2016 GNYADA Membership Directory

PENALTIES FOR VIOLATION OF FEDERAL CONSUMER CREDIT LAWS AND REGULATIONS

COMPLIANCE OBLIGATION

CIVIL AND REGULATORY PENALTIES FOR EACH VIOLATION

HOT TOPICS

Privacy Notices

Up to $16,000

Signed Credit Application

Up to $3,500 in civil penalties + up to $10,000 in punitive damages

Risk-Based Pricing Rule Notice

Up to $3,500 in civil penalties

Red Flags Rule

Up to $3,500 in civil penalties + contract repurchase

OFAC SDN List Clearance

Up to $1 million per violation

Adverse Action Notices

Actual damages + up to $10,000 in punitive damages

Credit Disclosures in RISC

Up to $2,000 per violation + class actions

Disclosures in Lease Agreement

Up to $2,000 per violation + class actions

C ash Deals - IRS Form 8300 filing

$100 + up to greater of $500,000 - $1.5MM based on business revenues Intentional Disregard - greater of cash amount or $25,000 up to $100,000

Used Car Rule Buyers Notice

Up to $16,000 + state law remedies

Odometer Tampering

Up to $2,000, maximum of $100,000 for violations

Telemarketing Restrictions

$16,000 per call + $5,000 to $1 million per day in civil penalties + state law remedies

Safeguarding Customer Information

Up to $16,000 per day and Secure Disposal + state law remedies

2016 MEMBERSHIP DIRECTORY 95

Warranty Disclosures

Recover purchase price, cost of replacement vehicle, loss in value and other penalties plus state law remedies

Data Security Breach

Estimated“all in”loss of $201 per record compromised

Unfair or Deceptive Practices (UDAPs)

$16,000 federal + private state lawsuits

Information provided Courtesy of Dealertrack Technologies 516.547.2242; www.dealertrack.com