MINNEAPOLIS — The Marine Retailers Association of the Americas has partnered with Priority One Financial Services to create the MRAA Federal Regulatory Compliance Guide, a handbook for marine dealers on how to develop the appropriate policies and procedures to comply with federal financial regulations.
This incredible resource not only provides dealers with a clear understanding of the often-complicated federal regulations, but also offers them key insights into how to maintain compliance with those laws. The 44-page publication includes an overview of the eight regulations that pertain to marine dealers, important considerations for ensuring your business is compliant and many of the specific forms you need to complete, as well as a checklist for monitoring your business’ progress when it comes to compliance.
“Those companies that are not compliant with these regulations risk thousands, even millions of dollars in fines and penalties,” says Liz Walz, MRAA Director of Membership & Marketing. “This publication will help our members ensure that they are staying on top of the regulations and ahead of the enforcement of them, while providing their customers with a secure pathway to boat financing. It is one more example of how the MRAA provides much-needed resources to help its members succeed.”
MRAA will deliver a free copy of this publication to any new or renewing retail members who join the association in the month of September. It is also available to current members through the growing MRAA Rewards Resource Center, available at MRAA.com.
“There couldn’t be a better time for dealers to gain access to this information,” says Heather Mariscal, President of Priority One. “The federal government has been increasing its enforcement of regulations such as the eight discussed in this guide. This guide focuses exclusively on that which is applicable to boat dealers, making it possible for dealers to protect their customers’ information and shield their businesses from fines and penalities that could threaten the the financial stability of their dealerships.”
About Marine Retailers Association of the Americas
Celebrating its 40th anniversary in 2012, the Marine Retailers Association of the Americas is the only North American association dedicated to furthering the interests of boat and engine dealers and other marine-related retailers throughout North America. Under the umbrella of MRAA Rewards, the MRAA offers a host of cost-saving, revenue-generating, business-improvement, and professional-development benefits exclusively for its members. MRAA is the united voice of marine retailers. For more information, visit About Priority One Financial Services
Priority One has been serving the marine and RV industry since 1987. Acquired in 2007 by Forest River, Inc., a Berkshire Hathaway company, Priority One serves as the F&I managed services provider for hundreds of dealers nationwide. For more information, visit www.P1FS.com.
