Refund Control© by LCT Becomes First Platform to Align with New Industry Standards for Refund Quote Portals
SOUTHLAKE, Texas — Lender Compliance Technologies (LCT) announced today that its Refund Control© platform is the first in the market to fully align with new Voluntary Protection Products (VPP) Refund Quote Portal Minimum Standards, recently approved by the Guaranteed Asset Protection Alliance (GAPA), Service Contract Industry Council (SCIC) and the Motor Vehicle Protection Products Association (MVPPA).
The new standards define the minimum requirements for systems that generate refund quotes for VPPs. The framework provides a uniform approach to data integrity, accuracy and accountability across the vehicle finance ecosystem.
“This represents an important milestone for the industry,” said Glenn Munro, CEO of LCT. “For too long, refund quoting has operated without a common standard. By aligning our Refund Control© platform with this framework, we’re helping lenders, dealers and administrators operate with greater transparency, consistency and trust.”
The new compliance standards, developed in collaboration between SCIC, MVPPA and GAPA, along with other participating lender and administrator stakeholders, establish clear expectations for how refund systems must operate including direct data sourcing, high performance and retention and reporting standards and updated requirements for data governance, access validation and audit trail. While the three trade associations do not actively endorse or otherwise qualify platforms against these new standards, the trade associations strongly encourage software providers and vendors in the market to align their systems to these new minimum requirements.
LCT’s Refund Control© platform was designed around these very principles. Since its launch, it has consistently delivered verified refund accuracy, secured data exchange and full transparency for all parties involved.
“The establishment of these standards shows that our industry is serious about setting its own benchmarks for compliance and performance,” added Munro. “We’re proud that LCT’s technology already reflects what these organizations have called for — accurate, secure and auditable refund processing.”
To learn more about LCT’s Refund Control©, visit lct1.com.
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About Lender Compliance Technologies
Lender Compliance Technologies (LCT) delivers the industry’s most advanced platform for managing Voluntary Protection Product (VPP) cancellations and refunds. Built on Salesforce and designed by auto finance professionals, Refund Control© automates every step of the refund lifecycle — connecting lenders, dealers and administrators in a secure, transparent workflow that improves recoveries, accuracy and operational control. Learn more at lct1.com.