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Lawmaker says repo industry needs regulations

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  • Lawmaker says repo industry needs regulations

    http://www.wmctv.com/story/15545439/...ds-regulations

    A Tennessee state representative said the lack of auto repossession industry regulations is not only a threat to public safety, but consumers' wallets are also taking a hit.

    Earlier this month, the dangers of the auto repo industry played out publicly when Memphis police said Amanda Vaughn shot the man who was trying to repossess her car.

    American Locators and Recovery president Ray Crocker said repo incidents are common across Tennessee.

    "In Marshall County, a debtor was dragged down a driveway and part of his face was torn away," said Crocker.

    Public safety aside, State Representative GA Hardaway said the absence of repo industry regulations also impacts people's pocketbooks.

    "It's even more of a critical issue for consumers, for those employees, than we even know," said Hardaway. "There are incidents that go unreported."

    With metropolitan Memphis at the top of the US poverty list for, Hardaway said the city is an auto repo hotbed.

    Crocker said new and inexperienced repo men are now flooding an already unregulated industry, and Hardaway said when repos go wrong, everyone eventually pays the price in higher fees and interest rates.

    "It needs to be regulated," said Hardaway.

    Hardaway is drafting a bill that would require repo men to obtain Tennessee Department of Commerce and Insurance licenses.

    "With the licensing comes the oversight and the monitoring," said Hardaway.

    The permit would require background checks, training and permit fees to perform repos. Hardaway will meet with fellow lawmakers to finalize the language of the bill.

    "Hopefully, we'll be able to put something together that will keep the consumer protected and allow the employees of these companies to still do their jobs," said Hardaway.

    It is unclear when the bill would actually hit the floor of the General Assembly.

  • #2
    I don't see how he thinks that there will be "oversight".?.?.? Oversight of rubber stamping your check maybe...but that's about it.

    "Hardaway said the city is an auto repo hotbed"
    "training and permit fees to perform repo's"
    That's the sum of it right there.......

    Training? You gatta be kidding me. What kind of training are they going to provide....anger management or teaKwondo? How about Firearm Safety, or Sharp Shooter courses lol. Now that I would attend.

    What will a background check do...Let me just say, who the hell cares if a convicted felon is the guy repossessing your vehicle. What does it matter? What's he going to do....steel the car? Beat the crap out of the debtor for trying to assault him, or the truck while performing his job?

    Memphis is screwed up in it's own right....that's like going to NYC and complaining about the violence that repossessions' causes there. It's the least of their worries.

    Instead of screwing the repo guy, maybe they should make stiffer laws for interferring with a repossession.
    Ryan
    Hodge's Recovery
    Windham, ME



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    • #3
      Looks like

      Looks like another politician has found something new to tax !

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