FTC Investigating BHPH Dealers Ahead of New Regulations

SubPrime News - December 1, 2010

Last sum­mer Con­gress passed a mas­sive law to reform the finan­cial ser­vices’ sec­tor of the U.S. econ­o­my. This includ­ed for­ma­tion of a new Finan­cial Con­sumer Pro­tec­tion Agency. The Fed­er­al Trade Com­mis­sion is try­ing to devel­op reg­u­la­tions to imple­ment the new law. To help in this effort the FTC is ask­ing BHPH deal­ers to sup­ply copies of all con­sumer con­tracts from Octo­ber 2009 up to the present. These “vol­un­tary” requests may become manda­to­ry if deal­ers do not com­ply.

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