Full Disclosure: New Rule Proposed for Dealers
Way back in 2003, Congress passed the Fair and Accurate Credit Transactions Act (FACTA). For us lawyers, it’s the gift that keeps on giving.
Way back in 2003, Congress passed the Fair and Accurate Credit Transactions Act (FACTA). For us lawyers, it’s the gift that keeps on giving.
Many dealers I talk to have an appreciation for the value good compliance practices bring to their operation.
Way back in 2003, Congress passed the Fair and Accurate Credit Transactions Act (FACTA). We’ve talked about it a lot in this column. For us lawyers, it’s the gift that keeps on giving, and it just gave again with the recent proposal for the last of the major rules it mandated.
Given that our men and women in uniform so often find themselves in harm’s way these days, it is only fitting the law provides special protections to them with respect to the credit obligations they enter into prior to being called into active duty.
Dealers have been contracting for years with marketing companies that use so-called prescreen lists to offer auto financing to qualified consumers. The Fair Credit Reporting Act (FCRA) requires that each person on such a list receive a “firm offer of credit”.
I’ve mentioned the Fair and Accurate Credit Transaction Act of 2003 (FACTA) several times in this column. You’ll recall that FACTA made significant amendments to the Fair Credit Reporting Act (FCRA), many in ways one may not have expected.
Being a compliance lawyer, I ask new and potential clients to consider this question: What value do you place on good F&I compliance practices in your operation? So, what would your answer be?
Let’s face it; the law is not always the most stimulating topic for those of you who have lives. But knowledge is power, and it’s important to your business.
A series of attacks on document preparation fees in several states has resulted in a line of cases holding that charging a fee to fill in the blanks on legal documents (for example, retail installment sale contracts) is the practice of law.
Since 2003, I’ve been running around the country trying to impress upon people the fact that the Federal Trade Commission (FTC) is serious when it comes to safeguarding consumer information.
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