CounselorLibrary, the publisher of automobile financing and leasing legal compliance services, has launched its newest publication, “Dealer Compliance Guide - Risk-Based Pricing,” which addresses the obligations of dealers under the new federal Risk-Based Pricing (RBP) Rule.
The new Federal Trade Commission and Federal Reserve Board rule will be effective January 1, 2011. The rule imposes a new legal notice requirement on all creditors, including dealers, who use credit scores or other consumer report information to determine the cost of credit or the finance source to which a credit obligation will be sold.
“Navigating the Risk Based Pricing rule can be a minefield for the unwary,” says co-author and attorney Michael Benoit. “Fortunately, there are relatively simple ways for dealers to meet their obligations, and we’ve tried our best in this 'CARLAW Compliance Series' guide to bring dealers up to speed as quickly as possible.”
The 53-page book focuses on best practices for compliance with the RBP rule in traditional vehicle finance transactions. It provides an overview of the various compliance methods, permitting the dealer (in conjunction with his legal counsel) to determine what compliance method works best for him.
The book is authored by Hudson Cook LLP attorneys Benoit, Anne Fortney and Jean Noonan.
The book is available for $50, plus $3.95 for shipping and handling. For more information or to purchase the book, visit www.counselorlibrary.com (click on “Products”).