111 / 266
HOT TOPICS
2016
MEMBERSHIP
DIRECTORY
96
Penalties for Violation of Federal Consumer Credit Laws and Regulations Continued…
POTENTIAL CRIMINAL
FEDERAL LAWS THAT APPLY
PENALTIES
Up to 10 years in jail + $500,000 fine
GLB and FCRA
if activity > $100,000 in a year.
ECOA and FCRA
FCRA and 2003 FACT Act
FCRA + lender agreements
Up to $10 million + 30 years in jail
OFAC Rules, USA PATRIOT Act
ECOA, Regulation B, FCRA
$5,000, 1 year in jail or both
TILA, Regulation Z
$5,000, 1 year in jail or both
TILA, Regulation M
IRS Code
FTC Credit Practices Rule
Fines, 3 years in jail or both
Federal Odometer Act
FTC Telemarketing Rule
Telephone Consumer Protection Act
FTC Safeguards and Disposal Rules
Magnuson-Moss Act + state laws
47 state laws, FTC Safeguards Rule
Varies by state
FTC Act § 5 and state UDAP laws
Information provided Courtesy of Dealertrack Technologies 516.547.2242;
www.dealertrack.com