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Agents Rally For Regulation
COLUMBIA - Repossession agents are making more trips through Mid-Missouri, seizing vehicles from debtors who are behind on car payments.
The back lot at Missouri Repossession Services in Columbia contains proof that the current economic crisis is affecting Mid-Missourians of all economic backgrounds. Luxury cars, motor bikes, farm trucks, and family vans, are all lined up to go back to lenders.
"We've seen it probably, repossession increase 20 to 30 percent compared to what it was last year." Dave Miller of Missouri Repossession Services said.
As repossession in Mid-Missouri increase, the industry remains largely unregulated. This lack of regulation may threaten the safety of repossession agents who comes to seize vehicles as well as the debtors who face repossession.
Repossession agents don't need licenses in Missouri, so anyone can set up a business without meeting any state guidelines. Even the existing Missouri law on retrieval is unclear. Missouri is a self-help repossession state, which allows a creditor to seize a vehicle when the debtor hasn't paid. In taking the vehicle, agents can't "breach the peace" which is defined as "knowingly disturbing or alarming another person".
"The definition of the law is so vague on this, that you really don't realize the you've breached the peace until it's tried in court," Miller said.
On this trip, the debtor gave up his car peacefully, but Miller and his sons have faced their share of dangerous repossession trips involving irate debtors carrying loaded weapons or threatening to kill them. These situations happen when both agent and debtor believe they have rights to the vehicle. Miller says that bad agents who try to get vehicles by any means make the job more dangerous for the rest of the industry.
Miller is lobbying to change the law with stricter regulations for agents, and more guidance on what breaching the peace means and how agents can seize vehicles.
Joe Crider, Missouri supervisor of consumer credit, fields complaints from debtors about repossession agents and agrees that the law needs to be clearer.
"There are probably some things in the law that could change as far as the rights of the consumer and the ability of the repossession agent to get the vehicle. There is a lot of uncertainty there. There really isn't a fine line there," Joe Crider of Missouri Supervisor of Consumer Credit said.
Crider says the law could be interpreted as stopping an agent from taking a vehicle after a debtor has simply told the repossession agent to leave. While the law may be far from clear or complete when it comes to repossession, advocates for agents and debtors alike seem certain of one thing, it is the state legislature that must take steps to make this growing industry safe.
"Now that we have a new governor,the election's over with, we're going to taking, following up with some of the representatives and hopefully see some of this in the next year," Miller said.
Agents Rally For Regulation
COLUMBIA - Repossession agents are making more trips through Mid-Missouri, seizing vehicles from debtors who are behind on car payments.
The back lot at Missouri Repossession Services in Columbia contains proof that the current economic crisis is affecting Mid-Missourians of all economic backgrounds. Luxury cars, motor bikes, farm trucks, and family vans, are all lined up to go back to lenders.
"We've seen it probably, repossession increase 20 to 30 percent compared to what it was last year." Dave Miller of Missouri Repossession Services said.
As repossession in Mid-Missouri increase, the industry remains largely unregulated. This lack of regulation may threaten the safety of repossession agents who comes to seize vehicles as well as the debtors who face repossession.
Repossession agents don't need licenses in Missouri, so anyone can set up a business without meeting any state guidelines. Even the existing Missouri law on retrieval is unclear. Missouri is a self-help repossession state, which allows a creditor to seize a vehicle when the debtor hasn't paid. In taking the vehicle, agents can't "breach the peace" which is defined as "knowingly disturbing or alarming another person".
"The definition of the law is so vague on this, that you really don't realize the you've breached the peace until it's tried in court," Miller said.
On this trip, the debtor gave up his car peacefully, but Miller and his sons have faced their share of dangerous repossession trips involving irate debtors carrying loaded weapons or threatening to kill them. These situations happen when both agent and debtor believe they have rights to the vehicle. Miller says that bad agents who try to get vehicles by any means make the job more dangerous for the rest of the industry.
Miller is lobbying to change the law with stricter regulations for agents, and more guidance on what breaching the peace means and how agents can seize vehicles.
Joe Crider, Missouri supervisor of consumer credit, fields complaints from debtors about repossession agents and agrees that the law needs to be clearer.
"There are probably some things in the law that could change as far as the rights of the consumer and the ability of the repossession agent to get the vehicle. There is a lot of uncertainty there. There really isn't a fine line there," Joe Crider of Missouri Supervisor of Consumer Credit said.
Crider says the law could be interpreted as stopping an agent from taking a vehicle after a debtor has simply told the repossession agent to leave. While the law may be far from clear or complete when it comes to repossession, advocates for agents and debtors alike seem certain of one thing, it is the state legislature that must take steps to make this growing industry safe.
"Now that we have a new governor,the election's over with, we're going to taking, following up with some of the representatives and hopefully see some of this in the next year," Miller said.
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