The third article in the series will look at the Disposal Rule from the Fair and Accurate Credit Transaction Act plus a quick review of 2 other laws you must comply with that don’t require written plans but should be addressed in your compliance binder. In the second part, we’ll look at the Red Flags Rule from the Fair and Accurate Credit Transactions Act. In this first part of a 3-part series, we’ll take a look at the USA PATRIOT Act and the Safeguards Rule and the Privacy Rule from the Gramm-Leach-Bliley Act. Let’s take a look at several of the most important requirements.
Failure to do so can lead to some severe penalties. Several federal laws and regulations enacted over the last 10 years have required all car dealerships to have written plans outlining your efforts to comply. If you have a compliance binder, this article will be a good review to make sure that binder contains everything it should.
If your first though when you read this title was, “What’s a compliance binder?”, you must read this article.
