Articles for Legal & Compliance
Wednesday, February 01, 2012
With leadership in place, over 700 employees and bulletproof funding, the Consumer Financial Protection Bureau is moving full speed ahead. Attorney Nicole Munro discusses the CFPB's potential reach and how it could impact dealers.
Wednesday, December 21, 2011
Santa isn’t the only one making a list and checking it twice this time of year. The CFPB and the FTC are making lists that will be used to determine who is naughty and who is nice. Attorney Nicole Munro poses some questions dealers should consider to put together their own compliance checklists.
Wednesday, November 23, 2011
Attorney Nicole Munro discusses disclosures required by the Equal Credit Opportunity Act and its implementing Regulation B, along with the Fair Credit Reporting Act, when a consumer applies for secured credit.
Wednesday, October 26, 2011
Attorney Nicole Munro explains advertising disclosures required by the Truth-in-Lending Act (TILA) and Regulation Z.
Wednesday, August 17, 2011
Attorneys Nicole Munro and Katherine Fisher discuss a recent Florida Court of Appeals case that illustrates the importance of ensuring that the documents dealers use work together to protect them in connection with the sale and financing of vehicles.
Wednesday, June 29, 2011
Many BHPH dealers swear by the use of ACH debits, but not all dealers are aware that they cannot require customers to agree to ACH payments. Attorney Nicole Munro discusses why and explains how dealers can effectively and legally take advantage of ACH payments in their BHPH operations.
Wednesday, May 25, 2011
Attorney Nicole Munro discusses an Arkansas Supreme Court case highlighting a potential pitfall for dealers charging documentary fees.
Wednesday, April 27, 2011
Attorney Nicole Munro discusses out the Dodd-Frank Act effects the Truth in Lending and Consumer Leasing Acts.
Tuesday, March 15, 2011
Consumer credit can be confusing. Attorney Nicole Munro discusses a publication from the Federal Reserve Board that dealers can use to help their customers understand credit notices.
Wednesday, February 02, 2011
Regardless of whether you agree or disagree with consumer advocates, they have a voice — one that is articulate, loud and clear. Attorney Nicole Munro discusses consumer advocacy groups' potential influence on the future Consumer Financial Protection Bureau and what it could mean for dealers.
Wednesday, December 08, 2010
Before charging an expedited payment fee (or any other servicing fee), consult and consider your state’s laws on the topic. Attorney Nicole Munro explores servicing fees in depth.
Wednesday, November 03, 2010
The Consumer Finance Protection Agency will soon be regulating BHPH dealers. While the full impact this will have on BHPH dealers is unknown, some of the potential ramifications of the CFPA’s oversight is discussed.
Thursday, October 28, 2010
Training for a race and training for fast funding really aren’t that different. Nicole Munro explains in detail ways to avoid small mistakes that could stall funding.
Tuesday, September 14, 2010
Gene Daughtry - Compliance. That is a big, old establishment word that is ominous as it sounds. In BHPH, compliance is a little more involved than at a standard car dealership, which already has plenty of regulations to follow.
Wednesday, September 01, 2010
Nicole Munro - Three forms from three different sources, all with different legal problems. The forms were mutts with no pedigree. If this sounds like your operation, you have some work to do.
Wednesday, August 04, 2010
Nicole Munro - Every unhappy car buyer believes that he or she is entitled to a free car. Usually that belief ends up being modified a bit when a court is called upon to apply the rules and determine the damages to which a successful plaintiff is actually entitled under the law.
Wednesday, July 07, 2010
Nicole Munro - Time and again, we hear folks call retail installment sales “loans” and sales finance companies “lenders.” Not only do people unfamiliar with the industry use the incorrect terminology, but also dealers, sales finance companies, vendors, and even lawyers and judges get it wrong. Time and again, we correct them. We’ve made more attempts than we can count to discourage this mistake, but people continue to make it.
Wednesday, June 02, 2010
Nicole Munro - Companies offering some sort of payment assurance technology lined the exhibit hall at the recent conference of the National Alliance of Buy Here Pay Here Dealers in Las Vegas. I spoke on two different legal compliance panels answering questions from the audience and spent a ton of time answering questions at the CounselorLibrary booth. Many of the questions I was asked had to do with starter interrupt and GPS tracking devices. You name it, someone asked it.
Wednesday, May 19, 2010
Nicole Munro - I get lots of calls from dealers who want me to review and comment on the latest and greatest new product they plan to offer their customers—damage waivers, GAP products, service contracts, warranties, “etch.” You name it; I’ve probably spoken to a dealer about it.
Wednesday, April 14, 2010
Emily Beck - According to the blotter, a car dealership reported that a man using a stolen identity purchased a new car worth over $51,365 with no money down. This tasty little morsel of news really got me thinking, but left me with far more questions than answers.