DECEMBER 28, 2010

IN THIS ISSUE

DEALER NEWS & INFORMATION

– Auto Industry News at a Glance

REGULATORY & LEGAL UPDATES

– Uniform Consumer Credit Code (UCCC)- Notification Filing and Fees * *DUE January 31, 2011* *

LEGISLATIVE UPDATE

– Dinner With Colorado's Republican Congressional Delegation in Washington DC

– Save the Date!

UPCOMING SEMINARS

– WEBINAR: Dealership Internet Online Reputation Management

CALENDAR OF EVENTS
– Upcoming Events

– 2011 Digital Marketing Strategies Conference

– NADA Convention and Expo

– Denver Auto Show

DEALER MILESTONES,
HIGHLIGHTS & TRANSITIONS

–Share Your Accomplishmens

THE AFTERFACT

–All the News That's Fit to Email!

ARCHIVES

CLICK HERE for Open Road
e-newsletter archives.

CLICK HERE for an Index of Regulatory
& Legal Articles from the Open
Road e-newsletter.

CLICK HERE for Bulletin archives.

CLICK HERE for Colorado Auto
Outlook archives.

CLICK HERE for Denver Auto
Outlook archives.

ONLINE REGISTRATION

CLICK HERE to register online
for various CADA seminars & events.

MEMBERSHIP RESOURCES

CLICK HERE for details on the
Speaker and Educational
Resources.

CLICK HERE for a list of current
Endorsed Vendors/Programs.

CLICK HERE for a list of current
Allied Members.

CLICK HERE for an order form for
CADA forms.

CLICK HERE for information on all member services.

www.nada.org


www.aiada.org

CLICK HERE for NADA
Regulatory Affairs information.

STATE GOVERNMENT RESOURCES

CLICK HERE for the Auto Industry
Division of the Colorado Dept.
of Revenue.

CLICK HERE for the Title and
Registration section of the
Colorado Dept. of Revenue,
Motor Vehicles Division.

CLICK HERE for the Colorado
Department of Labor &
Employment website.

Visit us at www.coloradodealers.org.

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Monday to Thursday, 7 a.m. to 5 p.m.
Friday, 7 a.m. to 4 p.m.

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lauren.stadler@coloradodealers.org

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ENDORSED VENDOR/PROGRAMS

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Endorsed Vendors/Programs.

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* * * * * * * *

 
AUTO INDUSTRY NEWS AT A GLANCE

Listed here are several articles pertaining to the
auto industry in general that appeared recently in newspapers and other media outlets across the nation.

UNIFORM CONSUMER CREDIT CODE (UCCC)- ANNUAL NOTIFICATION FILING AND FEES
* * DUE JANUARY 31, 2011 * *

The Colorado Uniform Consumer Credit Code (UCCC) is a state law that regulates the terms and conditions of consumer credit in the State of Colorado. It sets maximum rates and charges for some fees, requires disclosure of the cost of credit so consumers may shop for the best rates, and provides remedies for consumers on default.

Dealerships, as retail merchants that regularly extend consumer credit and "arrange financing" (even if all paper is ultimately assigned to a lender) are included in the UCCC requirement to annually file with the state.  The UCCC is enforced by an Administrator within the Attorney General’s office.   

New laws went into effect starting last January so that ALL “creditors” (which includes dealerships that arrange financing) MUST file a notification form and fee with the state, regardless of how long any paper is held.  The previously hard-to-determine volume fee was also eliminated at that time. 

• The annual notice fee is now $100.00 (an increase from last year’s $50.00 fee).
  
  
• LATE FEES:  the filing fee is due by January 31, 2011 (there is a 30-day grace period; late fees of $5.00 per day apply starting on March 1st).

Download the following items regarding this filing:

• UCCC/AG’s Office Memo (12/22/2010)
• Notice Filing Form (PDF) (DOC) updated for $100 fee change).   See notes on line-items below:
• Line-Item#5 regarding “supervised loans” refers to DIRECT consumer loans over 12% APR; most dealers do <not> make direct loans, but simply “arrange” loans that are subsequently assigned.  You do <not> need to obtain any type of lender or supervised lender license unless you are making direct loans to consumers.   
• This filing needs to be completed just once for each separate legal company or LLC --  individual trade names or DBAs under the same legal entity do not need to file separately (though should be listed separately on Line-Item#2).   The UCCC office looks at the Secretary of State filings under the "View Trade Names" option to check this.
• List of Assignees form (PDF) (DOC) (list of lenders to which you assign contracts). 
• If you utilize a centralized entity that then selects and assigns to many other lenders (e.g., “Credit Union Direct”), you do not have to enter their complete list of all ‘possible’ lenders. 

CLICK HERE to link to the state Attorney General Uniform Consumer Credit Code page.

* * * * * * * *

If you have questions on any legal or regulatory topic, please contact:

• Tammi McCoy, Vice Pres., tammi.mccoy@coloradodealers.org, 303.282.1449
• Tim Jackson, President, tim.jackson@coloradodealers.org, 303.282.1448

DISCLAIMER: CADA is not authorized to dispense legal advice.The information contained in this weekly email is intended to provide important updates and reminders regarding statutes, litigation, and regulations. CADA always advises that dealers should consult legal counsel on the specifics of any laws or regulations to ensure proper compliance

DINNER WITH COLORADO'S REPUBLICAN CONGRESSIONAL DELEGATION IN WASHINGTON DC

Space is limited, so to RSVP, please contact Lauren Stadler at Lauren.stadler@coloradodealers.org by Friday, December 31, 2010.

* * * * * * * *

SAVE THE DATE!

Dealer Day at the Capitol, 7:30am-10:30am, February 22, 2011

* * * * * * * *

Questions or Comments?  Please contact:

• Melissa Kuipers – VP of Government Relations and Communications
  melissa.kuipers@coloradodealers.org, 303.457.5115
• Tim Jackson, President, tim.jackson@coloradodealers.org, 303.282.1448   

* * * * * * * *

TO REGISTER ONLINE FOR ANY CADA SEMINAR OR EVENT, PLEASE VISIT: www.coloradodealers.org/registration

If you have a particular area of interest or would like to suggest a training seminar topic, please contact Lauren Stadler at 303.457.5123 or lauren.stadler@coloradodealers.org

As car dealers our visions are always beyond the present and embedded in the future. With new car sales on the rise and crippling legislation prevented, we, as dealers can certainly see a Bright Future Ahead!

To learn more about this Future and to explore all the possibilities it can contain, be sure to attend this year’s NADA Convention and Expo in San Francisco. We have so much in store for you! To name a few things headed your way:

• New on Friday night!  A NADA welcome reception co-sponsored by JD Power and Associates
• One stop registration and housing online with immediate confirmation!
• A compact 3 day Convention that wraps up on Monday at 5:00
• New workshops by Google, Ritz Carlton and JD Powers!
• General Sessions to be held on the third level in Moscone West, eliminating the busing to Civic Auditorium
• Advance registration open right up to Friday!
• Early Bird discounted registration fees
• New ID card scanners to replace the expo cards
• Optional badge mailing to your home enabling streamlined credential pickup.

Visit www.nadaconventionandexpo.com for more details!

LET US KNOW ABOUT YOUR ACCOMPLISHMENTS!

Have you or anyone else at your dealership won an award recently? Have you or your dealership provided any outstanding community service? We want to recognize such accomplishments. Please send us a brief write-up of the award or event along with any other information to milestones@coloradodealers.org. Also include your contact information for further follow-up.

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