Beginning January 1, 2011, the new Risk-Based Pricing Rule generally requires creditors who use credit reports to issue a new notice to customers who receive credit from them but on terms that are less favorable than the terms received by most of their other credit customers. Because of the difficulty in determining which customers fit into this category, NADA sought and the Federal Reserve and Federal Trade Commission approved, permitting dealers and other initial creditors to issue an "exception notice" to all of their credit customers. The exception notice must include the customer's credit score and other information that puts the score in context. In this webinar, attorneys from the Federal Reserve and the FTC (the agencies that jointly issued the rule) will explain what dealers must do to comply with the new rule.

NOTE: If you are an NADA member, this guide is already activated in your Resource Toolbox.