Course No. 070117

COURSE SYNOPSIS

The Repossession Industry was riddled with a lack of legislative regulation, procedural inconsistencies, non-existent training and insufficient safeguards, culminating in a viable threat to the public's health, safety and general well being. Improperly trained field agents and non-licensed recovery agencies impose, through a lack of industry experience and non-compliance practices, an undue burden on local law enforcement, unwarranted collateral disputes with debtors, and a ripe nesting ground for potential lawsuits. For those reasons, the 'Collateral Recovery Act' was passed into law in Springfield with the intent that it would eliminate those threats and ensure that the interests of the public are conscientiously served and protected.

The 'Collateral Recovery Act' has substantially decreased and eventually eliminated, improper recovery practices and potential threats to public safety through the enforcement of the laws security based mandates. This law established parameters and guidelines specifically designed to ensure repossession firms operate with proper insurance and licensing, managers who oversee day-to-day operations are qualified through prior industry experience, and recovery agents are licensed through careful screening and approved certification programs.

 

Duration: One Time
Price: $95.00

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Sheffield, IL 61361
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Case Law

In the case of Northside Motors of Florida, Inc. v. Brinkley, 282 So. 2nd (FL 1973), the court’s ruling states, in part, “The Supreme Court of the United States has since emphasized and re-emphasized that state action will not be found in the purely private conduct of an individual voluntary engaged in without some form of active assistance or cooperation on the part of the state.” This means that law enforcement shall not be involved in the self-help (non-judicial) repossession process unless some violation of law occurs.

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Please Read Before
Beginning Test

 

You have two (2) hours to complete the course. Before closing this window you should download the Self-Help (Non-Judicial) Repossessions Study Guide. This is an open book course so feel free to download the study guide and keep it near by.

 

 

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