2016 GNYADA Membership Directory

HOT TOPICS

2016

MEMBERSHIP

DIRECTORY

Penalties for Violation of Federal Consumer Credit Laws and Regulations Continued…

CIVIL LAWSUITS

CRIMINAL PENALTIES

Class action damages of up to the lower of

Willful and knowing violations - fine of $5,000,

$500,000 or 1% of creditor’s net worth.

1 year in prison or both.

Criminal penalties under federal law.

Actual damages and punitive damages

not to exceed $10,000 per violation.

Class action damages of up to the lesser

of $500,000 or 1% of dealer’s net worth.

Private right of action for certain provisions

(e.g., Affiliate Marketing Rule). Damages

up to $1,000 per violation and unlimited

punitive damage liability.

ECOA – Actual damages + punitive damages

up to $10,000 per violation, not to exceed the

lesser of $500,000 or 1% of dealer’s net worth.

Unlimited punitive damages under FCRA.

Up to $10 million + 30 years imprisonment.

Private causes of action for actual, statutory

Varies by state.

and punitive damages are permitted under

most state UDAP laws. Some states allow

recovery of treble damages.

Information provided Courtesy of Dealertrack Technologies 516.547.2242;