2010, Congress passed the Dodd-Frank Reform Bill and the Consumer
Financial Protection Act (CFPA) creating the Consumer
Financial Protection Board which has been given certain regulatory
responsibility and investigative oversight of consumer transactions,
primarily in the mortgage industry. While the provisions of this law
may not be relevant to auctions involved exclusively in wholesaling
to institutional purchasers, some ServNet auctions may have direct
dealings with consumers, particularly in regard to sales of
repossessed vehicles. For such transactions, auctions may want to
consult with counsel as to the applicability of provisions of the
CFPA and the authority of the Board.
those auctions who do engage in consumer transactions, the
International Automotive Remarketers Alliance (IARA),
as a resource, has prepared a form to consult as a guide and/or
checklist for certain day-to-day activities.
link to the document is maybe found at: http://www.iaraonline.org/pdf/Standardized-Auction-Audit-Checklist.pdf
should consult with their executive leadership and counsel to assess
the usefulness of this form to individual business and its needs.
ServNet values its relationship with IARA and is providing access to
this form at IARA’s suggestion.