On January 4, 2024, the Federal Trade Commission (‘‘FTC’’ or ‘‘Commission’’) published a Final Rule in the Federal Register, titled ‘‘Combating Auto Retail Scams Trade Regulation Rule’’ (‘‘CARS Rule,’’ ‘‘Rule,’’ or ‘‘Final Rule’’), in order to curtail certain unfair or deceptive acts or practices by motor vehicle dealers. The CARS Rule was to become effective on July 30, 2024. Because of a pending legal challenge, this document announces that the effective date of the Final Rule is delayed until further notice.
FTC
In settlement of alleged violations of federal law prohibiting unfair or deceptive acts or practices and unfair methods of competition, this consent agreement, accepted subject to final commission approval, would require, among other things, the Georgia-based money lender and its president to send a notice to all of its current customers offering them the opportunity to cancel the credit-life, credit-disability, and accidental death and disbursement insurance coverages written on their loans, and to receive cash refunds or credits.