The BHPH industry faces some important new legal and regulatory challenges from the newly formed Consumer Financial Protection Bureau (CFPB), the Federal Trade Commission (FTC), and the attorney generals' offices in each state. All of these regulatory authorities will be monitoring consumer complaints to identify regulatory violations and those operators who are violating the rules.
These regulators will investigate consumer complaints and have the authority to levy substantial fines for non-compliance.
Ken Shilson, president of the National Alliance of Buy-Here, Pay-Here Dealers, offers advice and urges dealers to be more aware of the new federal laws governing dealerships and to be sure they are in compliance with these regulations.The Article What Compliance Moves BHPH Dealers Should Make appeared first on AIN Media.