OFAC is a database compiled by the Office of Foreign Assets Control which identifies “Specially Designated Nationals” (SDN) with whom you are prohibited from doing business. The penalties for conducting business with a person or entity listed in OFAC are some of the most severe you face as an auto dealer.
Tag: Criminal
The federal Truth in Lending Act (TILA) and the accompanying Regulation Z is considered the cornerstone of federal consumer protection laws. For the most part, TILA is simply a disclosure law designed to prevent unscrupulous creditors from preying on consumers. Unfortunately, TILA claims against auto dealers are common and penalties can be steep.