DAYTON, Ohio, July 17, 2013 /PRNewswire/ -- Reynolds and Reynolds today announced that the Reynolds LAW® California F&I Library of documents has been updated to reflect changes in California law and dealer feedback. Those updates include a new form to support electric vehicle sales, as well as changes to several other documents. The updates were made during an annual review of the LAW California F&I Library by Reynolds and the California New Car Dealers Association (CNCDA).
"Today's dealerships operate in a constantly evolving legislative and regulatory environment," said Jerry Kirwan, senior vice president and general manager of Reynolds Document Services. "As a result, the business forms that support a dealer's F&I operation must be kept current to remain compliant. The review process between Reynolds and the California New Car Dealers Association helps us identify which forms need to be added or updated to reflect changes arising from regulation, legislation, and adjudication, as well as to reflect dealer feedback. Together, we are committed to helping dealers maintain compliance, reduce potential liability, and streamline processes in their F&I departments."
The Reynolds LAW® Electric Vehicle Charging Station Disclosure form was added to the forms library in response to California Assembly Bill 2502 that took effect on July 1. The form is required when consumers finance the purchase of charging station equipment with the purchase of an electric vehicle, in cases where that equipment is not already included by the vehicle manufacturer.
The Reynolds LAW® Universal Retail Sale Contract, Pre-Contract Disclosure Form, and Contract Cancellation Option Agreement also were updated in response to the new legislation and dealer feedback.
"The review process for the LAW California F&I Library is an essential part of helping make sure the forms used in every transaction stand up to California's strict and ever-changing laws," said Brian Maas, president of the CNCDA. "We're pleased with the outcome of this review and look forward to continuing to work with Reynolds to help ensure the library meets the needs of California new car dealers in maintaining compliance and improving business operations."
Reynolds Director of Compliance Terry O'Loughlin led the review of the LAW California F&I Library for Reynolds Document Services in conjunction with the CNCDA Legal Department. Representatives from Manning, Leaver, Bruder & Berberich; Rob Cohen of Auto Advisory Services; Robert Robards of Automotive System Analysis; and Hudson Cook, LLP also participated in the review.
Created through a strategic alliance between Reynolds and the CNCDA, the LAW California F&I Library provides a comprehensive catalog of standardized, legally reviewed finance and insurance documents for California motor vehicle dealerships.
About Reynolds LAW Brand Documents
Reynolds' LAW brand is well established in the automotive industry as a brand of trust. LAW forms are available in all 50 states and Washington, D.C., and have been endorsed by a number of state automobile dealers associations and leading automotive finance institutions.
About Reynolds Document Services
Reynolds Document Services is the original flagship business of Reynolds and Reynolds, which was founded as a business forms printer in 1866 in Dayton, Ohio. In the 1920s, Reynolds began serving automotive dealerships with standardized forms. Today, Reynolds is the leading documents and forms provider to automotive dealerships throughout the United States and Canada.
Reynolds and Reynolds is the automotive industry's leading provider of automobile dealership software, services, and forms to help dealerships improve business results. (www.reyrey.com)
SOURCE The Reynolds and Reynolds Company