Compliance Made Easy. Prioritize Workforce Safety. Return to Productivity. COVID-19 Safety Program.
Learn More
KPA Logo

The Credit Practices Rule at a Glance

Toby Graham /

Who, what, where, how, and why?

Let’s answer some of your basic questions on the Fair Credit Practices Rule.

What Transactions are Covered?

The Rule covers all consumer credit transactions, except those involving the purchase of real estate.

What’s the Penalty?

The Federal Trade Commission can sue violators of the Credit Practices Rule in federal court. The court can impose civil penalties of up to $43,280 for each violation and can issue an order prohibiting further violations.

Prohibited Contract Provisions

Certain consumer provisions are now prohibited. These include: confessions of judgment; waivers of exemption; wage assignments; and security interests in household goods.

Dive in Deeper

If you want to learn more of the nitty gritty details, the FTC has lots more info for you. Dive in here: https://www.ftc.gov/tips-advice/business-center/guidance/complying-credit-practices-rule

F&I Software & Services Designed for Dealerships

Vera F&I software and services are specifically designed for vehicle dealers including automotive, truck, RV, marine, and power sports. Our F&I compliance solutions will help you develop compliant sales processes, train sales and finance teams, safeguard consumer information, and maintain clean deal jackets—all to help you minimize risk and maximize profits.

LinkedIn Twitter Facebook Email Print Software: Mobile app Software: Point Solutions Services: Compliance Services Services: Workplace Health and Safety Services Services: Environmental Risk Management Services About: Leadership Software: Online Training About: Who We Are Resources: Library Industries: Automotive Industries: Distribution Industries: Food and Beverage Industries: Manufacturing Industries: Construction Industries: Energy Industries: Insurance Industries: Transportation Resources: Events and Webinars Resources: Blog YouTube