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NADA to host seminar on adverse-action notices, Aug. 29 and Oct. 23

November 17, 2010

It’s the law.

 

The Equal Credit Opportunity Act requires "participating creditors" to issue adverse action notices when they deny a request for credit. Another federal law, the Fair Credit Reporting Act, requires adverse action notices when such action is taken based on information from a credit-reporting agency or other third party. 

How do the requirements apply to dealers? When must the dealer issue an adverse action notice? What information has to be included? What is the specified manner of delivery? When can a dealer rely on a finance source’s notice?

 

All NADA members in June received an NADA Management Education publication, "A Dealer Guide to Adverse Action Notices."  

The guide uses examples, scenarios, and a flow chart to examine the requirements and explore the many questions surrounding dealers’ compliance obligations. The guide also contains sample notices and forms that can be used as templates to create business documents.

 

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, you’ll have the opportunity to submit your own questions to the experts.

 

"Adverse Action Notices: What You Need to Know," will be presented twice—12-2 p.m. CDT on Wednesday, August 29, and on Tuesday, October 23.

 

Presenters will include the authors of the Management Education guide, NADA attorneys Anne Fortney and Lisa DeLessio (8/29 only), and the NADA’s 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.

 

The fee for one Web-based seminar is $199 per 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.

 

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