JS Autoworld, Inc.; Analysis of Proposed Consent Order To Aid Public Comment, 38687-38688 [2015-16617]

Download as PDF Federal Register / Vol. 80, No. 129 / Tuesday, July 7, 2015 / Notices The Board granted requests from ten financial companies to use an accounting standard or method of estimation other than GAAP to calculate liabilities. Nine of the companies were insurance companies that report financial information under Statutory Accounting Principles (‘‘SAP’’), and one was a foreign company that controls a U.S. industrial loan company that reports financial information under International Financial Reporting Standards (‘‘IFRS’’). For the insurance companies, the Board approved a method of estimation that was based on line items from SAP reports, with adjustments to reflect certain differences in accounting treatment between GAAP and SAP. For the foreign company, the Board approved the use of IFRS. By order of the Board of Governors of the Federal Reserve System, acting through the Director of the Division Banking Supervision and Regulation under delegated authority, July 1, 2015. Robert deV. Frierson, Secretary of the Board. Unless otherwise noted, comments regarding each of these applications must be received at the Reserve Bank indicated or the offices of the Board of Governors not later than July 30, 2015. A. Federal Reserve Bank of Dallas (Robert L. Triplett III, Senior Vice President) 2200 North Pearl Street, Dallas, Texas 75201–2272: 1. Friendswood Capital Corporation, Houston, Texas; to become a bank holding company by the conversion of Texan Bank, Houston, Texas, from a federal savings bank to a national bank charter. Board of Governors of the Federal Reserve System, July 1, 2015. Michael J. Lewandowski, Associate Secretary of the Board. [FR Doc. 2015–16593 Filed 7–6–15; 8:45 am] BILLING CODE 6210–01–P FEDERAL TRADE COMMISSION [File No. 152 3069] JS Autoworld, Inc.; Analysis of Proposed Consent Order To Aid Public Comment [FR Doc. 2015–16658 Filed 7–6–15; 8:45 am] BILLING CODE 6210–01–P Federal Trade Commission. Proposed Consent Agreement. AGENCY: FEDERAL RESERVE SYSTEM ACTION: tkelley on DSK3SPTVN1PROD with NOTICES Formations of, Acquisitions by, and Mergers of Bank Holding Companies SUMMARY: The companies listed in this notice have applied to the Board for approval, pursuant to the Bank Holding Company Act of 1956 (12 U.S.C. 1841 et seq.) (BHC Act), Regulation Y (12 CFR part 225), and all other applicable statutes and regulations to become a bank holding company and/or to acquire the assets or the ownership of, control of, or the power to vote shares of a bank or bank holding company and all of the banks and nonbanking companies owned by the bank holding company, including the companies listed below. The applications listed below, as well as other related filings required by the Board, are available for immediate inspection at the Federal Reserve Bank indicated. The applications will also be available for inspection at the offices of the Board of Governors. Interested persons may express their views in writing on the standards enumerated in the BHC Act (12 U.S.C. 1842(c)). If the proposal also involves the acquisition of a nonbanking company, the review also includes whether the acquisition of the nonbanking company complies with the standards in section 4 of the BHC Act (12 U.S.C. 1843). Unless otherwise noted, nonbanking activities will be conducted throughout the United States. Comments must be received on or before July 29, 2015. ADDRESSES: Interested parties may file a comment at https:// ftcpublic.commentworks.com/ftc/ planetnissanconsent online or on paper, by following the instructions in the Request for Comment part of the SUPPLEMENTARY INFORMATION section below. Write ‘‘JS Autoworld, Inc.— Consent Agreement; File No. 152–3069’’ on your comment and file your comment online at https:// ftcpublic.commentworks.com/ftc/ planetnissanconsent by following the instructions on the web-based form. If you prefer to file your comment on paper, write ‘‘JS Autoworld, Inc.— Consent Agreement; File No. 152–3069’’ on your comment and on the envelope, and mail your comment to the following address: Federal Trade Commission, Office of the Secretary, 600 Pennsylvania Avenue NW., Suite CC– VerDate Sep<11>2014 20:31 Jul 06, 2015 Jkt 235001 The consent agreement in this matter settles alleged violations of federal law prohibiting unfair or deceptive acts or practices. The attached Analysis to Aid Public Comment describes both the allegations in the draft complaint and the terms of the consent order—embodied in the consent agreement—that would settle these allegations. DATES: PO 00000 Frm 00027 Fmt 4703 Sfmt 4703 38687 5610 (Annex D), Washington, DC 20580, or deliver your comment to the following address: Federal Trade Commission, Office of the Secretary, Constitution Center, 400 7th Street SW., 5th