Friday, Jan. 25, 2013, 01:59 AM UPDATED 2:20 AMBy Auto Remarketing Staff
HANOVER, Md., and TUSTIN, Calif. -
Store managers and finance executives now can pluck guidance from new reference books when they have situations regarding compliance with a specific federal act as well as — in the case of franchised dealerships — relationships with parent manufacturers.
CounselorLibrary.com, the publisher of auto financing and leasing legal compliance services, announced the newest in its series of compliance manuals. The CARLAW Compliance Series addresses legal issues that auto finance companies face every day.
The latest publication in the series, Compliance Guide – Servicemembers Civil Relief Act, written by James Chareq is now available.
The federal Servicemembers Civil Relief Act provides important financial protections for servicemembers and their families.
“Although the SCRA has been on the books for years, the subject of financial protections for servicemembers has become a focus of federal and state regulation,” said Chareq, a partner with Hudson Cook at the firm's Washington, D.C., office.
“The Dodd-Frank Wall Street Reform and Consumer Protection Act created a powerful new federal agency, the Consumer Financial Protection Bureau,” Chareq continued. “One of the CFPB’s principal missions is the protection of the financial interests of servicemembers and their families. Many states have enacted laws that provide protection for servicemembers, as well.”
Compliance Guide – Servicemembers Civil Relief Act is designed to be a handy reference tool that can provide finance companies with a step-by-step roadmap to designing and implementing an SCRA compliance program. The SCRA topics addressed include:
—When a creditor’s SCRA compliance obligations are triggered
—The operation of the 6-percent interest rate limitation
—The motor vehicle lease termination provisions
—The provisions relating to default judgments and stays of proceedings
—The SCRA’s impact on the availability of creditor remedies
Chareq highlighted that Compliance Guide – Servicemembers Civil Relief Act contains helpful suggestions for managing a creditor’s SCRA compliance program in connection with other than real estate secured extensions of credit.
He went on to mention the information is presented in an easy-to-read format, with as little “legalese” and as much useful and practical information as possible. The goal is to give the reader a solid, basic working knowledge of the Servicemembers Civil Relief Act.
“The guide was written to explain, in terms that are as straight-forward as the complexity of the SCRA permits, when the SCRA applies, what a creditor must do under the SCRA and what a creditor is prohibited from doing under the SCRA,” Chareq said.
To order, go to www.counselorlibrary.com or call Marlene Locke at (410) 865-5420
NADA Recognizes Auto Dealer Law Content in Memo Tackling Manufacturer Communications
Auto Dealer Law, the Definitive Legal Guide to the Purchase, Sale, and Operation of Vehicle Dealerships has been cited by the National Automobile Dealers Association in a memo to members concerning how to communicate with their manufacturers.
In the memo, officials recapped that NADA encourages recipients to refer to an excerpt taken from Auto Dealer Law for practical guidance in the area of “factory relations.” They also suggest their members note “several concrete steps dealers may want to consider when reviewing and responding to communications from their manufacturer” as outlined in the book.
Written by nationally recognized auto industry legal experts, Mike Charapp and Rob Cohen, Auto Dealer Law can provide insight on the full range of legal issues related to dealership operations. The excerpted portion addresses how manufacturers criticize dealers and how dealers should respond to such criticism.
“Dealers must respond to each and every letter from the factory. Failure to do so can be disastrous. A derogatory letter from the factory could be the first step towards an effort to terminate a franchise,” Charapp said.
Added Cohen, who also is president of Auto Advisory Services, “Mike and I set out to create an easy to understand and comprehensive guide to all the legal issues faced by dealers, so we are honored to have NADA refer its members to this important chapter within Auto Dealer Law.”
Auto Dealer Law is available now and can be purchased at during the upcoming NADA Convention & Expo at booth No. 3226. The guide and subscription service also can be purchased at www.autodealerlaw.com.