The members of Eagle Group XX have been working diligently on a project for the last six months to update the antiquated “Industry Standard Repossession Agreement” known affectionately as the “Industry Standard Contract”. Eagle Group XX members felt that changes were necessary in order to better meet the rigors and demands of today’s lender’s strict compliance demands.
The original “Industry Standard Contract” was developed and introduced by Time Finance Adjusters and Millard Land and given to the recovery industry in 2001. This endeavor was an effort to clarify and standardize the relationship between lenders and asset recovery agencies and an attempt to insure that both sides had an equitable relationship.
The asset recovery industry has seen many changes in the last 15 years not the least being the formation of the CONSUMER FINANCIAL PROTECTION BUREAU, put in place to insure consumers were treated fairly in all aspects of the lending process. With the introduction and enforcement of these many new requirements, rules and regulations the recognition and strict adherence is a necessity and must be clearly addressed in industry related contractual agreements..
This new “Industry Standard Repossession Agreement” addresses many of the CFPB’s requirements and once again attempts to level the playing field with recognition of equality and fairness on all sides.
The contract addresses such items as agency obligations when hiring, duty of care, credentialing and certification of employees, protection of non public personal information as well as controversial issues such as compliance fees, key costs, mileage, storage, trace fees and personal property inventory and storage.
It is the desire of the members of Eagle group XX that all members of the asset recovery industry can benefit from their endeavors and utilize this “INDUSTRY STANDARD REPOSSESSION AGREEMENT” to increase their bottom line therefore this contract will be made available at no cost to anyone requesting an electronic copy by simply emailing your request to Rbrown@CSI-ARM.com. .
If anyone has any questions they may contact the Eagle Group XX Facilitator, Ron Brown, at 800-411=1844.