Legislative Updates April 2024

Digital odometers make rollback scams easier – when repair needs don’t add up based on miles

There is a misconception that odometer fraud has declined with digital odometers, according to Carfax research. Recent data suggests that more than 2.1 million vehicles were identified with rolled-back odometers in 2023, a 7% increase from the previous year and up 14% since 2021 causing consumers to lose over $1 billion annually.  

North Carolina documented 49,000 vehicles, up 8.2%. Vehicle repair facilities should take note when customer’s cars/trucks come in for service.  Do things add-up with respect to what’s on the odometer?  A customer may ask the question: ‘should I be needing this repair based on the vehicles mileage’?  Be aware and report suspicions to your customer so they can contact the DMV to investigate.

Where to direct customer inquiries about recalls, defects or other vehicle questions? 

This may be asked during customer interactions when leaving or waiting on their vehicle for service.  This allows the customer to verify flags (if any) on their own.

SaferCar.gov is a website maintained by NHTSA where consumers can identify and report problems they might be having with their vehicle, tires, equipment or car seats. They are the Office of Defects Investigation, or ODI.

Corporate Transparency Act

Are small businesses required to report?  Check in with your accountant

Just what is the Corporate Transparency Act? The CTA is mainly an anti-money laundering law. In it, Congress states that bad actors seek to conceal their ownership of corporations, LLCs, or similar entities in the United States to facilitate money laundering, financing of terrorism, tax fraud, and other illegal acts.   As of January 1, 2024, the US Corporate Transparency Act (CTA) will require corporations, limited liability companies, limited partnerships and other similar entities to disclose beneficial ownership information to the Financial Crimes Enforcement Network (FinCEN), a bureau within the US Department of the Treasury.   Independent Business survey found that 90 percent of respondents were entirely unfamiliar with the reporting requirements.      

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