2017 GNYADA Membership Directory

Fair Credit Reporting Act (FCRA) Red Flags Rule, Disposal Rule, and Risk-Based Pricing Rule • Over $3,000 per violation. Any violation also violates FTC Act § 5, with potential for damages of up to $40,000 per violation if FTC enters into an enforcement decree. • Private right of action for certain provisions (e.g., permissible purpose). • For negligent violations: actual damages. • For willful violations: actual damages or statutory damages up to $1,000 per violation, and punitive damage liability with no cap.

HOT TOPICS

Adverse Action Notices • See ECOA and FCRA.

OFAC • Civil penalties (per violation):

- TradingWith the Enemy Act: up to $83,864 - International Economic Powers Act: up to the greater of $284,582 or twice the amount of the underlying transaction - Antiterrorism and Effective Death Penalty Act: up to the greater of $75,122 or twice the amount of which

a financial institution was required to retain possession or control - Foreign Narcotics Kingpin Designation Act: up to $1,414,020 - Clean Diamond Trade Act: up to $12,856 • Criminal penalties: Fines up to $20,000,000 and up to 30 years imprisonment.

UDAP Laws (FTC Act § 5) • FTC Act: up to $40,000 per violation. • The CFPB can assess penalties in excess of $1 million per day against independent and buy-here-pay-here dealers for violations. • Private causes of action for actual, statutory, and punitive damages are permitted under most state UDAP laws. Some states allow recovery of treble damages. IRS Form 8300: Reporting of cash payments in excess of $10,000 • Generally, for failure to timely file a complete and accurate Form 8300 or to furnish notice to persons on whom Form 8300s were filed, the penalty is $250 per report with an aggregate annual limit of $3,000,000.

2017

MEMBERSHIP DIRECTORY 177

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