John Ropiequet
Arnstein & Lehr Chicago Partner John L. Ropiequet has published an article in the November/December issue of Non-Prime Times, titled “What Does the FTC’s New Interpretation of the Holder Rule Mean for the Auto Finance Industry?” The article discusses an advisory opinion issued earlier this year by the full Commission that seeks to reaffirm a staff letter from several years ago which asserted that the liability of assignees of credit contracts under an FTC Rule for claims against assignors is not limited to situations where a consumer can rescind the contract. The staff letter’s position has been rejected by numerous courts, and the FTC takes issue with the courts.
To read the article in full, please click here.