The Agent as an Accomplice
Agents are not immune from personal liability when fraud and other bad practices are committed at dealerships, warns Terry O’Loughlin, an attorney, former regulator and current director of compliance for Reynolds and Reynolds, in the latest edition of Agent Entrepreneur.
“The old adage, ‘Ignorance of the law is no defense,’ is quite apt for those engaged in selling voluntary protection products,” O’Loughlin writes. “People who sell these products are indeed agents, which is a legal term with a specific meaning. Agents need to know their roles and duties.”
To prevent noncompliance and protect their interests, O’Loughlin lists legal terms, definitions and responsibilities every agent should keep in mind.
