Auto Repossession Company Licensing By State
Requirements by StateThe majority of states do not have any licensing requirements for auto repossession companies and auto repossession agents. There are some states that have specific licensing agencies for the auto repossession industry, while other states license auto repossessors through other various governing bodies that may or may not relate to the auto repossession industry. These governing bodies are often private investigation licensing boards, towing regulators, the states attorney general's office, collection agency licensing departments and lender and banking government regulators. If you own a repossession company or are a repossession agent, then you need to make sure you have the right licensing to be able to perform auto repossessions in the state you operate in. If you are an automobile finance company or collector that engages in the recovery of vehicles, then you need to make sure that the auto repossession company you contract with is licensed to legally repossess collateral in their state.
Here is a list of states that require repo companies to be licensed:
Alaska auto repossessors must obtain a collection agency license.
California auto repossessors must be licensed with the Bureau of Security and Investigative Services.
Colorado auto repossessors must file a surety bond with Col. Attorney General.
Connecticut auto repossessors must be bonded.
Florida auto repossessors must be licensed with the Department of Agriculture and Consumer Services
Hawaii auto repossessors are collection agents and must be licensed by Commerce and Consumer Affairs.
Illinois auto repossessors must obtain a repossession license from the Illinois Commerce Commission.
Louisiana auto repossession agents and agencies must be licensed by state Office of Financial Institutions.
Maine auto repossessors are debt collectors and must be licensed by the Bureau of Consumer Credit Protection.
Maryland auto repossessors are collection agencies and must obtain license from the Office of the Commissioner of Financial Regulation.
Massachusetts auto repossessors must be obtain a private investigatorís license if they do any skip tracing.
Michigan auto repossessors are collection agencies and must obtain license from the Department of Labor and Economic Growth, Bureau of Commercial Services.
Nevada auto repossessors must be licensed by the Private Investigatorís Licensing Board.
New Mexico auto repossessors must be licensed by the Financial Institutions Division of the Regulation and Licensing Department.
New York auto repossessors must be obtain a private investigatorís license if they do any skip tracing, although this is not enforced.
Oklahoma General auto repossessors must be obtain a towing license through the Depart of Public Safety.
Oregon auto repossessors are collection agencies and must register with the Department of Consumer and Business Services.
Pennsylvania auto repossessors must obtain a license from the Department vehicles of Banking and post a $5,000 Bond.
Texas auto repossessors must obtain a towing operatorís license through the TDLR.
Virginia auto repossessors must obtain a tow operatorís license from the BTRO (The Board of Towing and Recovery Operator's)
Washington DC auto repossessors must be licensed with the Department of Consumer and Regulatory Affairs and post $5,000 bond.
The City of Chicago has it's own set of rules that can be viewed here
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