2017 GNYADA Membership Directory

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2017MEMBERSHIPDIRECTORY
177 Information provided Courtesy of Dealertrack Technologies 888.705.7926;
Fair Credit Reporting Act (FCRA)
Red Flags Rule, Disposal Rule, and Risk-Based Pricing Rule
• Over $3,000 per violation. Any violation also violates FTC Act § 5, with potential for damages of up to $40,000
per violation if FTC enters into an enforcement decree.
• Private right of action for certain provisions (e.g., permissible purpose).
• For negligent violations: actual damages.
• For willful violations: actual damages or statutory damages up to $1,000 per violation, and punitive damage
liability with no cap.
Adverse Action Notices
• See ECOA and FCRA.
OFAC
• Civil penalties (per violation):
- TradingWith the Enemy Act: up to $83,864
- International Economic Powers Act: up to the greater of $284,582 or twice the amount of the underlying
transaction
- Antiterrorism and Effective Death Penalty Act: up to the greater of $75,122 or twice the amount of which
a financial institution was required to retain possession or control
- Foreign Narcotics Kingpin Designation Act: up to $1,414,020
- Clean Diamond Trade Act: up to $12,856
• Criminal penalties: Fines up to $20,000,000 and up to 30 years imprisonment.
UDAP Laws (FTC Act § 5)
• FTC Act: up to $40,000 per violation.
• The CFPB can assess penalties in excess of $1 million per day against independent and buy-here-pay-here
dealers for violations.
• Private causes of action for actual, statutory, and punitive damages are permitted under most state UDAP
laws. Some states allow recovery of treble damages. IRS Form 8300: Reporting of cash payments in excess of
$10,000
• Generally, for failure to timely file a complete and accurate Form 8300 or to furnish notice to persons on
whom Form 8300s were filed, the penalty is $250 per report with an aggregate annual limit of $3,000,000.