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 in terms of dealer compliance. 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.
As Buy Here Pay Here dealers gathered in Las Vegas last month, for the National Alliance of Buy-Here, Pay-Here Dealers National Conference, dealers especially took notice of a comment made by Hudson Cook chairman Tom Hudson.
Ken Shilson, founder and president of the NABD, addresses issues and makes recommendations on dealer compliance, especially in light of recent additions to federal regulatory groups. [Read more]
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