2017 GNYADA Membership Directory

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HOT TOPICS

• For failure to file due to intentional disregard, the penalty is the greater of $25,000 or the amount of cash received, not to exceed $100,000. For failure to furnish notice to persons on whom Form 8300s were filed due to intentional disregard, the penalty is $500 per failure or, if greater, 10% of the aggregate amounts of the items required to be reported.

Used Car Rule • Up to $40,000 per violation. • Possible state AG claims under UDAP and Motor Vehicle Sales laws. • Possible UDAP claims or fraud claims under state laws.

Federal Odometer Act • The Department of Transportation can impose penalties of up to $10,000 per violation, subject to a $1,000,000 cap for a related series of violations. • In a private party civil action where the violation involves the intent to defraud, liability is the greater of three times the actual damages or $10,000. FTC Telemarketing Rule • Up to $40,000 for each violation; redress to injured consumers; disgorgement of ill-gotten gains earned from the unlawful conduct. • For dealers, subject to CFPB regulation, regulation per day penalties in excess of $5,000, subject to a cap. • States may also obtain relief. • Violating contracts are void from inception. • Arbitration agreements are unenforceable. • Punitive damages, equitable or declaratory relief, reasonable attorney’s fees, court costs, and any other relief provided by law. • Knowing violations are misdemeanors, punishable by fines, up to one year imprisonment, or both. Magnuson-Moss Warranty Act • May constitute an FTC § 5 UDAP violation. • Consumers can recover damages from the breach. This includes remedies already available under state law. Military Lending Act 10 U.S.C. § 987, 32 C.F.R. Part 232 • Actual damages of not less than $500 per violation.

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