Fair Lending Laws
If you're an auto dealer, financial advisor, tax preparer, investment adviser, consumer lender, collection agency, or a retailer that helps consumers obtain financing for purchases as a regular part of your business, you're covered by at least some of the Fair Lending Laws. These are high risk laws for business. LexAlign can help you.
What to know: You need specific documents
If you're one of those companies, you will be required to demonstrate your compliance with Fair Lending laws. You may get a request from a regulator or a banking partner, or you may need to defend yourself in court. You'll need to show:
- That you know which particular requirements apply to your business, based on your company's specific activities
- That you've implemented a policy to ensure compliance
- That your consumer notices are accurate and complete based on your particular business activities
- And that you've trained your staff to be compliant.
How LexAlign can help
To demonstrate your compliance you need documents tailored to your specific business activities. It's VERY important to know that:
The documents that work for your competitor might not work for you.
Form documents do not work.
LexAlign apps can help you easily and affordably create the documents you need.
Take our Adverse Action app. If you neglect to give a customer an Adverse Action Notice when required, or your notice is not completely accurate, you could face a $10,000 fine each time. By spending a few minutes on our online app, you can get:
- A Checklist of actionable requirements applicable to your company
- An Adverse Action Notice that is accurate and complete for your business
- Your company's Adverse Action Policy that you can use to train your staff and document their training.
It's as easy as answering a few simple questions about your business. Everything else is automated. You don't need any prior knowledge of the law to use LexAlign apps. And it's designed to be affordable. Get started today.