Here, Pay-Here National Convention unveiled its lineup of speakers, workshops and panels for the three-day event, which will be held Oct. 12-14 at Caesars Palace in Las Vegas.

Tags: BHPH

The American Financial Services Association Education Foundation (AFSAEF) introduced two new resources to help borrowers take steps to protect their finances.

Tags: American Financial Services Association , consumer financial protection

Hudson Cook LLP, a provider of legal compliance services for the financial services industry, announced that the American Financial Services Association (AFSA) awarded its 2009 Distinguished Service Award to the firm’s founding partners, Tom Hudson and Robert Cook.

Tags: AFSA, Hudson Cook

A Vancouver, Wash., dealer agreed to repay up to $8,440 in restitution to consumers who participated in a deceptive gas rebate program, said the Washington Attorney General’s Office.

Tags: gas rebate program

The Federal Trade Commission said beginning today prerecorded commercial telemarketing calls to consumers — commonly known as robocalls — will be prohibited, unless the telemarketer has obtained permission in writing from consumers who want to receive such calls.

Tags: Federal Trade Commission, robocalls

The former owner of a Bordentown, N.J.-based car dealership was arrested for allegedly defrauding local banks of more than $7 million in a check-kiting scheme, according to the U.S. Attorney’s Office.

Tags: bank fraud, check-kiting scheme, money laundering, wire fraud

The FTC has delayed enforcement of the Red Flags Rule once again, as it looks to expand its education efforts among small businesses. Those efforts include sending a staff attorney to the magazine’s September conference.

Tags: F&I Conference and Expo, FACTA, FTC, Red Flags Rule

Recovery Compliance Solutions, a provider of repossession compliance monitoring solutions, partnered with GMAC Financial Services to manage and verify its repossession vendors’ information, ensuring they remain compliant with state and local standards.

Tags: Compliance, GMAC Financial Services