HUTCHINGS CHEVROLET
FINANCE AND INSURANCE AND THE LAW
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Regulation z applies to retailers, dealerships, and creditors who arrange or extend consumer credit. It establishes the proper language and format for retail installment contract disclosure and rules for retail advertising. Truth-in-Lending is one component of Regulation Z.
Regulation m governs consumer lease transactions and assures that lessees of personal property are given meaningful disclosure of the lease terms. It also governs the disclosure of lease terms in advertising.
REGULATION B - EQUAL CREDIT OPPORTUNITY ACT (ECOA) This regulation prohibits creditors from discriminating against an applicant based on race, color, religion, national origin, gender, marital status, or age. An applicant also cannot receive less than favorable treatment because income is derived from some form of public assistance or exercises his/her rights under the Consumer Credit Protection Act. Regulation B also establishes rules for taking credit applications and procedures for notifying consumer of action taken relative to their request for credit
FAIR CREDIT REPORTING ACT (FCRA) This act places limitations on creditors, including dealerships, with regards to the exchange of credit information such as who may share certain kinds of credit information.
This rule requires dealers to post a Buyer's Guide in a side window of each used vehicle. This rule gives specific information on how to complete the Buyer's Guide, requires dealers to provide a specific disclosure in the sales contact, and give a copy to the purchaser.
This act governs consumer product warranties and requires manufacturers and sellers of consumer products to provide consumers with detailed information about warranty coverage. It defines express and implied warranties and defines the difference between a warranty and a service contract. |