KPA – Complete, Continuous Compliance for All Automotive Industries
KPA – Complete, Continuous Compliance for All Automotive Industries
KPA's blog covers the compliance topics that matter most to automotive businesses, from OSHA updates and FTC enforcement to HR best practices and cybersecurity requirements.
Who, what, where, how, and why?
Let’s answer some of your basic questions on the Fair Credit Practices Rule.
The Rule covers all consumer credit transactions, except those involving the purchase of real estate.
The Federal Trade Commission can sue violators of the Credit Practices Rule in federal court. The court can impose civil penalties of up to $43,280 for each violation and can issue an order prohibiting further violations.
Certain consumer provisions are now prohibited. These include: confessions of judgment; waivers of exemption; wage assignments; and security interests in household goods.
If you want to learn more of the nitty gritty details, the FTC has lots more info for you. Dive in here: https://www.ftc.gov/tips-advice/business-center/guidance/complying-credit-practices-rule
Vera F&I software and services are specifically designed for vehicle dealers including automotive, truck, RV, marine, and power sports. Our F&I compliance solutions will help you develop compliant sales processes, train sales and finance teams, safeguard consumer information, and maintain clean deal jackets—all to help you minimize risk and maximize profits.
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