California Regulations Bill

California State Senator Benjamin Allen recently introduced Senate Bill 776, called the California Combating Auto Retail Scams (CARS) Act. This is the first state-backed legislation introduced following the Fifth Circuit vacating the FTC’s Vehicle Shopping Rule.

The bill would impose new regulations on California automotive dealers, many of which tie back to the FTC’s rule. Key provisions include:

The California bill doesn’t come as a surprise to those in the industry. The Consumer Financial Protection Bureau released a report shortly after the Vehicle Shopping Rule decision providing recommendations on how states could strengthen consumer protections.

While the first state-level Vehicle Shopping Rule has been introduced in California, it’s not expected to the be the last. The future of F&I compliance is just as much in the air now as it was last year. Don’t wait until tomorrow to get your F&I documents in order, get in touch with an experienced Compliance Consultant today to discuss your free F&I Document Review.

No matter which state you do business in, don't wait to get your documents in order. Schedule a free F&I Document Review today.

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