2016 GNYADA Membership Directory

HOT TOPICS

Penalties for Violation of Federal Consumer Credit Laws and Regulations Continued…

POTENTIAL CRIMINAL

FEDERAL LAWS THAT APPLY

PENALTIES

Up to 10 years in jail + $500,000 fine if activity > $100,000 in a year.

GLB and FCRA

ECOA and FCRA

FCRA and 2003 FACT Act

FCRA + lender agreements

Up to $10 million + 30 years in jail

OFAC Rules, USA PATRIOT Act

ECOA, Regulation B, FCRA

$5,000, 1 year in jail or both

TILA, Regulation Z

$5,000, 1 year in jail or both

TILA, Regulation M

IRS Code

FTC Credit Practices Rule

Fines, 3 years in jail or both

Federal Odometer Act

2016 MEMBERSHIP DIRECTORY

FTC Telemarketing Rule Telephone Consumer Protection Act

FTC Safeguards and Disposal Rules

Magnuson-Moss Act + state laws

47 state laws, FTC Safeguards Rule

Varies by state

FTC Act § 5 and state UDAP laws

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

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