CounselorLibrary Releases Risk-Based Pricing Rule Guidebook
HANOVER – CounselorLibrary.com, LLC, the publisher of automobile financing and leasing legal compliance services, announces the second in a series of compliance guides. The “CARLAW® Compliance Series” addresses legal issues that dealers face every day.
Following on the heels of the highly successful “Dealer’s Guide to the Red Flags Rule” is the newest guide, “Risk-Based Pricing.”
The federal Risk-Based Pricing Rule (“RBP Rule”) imposes a new legal notice requirement on all creditors, including dealers, who use credit scores or other consumer report information to determine the cost of credit or the finance source to which a credit obligation will be sold. Compliance with the RBP Rule is mandatory as of January 1, 2011.
Risk-Based Pricing brings into focus best practices for compliance with the RBP rule in traditional vehicle finance transactions. It provides an overview of the various compliance methods, permitting the dealer (in conjunction with his legal counsel) to determine what compliance method works best for him.
“Navigating the Risk Based Pricing rule can be a minefield for the unwary,” says co-author Michael Benoit. “Fortunately, there are relatively simple ways for dealers to meet their obligations, and we’ve tried our best in this “CARLAW® Compliance Series” guide to bring dealers up to speed as quickly as possible.”
Risk-Based Pricing is a “must-have” resource for the dealers, lawyers and other compliance managers to understand how to navigate the RBP Rule’s substantive and procedural requirements.
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