Floor, Suite 5610 (Annex D), Washington, DC 20024. FOR FURTHER INFORMATION CONTACT: Yan Fang, FTC Western Region, (415–848– 5150), 901 Market Street, Suite 570, San Francisco, CA 94103. SUPPLEMENTARY INFORMATION: Pursuant to Section 6(f) of the Federal Trade Commission Act, 15 U.S.C. 46(f), and FTC Rule 2.34, 16 CFR 2.34, notice is hereby given that the above-captioned consent agreement containing consent order to cease and desist, having been filed with and accepted, subject to final approval, by the Commission, has been placed on the public record for a period of thirty (30) days. The following Analysis to Aid Public Comment describes the terms of the consent agreement, and the allegations in the complaint. An electronic copy of the full text of the consent agreement package can be obtained from the FTC Home Page (for June 29, 2015), on the World Wide Web at: https://www.ftc.gov/ os/actions.shtm. You can file a comment online or on paper. For the Commission to consider your comment, we must receive it on or before July 29, 2015. Write ‘‘JS Autoworld, Inc.—Consent Agreement; File No. 152–3069’’ on your comment. Your comment—including your name and your state—will be placed on the public record of this proceeding, including, to the extent practicable, on the public Commission Web site, at https://www.ftc.gov/os/ publiccomments.shtm. As a matter of discretion, the Commission tries to remove individuals’ home contact information from comments before placing them on the Commission Web site. Because your comment will be made public, you are solely responsible for making sure that your comment does not include any sensitive personal information, like anyone’s Social Security number, date of birth, driver’s license number or other state identification number or foreign country equivalent, passport number, financial account number, or credit or debit card number. You are also solely responsible for making sure that your comment does not include any sensitive health information, like medical records or other individually identifiable health information. In addition, do not include any ‘‘[t]rade secret or any commercial or financial information which . . . is privileged or confidential,’’ as discussed E:\FR\FM\07JYN1.SGM 07JYN1 tkelley on DSK3SPTVN1PROD with NOTICES 38688 Federal Register / Vol. 80, No. 129 / Tuesday, July 7, 2015 / Notices in Section 6(f) of the FTC Act, 15 U.S.C. 46(f), and FTC Rule 4.10(a)(2), 16 CFR 4.10(a)(2). In particular, do not include competitively sensitive information such as costs, sales statistics, inventories, formulas, patterns, devices, manufacturing processes, or customer names. If you want the Commission to give your comment confidential treatment, you must file it in paper form, with a request for confidential treatment, and you have to follow the procedure explained in FTC Rule 4.9(c), 16 CFR 4.9(c).1 Your comment will be kept confidential only if the FTC General Counsel, in his or her sole discretion, grants your request in accordance with the law and the public interest. Postal mail addressed to the Commission is subject to delay due to heightened security screening. As a result, we encourage you to submit your comments online. To make sure that the Commission considers your online comment, you must file it at https:// ftcpublic.commentworks.com/ftc/ planetnissanconsent by following the instructions on the web-based form. If this Notice appears at https:// www.regulations.gov/#!home, you also may file a comment through that Web site. If you file your comment on paper, write ‘‘JS Autoworld, Inc.—Consent Agreement; File No. 152–3069’’ on your comment and on the envelope, and mail your comment to the following address: Federal Trade Commission, Office of the Secretary, 600 Pennsylvania Avenue NW., Suite CC–5610 (Annex D), Washington, DC 20580, or deliver your comment to the following address: Federal Trade Commission, Office of the Secretary, Constitution Center, 400 7th Street SW., 5th Floor, Suite 5610 (Annex D), Washington, DC 20024. If possible, submit your paper comment to the Commission by courier or overnight service. Visit the Commission Web site at https://www.ftc.gov to read this Notice and the news release describing it. The FTC Act and other laws that the Commission administers permit the collection of public comments to consider and use in this proceeding as appropriate. The Commission will consider all timely and responsive public comments that it receives on or before July 29, 2015. You can find more information, including routine uses permitted by the Privacy Act, in the 1 In particular, the written request for confidential treatment that accompanies the comment must include the factual and legal basis for the request, and must identify the specific portions of the comment to be withheld from the public record. See FTC Rule 4.9(c), 16 CFR 4.9(c). VerDate Sep<11>2014 