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Federal Laws and Regulations

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The primary lawmaking bodies that govern in-dealership financial services practices are the federal government and state governments. Note: In some cases, municipal or county laws may impact dealership practices, so you’ll need to consult with dealer management to determine if that’s true for your dealership. At the federal level, Congress passes Laws/Acts and they are often implemented by Rules and Regulations. Examples: Congress passed the Truth in Lending Act. It is implemented by Regulation Z. Congress passed the Gramm-Leach-Bliley Act. It is implemented by the Financial Privacy Rule and Safeguards Rule Administrative agencies, such as the FTC and CFPB at the federal level, enforce the rules and regulations.

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