Imagine you’re a business owner in Chicago who offers financing to customers.
You want to make sure you’re following the rules, but you don’t have time to read through all the legal jargon.
The Federal Trade Commission (FTC) has a number of regulations that apply to financing companies, but they can be tricky to understand.
Here Is a simplified version of what you need to know:
- Be honest and upfront with your customers and tell them the real interest rate, fees and repayment terms of your loans before they sign anything.
- Don’t lie about your products or services and if you say you offer “no-credit-check loans” make sure that is true.
- Don’t pressure customers into taking out loans they cannot afford and give them time to think about their decision and make sure they understand all the terms of the loan.
- Don’t harass customers who owe you money and if a customer falls behind on their payments work with them to create a repayment plan and don’t call them at all hours of the day/night or threaten to sue them.
If you follow these simple rules, you will be well on your way to complying with FTC regulations and that is good for your business because it means you will be less likely to get sued or fined.
But what if you don’t have time to keep up with all the latest FTC regulations? Or what if you are not sure how to make sure your policies and procedures are in compliance?
That is where Chicago Computer Network comes in.
Chicago Computer Network is a compliance partner that can help you stay up-to-date on all the latest FTC regulations and ensure that your business is in compliance and we offer a variety of services including:
- Compliance gap analysis – We will review your current policies and procedures and identify any areas where you may be falling short of FTC compliance requirements.
- Compliance training – We will train your employees on FTC regulations and best practices for compliance.
- Compliance monitoring – We will monitor your business on an ongoing basis to identify and address any potential compliance issues.
We understand that compliance can be a challenge but it is important to remember that it is worth it and by complying with FTC regulations you can protect your business from costly lawsuits and fines while you build trust with your customers.
Contact us today to learn more about how we can help you to stay in compliance with FTC regulations by downloading your FREE FTC Reports below.