20:31 Jul 06, 2015 Jkt 235001 Commission’s privacy policy, at https:// www.ftc.gov/ftc/privacy.htm. Analysis of Proposed Consent Order To Aid Public Comment The Federal Trade Commission (‘‘FTC’’ or ‘‘Commission’’) has accepted, subject to final approval, an agreement containing consent order from JS Autoworld, Inc., also doing business as Planet Nissan. The proposed consent order has been placed on the public record for thirty (30) days for receipt of comments by interested persons. Comments received during this period will become part of the public record. After thirty (30) days, the Commission will again review the agreement and the comments received, and will decide whether it should withdraw from the agreement and take appropriate action or make final the agreement’s proposed order. The respondent is a motor vehicle dealer. According to the FTC’s complaint, the respondent has misrepresented in certain advertisements: (1) vehicle purchase prices; (2) that advertised monthly payment amounts were for vehicle purchases, not leases; and (3) that consumers can pay $0 at signing to obtain vehicles shown in the advertisements for the advertised monthly amount. The complaint alleges therefore that the representations are false or misleading in violation of Section 5 of the FTC Act. In addition, the complaint alleges that the respondent violated the Consumer Leasing Act (‘‘CLA’’) and Regulation M for failing to disclose or to disclose clearly and conspicuously certain costs and terms when advertising vehicles for lease. The FTC’s complaint also alleges that the respondent violated the Truth in Lending Act (‘‘TILA’’) and Regulation Z by failing to disclose or to disclose clearly and conspicuously certain costs and terms when advertising credit. The proposed consent order contains provisions designed to prevent respondent from engaging in similar acts or practices in the future. Part I.A of the order prohibits respondent from misrepresenting the cost of: (1) purchasing a vehicle with financing, including but not necessarily limited to, the amount or percentage of the downpayment, the number of payments or period of repayment, the amount of any payment, the annual percentage rate or any other finance rate, and the repayment obligation over the full term of the loan, including any balloon payment; or (2) leasing a vehicle, including but not necessarily limited to, the total amount due at lease inception, PO 00000 Frm 00028 Fmt 4703 Sfmt 9990 the downpayment, amount down, acquisition fee, capitalized cost reduction, any other amount required to be paid at lease inception, and the amounts of all monthly or other periodic payments. Part I.B prohibits the respondent from misrepresenting any other material fact about the price, sale, financing, or leasing of any vehicle. Part II of the proposed order addresses the CLA allegations. Part II.A prohibits respondent from stating the amount of any payment or that any or no initial payment is required at lease inception without disclosing clearly and conspicuously: (1) that the transaction advertised is a lease; (2) the total amount due at lease signing or delivery; (3) whether or not a security deposit is required; (4) the number, amounts, and timing of scheduled payments; and (5) that an extra charge may be imposed at the end of the lease term. Part II.B prohibits the respondent from violating any provision of the CLA or Regulation M. Part III of the proposed order addresses the TILA allegations. Part III.A requires the respondent to make all of the disclosures required by TILA and Regulation Z when any of its advertisements state relevant triggering terms. Part III.B requires that if any finance charge is advertised, the rate be stated as an ‘‘annual percentage rate’’ using that term or the abbreviation ‘‘APR.’’ In addition, Part III.C prohibits the respondent from failing to comply in any respect with TILA and Regulation Z. Part IV of the proposed order requires respondent to keep copies of relevant advertisements and materials substantiating claims made in the advertisements. Part V requires the respondent provide copies of the order to certain of its personnel. Part VI requires notification to the Commission regarding changes in corporate structure that might affect compliance obligations under the order. Part VII requires respondent to file compliance reports with the Commission. Finally, Part VIII is a provision ‘‘sunsetting’’ the order after twenty (20) years, with certain exceptions. The purpose of this analysis is to facilitate public comment on the proposed order, and it is not intended to constitute an official interpretation of the complaint or proposed order, or to modify the proposed order’s terms in any way. By direction of the Commission. Donald S. Clark, Secretary. [FR Doc. 2015–16617 Filed 7–6–15; 8:45 am] BILLING CODE 6750–01–P E:\FR\FM\07JYN1.SGM 07JYN1

