Free Consulation

AUTO DEALER NON-COMPLIANCE PENALTIES

FEDERAL LAW OR RULE

PENALTY AMOUNT FOR NON-COMPLIANCE

Adverse Action Notices
Liability for punitive damages … is limited to $10,000 in individual actions and the lesser of $500,000 or 1 percent of the creditor’s net worth in class actions.
CAN SPAM
Each separate email violation is subject to penalties of up to $16,000
Credit Practices Rule
Civil penalties of up to $10,000 for each violation and can issue an order prohibiting further violations
Disposal Rule
Up to $2,500 in penalties for each independent violation
Do Not Call Rule
Up to $16,000 per violation
Form 8300 and Reporting Cash Payments of Over $10,000
If you willfully fail to file Form 8300, you can be fined up to $250,000 ($500,000 for corporations) or sentenced to up to 5 years in prison, or both
Gramm-Leach-Bliley Act
Civil penalties of up to $10,000 per violation for officers and directors personally liable, and for the financial institution liable, penalties of up to $100,000 per violation. Criminal penalties include imprisonment for up to five years and fines.
Office of Foreign Assets Control (OFAC)
30 years in jail, fines up to $10 million against corporations, $5 million against individuals and civil penalties of up to $1 million per incident
Red Flags Rule
$3,500 as the maximum civil penalty per violation
The Truth in Lending Act (Regulation M)
Criminal liability for willful and knowing violation is a maximum fine of $5,000 and/or maximum imprisonment of one year
The Truth in Lending Act (Regulation Z)
Criminal liability for willful and knowing violation is a maximum fine of $5,000 and/or maximum imprisonment of one year
The Equal Credit Opportunity Act
Liability for punitive damages can apply only to nongovernmental entities and is limited to $10,000 in individual actions and the lesser of $500,000 or 1 percent of the creditor’s net worth in class actions … provides for equitable and declaratory relief and … authorizes the awarding of costs and reasonable attorney’s fees.”
The Fair Credit Reporting Act
The civil penalties for noncompliance include paying up to $1,000 in damages to the consumer. If the FTC takes civil action, the fine is a maximum of $2,500 per violation.
The Magnuson-Moss Warranty Act
Judgment a sum equal to the aggregate amount of cost and expenses (including attorneys’ fees based on actual time expended
Telemarketing Sales Rule
Civil penalties of $16,000 per violation
Used Car Rule
Up to $16,000 for each violation of failing to display a Buyer’s Guide

About DCS

Dealer Compliance Services will create a compliance plan that
works with your daily operations in each department.

Your dealership’s custom solution will include ongoing Auditing,
Testing, Training, and
Documentation.

Contact

2464 Kerr Dr., Virginia Beach, VA 23454

[email protected]

www.dealercs.com

Compliance

Quick Links

© 2022 Dealer Compliance Services, Corp. Site Design By  OCCS

READY TO TAKE THE NEXT STEPS?

Talk To Automotive Compliance Expert Today!

Get Your Dealership Compliant Today!

DCS mission is to protect your dealership from aggressive Government regulators and lawsuits.

We offer a comprehensive and affordable compliance solution that will save you time and money. Peace of mind is priceless.

Dealer Compliance Services will create a compliance plan that works with your daily operations in each department. Your dealership’s custom solution will include ongoing Auditing, Testing, Training, and Documentation.

Complete the form to talk to an automotive compliance expert today.

There is NO risk, NO obligation, NO pressure.