2016 GNYADA Membership Directory

HOT TOPICS

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

CIVIL LAWSUITS

CRIMINAL PENALTIES

Class action damages of up to the lower of $500,000 or 1% of creditor’s net worth.

Willful and knowing violations - fine of $5,000,

1 year in prison or both.

Criminal penalties under federal law.

Actual damages and punitive damages not to exceed $10,000 per violation. Class action damages of up to the lesser of $500,000 or 1% of dealer’s net worth.

Private right of action for certain provisions (e.g., Affiliate Marketing Rule). Damages up to $1,000 per violation and unlimited punitive damage liability.

ECOA – Actual damages + punitive damages up to $10,000 per violation, not to exceed the lesser of $500,000 or 1% of dealer’s net worth. Unlimited punitive damages under FCRA.

Up to $10 million + 30 years imprisonment.

Private causes of action for actual, statutory and punitive damages are permitted under most state UDAP laws. Some states allow recovery of treble damages.

Varies by state.

2016 MEMBERSHIP DIRECTORY

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

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