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Wolters Kluwer Unveils Compliance Tool for BHPH Dealers

March 23, 2010

BATON ROUGE, La. — Wolters Kluwer Financial Services has added a new resource for buy-here, pay-here (BHPH) dealers to its CompliSource solution, an online compliance tool for managing compliance with the state laws that govern direct and indirect lending.

CompliSource for Buy Here, Pay Here Financing offers comprehensive compilations of information available about current state laws and regulations, as well as pending legislation, related to the financing and collection of vehicles by BHPH dealers.

CompliSource provides interpretive summaries of the laws and links to the complete statutory text. Content is continuously updated by Wolters Kluwer Financial Services’ dedicated team of legal and compliance professionals and covers various topics, including requirements surrounding licensing, repossession, third-party liens, lien perfection and debt collection.

“By offering information specific to buy here, pay here financing, we can help more dealerships understand what they must do to remain compliant, enabling them to proactively address new laws and regulations,” said Lee Domingue, CEO of indirect lending at Wolters Kluwer Financial Services. “This in itself can subsequently reduce the amount of time and money spent tracking legislative changes, and help minimize risks for litigation and costs for outside legal counsel.”

For more information about CompliSource for Buy Here, Pay Here Financing, visit www.wolterskluwerfs.com/complisource.

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