Penalties for Violation of Federal Consumer Credit Laws and RegulationsPenalties for Violation of Federal Consumer Credit Laws and Regulations
May 24, 2016May 24, 2016 | | 0 Comment | 10:19 pm
Are you aware that if you do not run an OFAC (Office of Foreign Assets Control) search on everyone you sell a car to (cash or finance) and they are found to be on the FBI’s list of known terrorists, drug lords, wanted criminals, etc. you can face up to $10,000,000 (that’s 10 Million) in fines and possible prison time?
That’s only one of the six main compliance requirements that ALL automotive, marine, motorcycle, RV dealers, along with brokers, independent lenders, and others MUST comply to if you do business in the United States. More and more dealers across the country are being audited by federally funded FTC or Office of Consumer Credit Commissioner auditors.
Don’t put yourself, your employees, and your business at risk.
Contact us today. We can help!