Compliance

Military Lending Act's December Update More Harmful Than First Thought

Robert Wilkie, Under Secretary of Defense for Personnel and Readiness.

A Hudson Cook attorney told industry trade groups in a Jan. 18 memo that the Defense Department’s Dec. 14 interpretative rule, combined with something else it did in July 2015, makes it ‘highly unlikely that any dealer or finance source will be willing to originate or purchase’ a vehicle finance transaction if credit-protection products are included.

Prioritizing Entity Vitals

Real-life examples prove that failing to meet federal, state, and local requirements for licensing and permits can cause otherwise successful dealerships to lose their right to do business and, in the most extreme cases, their very names.

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