Agencies

[Federal Register Volume 80, Number 129 (Tuesday, July 7, 2015)]
[Notices]
[Pages 38687-38688]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2015-16617]


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FEDERAL TRADE COMMISSION

[File No. 152 3069]


JS Autoworld, Inc.; Analysis of Proposed Consent Order To Aid 
Public Comment

AGENCY: Federal Trade Commission.

ACTION: Proposed Consent Agreement.

-----------------------------------------------------------------------

SUMMARY: The consent agreement in this matter settles alleged 
violations of federal law prohibiting unfair or deceptive acts or 
practices. The attached Analysis to Aid Public Comment describes both 
the allegations in the draft complaint and the terms of the consent 
order--embodied in the consent agreement--that would settle these 
allegations.

DATES: Comments must be received on or before July 29, 2015.

ADDRESSES: Interested parties may file a comment at https://ftcpublic.commentworks.com/ftc/planetnissanconsent online or on paper, 
by following the instructions in the Request for Comment part of the 
SUPPLEMENTARY INFORMATION section below. Write ``JS Autoworld, Inc.--
Consent Agreement; File No. 152-3069'' on your comment and file your 
comment online at https://ftcpublic.commentworks.com/ftc/planetnissanconsent by following the instructions on the web-based 
form. If you prefer to file your comment on paper, write ``JS 
Autoworld, Inc.--Consent Agreement; File No. 152-3069'' on your comment 
and on the envelope, and mail your comment to the following address: 
Federal Trade Commission, Office of the Secretary, 600 Pennsylvania 
Avenue NW., Suite CC-5610 (Annex D), Washington, DC 20580, or deliver 
your comment to the following address: Federal Trade Commission, Office 
of the Secretary, Constitution Center, 400 7th Street SW., 5th Floor, 
Suite 5610 (Annex D), Washington, DC 20024.

FOR FURTHER INFORMATION CONTACT: Yan Fang, FTC Western Region, (415-
848-5150), 901 Market Street, Suite 570, San Francisco, CA 94103.

