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  • florida agents take action

    FLACARS
    IMPORTANT: ATTENTION ALL FLORIDA REPOSSESSORS!!!

    Someone in Tallahassee is attempting to insert language into the existing FS 493, which would exempt large out-of-state entities from undergoing the same scrutiny and accountability that we undergo as we operate in this business. This would side-step the state's desires to oversee and regulate those who advertise that they provide repossession services in Florida, and this poses a threat to the consumers of the state of Florida. These amendments are found on Bill Np. CS of SB1444, in a legislative action:*Click Here

    This is the proposed change to the Florida legislation:

    (20) “Recovery agency” means any person who, for consideration, advertises as providing or is engaged in the business of performing repossessions. The term does not include a person who does not directly perform repossessions, and who, pursuant to a contract with a bank, bank holding company, credit union, or small loan company operating pursuant to chapters 516 and 520, contracts with a licensed recovery agency or a licensed recovery agent for the performance of repossessions by such agency or agent, if such person includes a disclaimer in all advertisements appearing in this state which states that the person does not directly perform any repossessions, but contracts with licensed recovery agents or agencies.

    This is harmful to our industry and needs to be fought! We are asking that anyone who can go to please do so. Come to Tallahassee at 8am tomorrow morning, April 2, 2015 and fight with us for YOUR industry!!

  • #2
    Originally posted by phantomtow View Post
    FLACARS
    IMPORTANT: ATTENTION ALL FLORIDA REPOSSESSORS!!!

    Someone in Tallahassee is attempting to insert language into the existing FS 493, which would exempt large out-of-state entities from undergoing the same scrutiny and accountability that we undergo as we operate in this business. This would side-step the state's desires to oversee and regulate those who advertise that they provide repossession services in Florida, and this poses a threat to the consumers of the state of Florida. These amendments are found on Bill Np. CS of SB1444, in a legislative action:*Click Here

    This is the proposed change to the Florida legislation:

    (20) “Recovery agency” means any person who, for consideration, advertises as providing or is engaged in the business of performing repossessions. The term does not include a person who does not directly perform repossessions, and who, pursuant to a contract with a bank, bank holding company, credit union, or small loan company operating pursuant to chapters 516 and 520, contracts with a licensed recovery agency or a licensed recovery agent for the performance of repossessions by such agency or agent, if such person includes a disclaimer in all advertisements appearing in this state which states that the person does not directly perform any repossessions, but contracts with licensed recovery agents or agencies.

    This is harmful to our industry and needs to be fought! We are asking that anyone who can go to please do so. Come to Tallahassee at 8am tomorrow morning, April 2, 2015 and fight with us for YOUR industry!!
    Why is this bad?

    Let the market rule.

    Comment


    • #3
      This is old news(April 2nd) and has already been made a thread on this forum.

      Comment


      • #4
        Originally posted by APAR View Post
        Why is this bad?

        Let the market rule.
        If you don't know why this is bad I question your level of involvement in the industry as a whole.

        Florida is a regulated state. To allow third parties into the process, which would be outside the reach of state consumer protection, yes it is a bad idea.

        Here is a perfect example of why it is bad.

        Justice Department Reaches Settlement with Santander Consumer USA to Resolve Allegations Concerning Over 1,100 Illegal Car Repossessions Against Service Members

        http://www.justice.gov/opa/pr/justic...ons-concerning

        Comment


        • #5
          Originally posted by JTDAMiami View Post
          If you don't know why this is bad I question your level of involvement in the industry as a whole.

          Florida is a regulated state. To allow third parties into the process, which would be outside the reach of state consumer protection, yes it is a bad idea.

          Here is a perfect example of why it is bad.

          Justice Department Reaches Settlement with Santander Consumer USA to Resolve Allegations Concerning Over 1,100 Illegal Car Repossessions Against Service Members

          http://www.justice.gov/opa/pr/justic...ons-concerning
          No reason for you to question my intent or actions. I have been in business since 1987 in Tennessee. Further, your illustration involving Santander's colossal screw up has no bearing on the matter. S&SRA has no bearing on licensing at a state level. Some times, I wish there was a way to keep some yahoos out of this business because they give it a real bad name, but there is enough work for everyone.

          Comment


          • #6


            I need sum

            Comment


            • #7
              where in Tenn are you

              Comment


              • #8
                Originally posted by jclark View Post
                where in Tenn are you
                Middle

                Comment


                • #9
                  Originally posted by APAR View Post
                  Middle
                  I've been in Knoxville since 1979 part time and full time since 1984.

                  The fact is on this issue 68% of all losses are on accounts received from the forwarding model. Loss runs for a year have gone up 40% or more with the insurance companies as a direct result of the forwarding models having 70 to 75% of all accounts in the repossession industry. The reason being the contracts are leaning heavy on breaking the law to effect the recovery stopping just short of saying break the law and get the unit, then they look to a hold harmless that throws all responsibility on the repossessor and with the new ruling that banks are responsible for everything. Actually the contract is with the forwarding model as they have the contract, not the Lender, so you have no contractual obligation to that lender unless you sign a contract with them. Most people employed by the forwarding model have no idea of federal laws let alone state laws, and they badger and threaten the recovery company with loss of business if you don't do everything to get the car and key etc.
                  I recently had a conversation with a representative of another insurance company(NOT RSIG INSURANCE COMPANY) that insures repossession
                  companies, they said they were thinking about not covering accounts that came from forwarding models because of the increase in losses on accounts from them.
                  The forwarding model sells the lender a book of goods to handle everything for them for 5-6 or 700 dollars a vehicle and pay you 250-275 and if your good we will give you an extra 5 dollars to get the key, store it for nothing, and deliver it to the auction 125 miles away for nothing(some have the auction pickup).
                  You loose control and ownership of your business when you can't control your clients and they dictate what you will and will not do.

                  Comment


                  • #10
                    Jim,

                    Could / would the insurance companies exclude forwarding assignments?

                    Comment


                    • #11
                      Originally posted by Paul619 View Post
                      Jim,

                      Could / would the insurance companies exclude forwarding assignments?
                      No I feel sure that can't happen and I misstated the other insurance carrier said they were strongly thinking of not covering companies that worked for forwarding models

                      Comment


                      • #12
                        Either way, I think that would serve the same purpose.

                        Comment

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