Adverse Action Notices: What You Need to Know
Two Timely Web-Based Seminars
Itês the law. The Equal Credit Opportunity Act (ECOA) requires participating creditors to issue adverse action notices when they deny a request for credit. Another federal law, the Fair Credit Reporting Act (FCRA), requires adverse action notices when such action is taken based on information from a credit-reporting agency or other third party.
But how do the requirements apply to dealers? When must you issue an adverse action notice, what information has to be included, is there a specified manner of delivery, and when can you rely on a finance sourceês notice?
Dealer members have received NADA Management Educationês publication, A Dealer Guide to Adverse Action Notices, which was mailed in June. The guide uses examples, scenarios, and a flow chart to examine the requirements and explore the many questions surrounding dealersê compliance obligations. The guide also contains sample notices and forms that you can use as templates to create documents that fit your business.
Now, from your own computer, you can take advantage of a web-based, real-time seminar that will provide up-to-the-minute information on your compliance obligations in this evolving area of the law. Plus, youêll have the opportunity to submit your own questions to the experts.
Adverse Action Notices: What You Need to Know, will be presented twiceãon Wednesday, August 29, and on Tuesday, October 23, from 1:00-3:00 p.m. Eastern. Presenters will include the authors of the Management Education Guide, attorneys Anne Fortney and Lisa DeLessio (8/29 only), and NADAês director of regulatory affairs, attorney Paul Metrey. Lead author Fortney is recognized as one of the leading experts in the nation in this legal area. computer connection.
Register for Adverse Action Notices: What You Need To Know at www.nada.org/seminars. Email any questions to seminars@nada.org or call 703-821-7273.
Download Bulletin PDF