SUPPLEMENTARY INFORMATION: Pursuant to Section 6(f) of the Federal 
Trade Commission Act, 15 U.S.C. 46(f), and FTC Rule 2.34, 16 CFR 2.34, 
notice is hereby given that the above-captioned consent agreement 
containing consent order to cease and desist, having been filed with 
and accepted, subject to final approval, by the Commission, has been 
placed on the public record for a period of thirty (30) days. The 
following Analysis to Aid Public Comment describes the terms of the 
consent agreement, and the allegations in the complaint. An electronic 
copy of the full text of the consent agreement package can be obtained 
from the FTC Home Page (for June 29, 2015), on the World Wide Web at: 
https://www.ftc.gov/os/actions.shtm.
    You can file a comment online or on paper. For the Commission to 
consider your comment, we must receive it on or before July 29, 2015. 
Write ``JS Autoworld, Inc.--Consent Agreement; File No. 152-3069'' on 
your comment. Your comment--including your name and your state--will be 
placed on the public record of this proceeding, including, to the 
extent practicable, on the public Commission Web site, at https://www.ftc.gov/os/publiccomments.shtm. As a matter of discretion, the 
Commission tries to remove individuals' home contact information from 
comments before placing them on the Commission Web site.
    Because your comment will be made public, you are solely 
responsible for making sure that your comment does not include any 
sensitive personal information, like anyone's Social Security number, 
date of birth, driver's license number or other state identification 
number or foreign country equivalent, passport number, financial 
account number, or credit or debit card number. You are also solely 
responsible for making sure that your comment does not include any 
sensitive health information, like medical records or other 
individually identifiable health information. In addition, do not 
include any ``[t]rade secret or any commercial or financial information 
which . . . is privileged or confidential,'' as discussed

[[Page 38688]]

in Section 6(f) of the FTC Act, 15 U.S.C. 46(f), and FTC Rule 
4.10(a)(2), 16 CFR 4.10(a)(2). In particular, do not include 
competitively sensitive information such as costs, sales statistics, 
inventories, formulas, patterns, devices, manufacturing processes, or 
customer names.
    If you want the Commission to give your comment confidential 
treatment, you must file it in paper form, with a request for 
confidential treatment, and you have to follow the procedure explained 
in FTC Rule 4.9(c), 16 CFR 4.9(c).\1\ Your comment will be kept 
confidential only if the FTC General Counsel, in his or her sole 
discretion, grants your request in accordance with the law and the 
public interest.
---------------------------------------------------------------------------

    \1\ In particular, the written request for confidential 
treatment that accompanies the comment must include the factual and 
legal basis for the request, and must identify the specific portions 
of the comment to be withheld from the public record. See FTC Rule 
4.9(c), 16 CFR 4.9(c).
---------------------------------------------------------------------------

    Postal mail addressed to the Commission is subject to delay due to 
heightened security screening. As a result, we encourage you to submit 
your comments online. To make sure that the Commission considers your 
online comment, you must file it at https://ftcpublic.commentworks.com/ftc/planetnissanconsent by following the instructions on the web-based 
form. If this Notice appears at https://www.regulations.gov/#!home, you 
also may file a comment through that Web site.
    If you file your comment on paper, write ``JS Autoworld, Inc.--
Consent Agreement; File No. 152-3069'' on your comment and on the 
envelope, and mail your comment to the following address: Federal Trade 
Commission, Office of the Secretary, 600 Pennsylvania Avenue NW., Suite 
CC-5610 (Annex D), Washington, DC 20580, or deliver your comment to the 
following address: Federal Trade Commission, Office of the Secretary, 
Constitution Center, 400 7th Street SW., 5th Floor, Suite 5610 (Annex 
D), Washington, DC 20024. If possible, submit your paper comment to the 
Commission by courier or overnight service.
    Visit the Commission Web site at https://www.ftc.gov to read this 
Notice and the news release describing it. The FTC Act and other laws 
that the Commission administers permit the collection of public 
comments to consider and use in this proceeding as appropriate. The 
Commission will consider all timely and responsive public comments that 
it receives on or before July 29, 2015. You can find more information, 
including routine uses permitted by the Privacy Act, in the 
Commission's privacy policy, at https://www.ftc.gov/ftc/privacy.htm.

