In combing through the Federal Register this week, the National Automobile Dealers Association found that the Federal Trade Commission recently announced increases to various civil penalties amounts within its jurisdiction to adjust for inflation.
In particular, that could be associated with collections and repossessions. The regulator stated that the penalties for violations of Section 5 of the FTC Act — which can include unfair or deceptive acts or practices — will increase.
The FTC indicated the penalties would jump from $40,654 to $41,484.
also mentioned that knowing violations of the Fair Credit Reporting Act would increase, too, climbing from $3,817 to $3,895.
The regulator reiterated that it made the moves by “implementing adjustments to the civil penalty amounts within its jurisdiction to account for inflation, as required by law.”
The actions adjusted the figures since the FTC made its most recent update last January.
The FTC certainly keeps a watchful eye on collections activities such as asking for comments about its current rules.