In preparation for the new Maryland Spot Delivery Law that will go into effect on October 1, 2015 and a nationwide sting on dealer advertising compliance, MADA has scheduled a Legal Compliance Seminar for the benefit of our dealer members. Do Not Miss this important seminar which will cover topics that are critical to your dealership's bottom line. Your presenters will discuss the following topics:

Spot Delivery:
-Sample Disclosure Forms will be provided
-Walk you step by step through the New Spot Delivery Process

Advertising Compliance:
-What violations the FTC is looking for
-State of Maryland Enforcement Activity
-Review of Federal and State Advertising Rules

Consumer Finance Protection Bureau:
-New Issues
-How to protect your Dealership
-Respond to Lender inquiries

Recall Issues:
-New Cars
-Used Cars
-Stop Sale/Reimbursement from Manufacturer for Floor Plan Expense

The Consumer Financial Protection Bureau's (CFPB) final larger participant rule went into effect August 31. The rule allows the CFPB to supervise and examine any non-bank finance company that originates at least 10,000 auto loans and leases per year. There are 34 non-bank auto lenders in that group, including automakers' captive finance companies.

The rule indirectly affects dealers, since the CFPB will have more authority over their lenders. In turn, those lenders will more closely monitor dealers' discretionary markups on customer auto loans.

Dealers are urged to be proactive in knowing markup policies for every lender they work with. After the CFPB contacts the 34 nonbank lenders, the lenders will likely send a letter to dealer clients explaining that they expect dealers to be compliant and follow a fair lending program. If a dealer has implemented the NADA fair lending policy, they should let the lender know that in a response.

Visit NADA's CFPB and Dealer-Assisted Finance Web page for more information about this issue and NADA's Fair Credit Program.