Analysis of Proposed Consent Order To Aid Public Comment

    The Federal Trade Commission (``FTC'' or ``Commission'') has 
accepted, subject to final approval, an agreement containing consent 
order from JS Autoworld, Inc., also doing business as Planet Nissan. 
The proposed consent order has been placed on the public record for 
thirty (30) days for receipt of comments by interested persons. 
Comments received during this period will become part of the public 
record. After thirty (30) days, the Commission will again review the 
agreement and the comments received, and will decide whether it should 
withdraw from the agreement and take appropriate action or make final 
the agreement's proposed order.
    The respondent is a motor vehicle dealer. According to the FTC's 
complaint, the respondent has misrepresented in certain advertisements: 
(1) vehicle purchase prices; (2) that advertised monthly payment 
amounts were for vehicle purchases, not leases; and (3) that consumers 
can pay $0 at signing to obtain vehicles shown in the advertisements 
for the advertised monthly amount. The complaint alleges therefore that 
the representations are false or misleading in violation of Section 5 
of the FTC Act.
    In addition, the complaint alleges that the respondent violated the 
Consumer Leasing Act (``CLA'') and Regulation M for failing to disclose 
or to disclose clearly and conspicuously certain costs and terms when 
advertising vehicles for lease.
    The FTC's complaint also alleges that the respondent violated the 
Truth in Lending Act (``TILA'') and Regulation Z by failing to disclose 
or to disclose clearly and conspicuously certain costs and terms when 
advertising credit.
    The proposed consent order contains provisions designed to prevent 
respondent from engaging in similar acts or practices in the future. 
Part I.A of the order prohibits respondent from misrepresenting the 
cost of: (1) purchasing a vehicle with financing, including but not 
necessarily limited to, the amount or percentage of the downpayment, 
the number of payments or period of repayment, the amount of any 
payment, the annual percentage rate or any other finance rate, and the 
repayment obligation over the full term of the loan, including any 
balloon payment; or (2) leasing a vehicle, including but not 
necessarily limited to, the total amount due at lease inception, the 
downpayment, amount down, acquisition fee, capitalized cost reduction, 
any other amount required to be paid at lease inception, and the 
amounts of all monthly or other periodic payments. Part I.B prohibits 
the respondent from misrepresenting any other material fact about the 
price, sale, financing, or leasing of any vehicle.
    Part II of the proposed order addresses the CLA allegations. Part 
II.A prohibits respondent from stating the amount of any payment or 
that any or no initial payment is required at lease inception without 
disclosing clearly and conspicuously: (1) that the transaction 
advertised is a lease; (2) the total amount due at lease signing or 
delivery; (3) whether or not a security deposit is required; (4) the 
number, amounts, and timing of scheduled payments; and (5) that an 
extra charge may be imposed at the end of the lease term. Part II.B 
prohibits the respondent from violating any provision of the CLA or 
Regulation M.
    Part III of the proposed order addresses the TILA allegations. Part 
III.A requires the respondent to make all of the disclosures required 
by TILA and Regulation Z when any of its advertisements state relevant 
triggering terms. Part III.B requires that if any finance charge is 
advertised, the rate be stated as an ``annual percentage rate'' using 
that term or the abbreviation ``APR.'' In addition, Part III.C 
prohibits the respondent from failing to comply in any respect with 
TILA and Regulation Z.
    Part IV of the proposed order requires respondent to keep copies of 
relevant advertisements and materials substantiating claims made in the 
advertisements. Part V requires the respondent provide copies of the 
order to certain of its personnel. Part VI requires notification to the 
Commission regarding changes in corporate structure that might affect 
compliance obligations under the order. Part VII requires respondent to 
file compliance reports with the Commission. Finally, Part VIII is a 
provision ``sunsetting'' the order after twenty (20) years, with 
certain exceptions.
    The purpose of this analysis is to facilitate public comment on the 
proposed order, and it is not intended to constitute an official 
interpretation of the complaint or proposed order, or to modify the 
proposed order's terms in any way.

    By direction of the Commission.
Donald S. Clark,
Secretary.
[FR Doc. 2015-16617 Filed 7-6-15; 8:45 am]
BILLING CODE 6750-01-P
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