Sometimes I get requests for the ACTUAL Federal Regulation title and part numbers so that Dealers can look them up for themselves. (like they don't believe me or something.) Like a lot of legalese, this reading can be somewhat "less than riveting" but here they are. Do not read while driving, enjoy.
Bookmark these resources if you choose:
The Federal Reserve Board announces regulatory revisions, proposed changes, and other rulemaking activities in press releases.
The FRB also provides links to the full text of the regulations, but the boards postings are only updated annually, on Jan 1. For the more up-to-date regulation text, visit the "Electronic Code of Federal Regulations" which is updated DAILY.
Now for what you've been EAGERLY waiting for: To search for a regulation, you need to know it's title and part number in the course text, the title and part are identified in the subhead of the regulation. For example, Federal Regulation Z is Title 16, Part 226 - referenced as "16 CFR 226."On the e-cfr index page, you'll select the title number in a pull-down menu and then follow the links until you reach the desired regulation.
Most of the Regulations that directly impact Automotive F&I fall under Title 12, Banks and Banking, and Title 16, Commercial Practices.
Keep the following list of regulations and their title and part designations handy for quick reference:
Title 12 Banks and Banking
Regulation B - 12 CFR 202 Equal Credit Opportunity Act
Regulation M - 12 CFR 213 Consumer Leasing Act
Regulation Z - 12 CFR 226 Truith in Lending Act
Title 16 Commercial Practices
Privacy Rule - (Privacy of Consumer Financial Information) 16 CFR 313 (G-L-B Act)
Safeguards Rule - (Safeguarding Customer Information) 16 CFR 314 (G-L-B Act)
Holder-in-Due-Course Rule - 16 CFR 433
Credit Practices Rule - 16 CFR 601-629
Try to memorize these if possible. Practical application will help bullet proof your Dealership.
by: Robert Linkonis
The Automotive Laws and Regulations site can be found at: http://www.AutoFinanceInsider.blogspot.com
The automotive F&I manager information website is http://www.AutoFinanceInsider.com
Auto Industry News - With a twist: http://www.AutoIndustryNews.blogspot.com
Article Source: http://EzineArticles.com/?expert=Robert_Linkonis
Bookmark these resources if you choose:
The Federal Reserve Board announces regulatory revisions, proposed changes, and other rulemaking activities in press releases.
The FRB also provides links to the full text of the regulations, but the boards postings are only updated annually, on Jan 1. For the more up-to-date regulation text, visit the "Electronic Code of Federal Regulations" which is updated DAILY.
Now for what you've been EAGERLY waiting for: To search for a regulation, you need to know it's title and part number in the course text, the title and part are identified in the subhead of the regulation. For example, Federal Regulation Z is Title 16, Part 226 - referenced as "16 CFR 226."On the e-cfr index page, you'll select the title number in a pull-down menu and then follow the links until you reach the desired regulation.
Most of the Regulations that directly impact Automotive F&I fall under Title 12, Banks and Banking, and Title 16, Commercial Practices.
Keep the following list of regulations and their title and part designations handy for quick reference:
Title 12 Banks and Banking
Regulation B - 12 CFR 202 Equal Credit Opportunity Act
Regulation M - 12 CFR 213 Consumer Leasing Act
Regulation Z - 12 CFR 226 Truith in Lending Act
Title 16 Commercial Practices
Privacy Rule - (Privacy of Consumer Financial Information) 16 CFR 313 (G-L-B Act)
Safeguards Rule - (Safeguarding Customer Information) 16 CFR 314 (G-L-B Act)
Holder-in-Due-Course Rule - 16 CFR 433
Credit Practices Rule - 16 CFR 601-629
Try to memorize these if possible. Practical application will help bullet proof your Dealership.
by: Robert Linkonis
The Automotive Laws and Regulations site can be found at: http://www.AutoFinanceInsider.blogspot.com
The automotive F&I manager information website is http://www.AutoFinanceInsider.com
Auto Industry News - With a twist: http://www.AutoIndustryNews.blogspot.com
Article Source: http://EzineArticles.com/?expert=Robert_Linkonis
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