Sheffield, IL – April 12, 2011 – Apparently, an individual repossession agency owner is changing the repossession industry in the state of Illinois. After 9 years of research and lobbying, Rick Constantine, Owner of R&R Recovery of Sheffield, IL seems to be close having accomplished what many associations in many states have been unable to do. Create meaningful repossession regulations.
The Illinois State Legislature is apparently prepared to approve the states “Collateral Recovery Act” which is modeled in an effort to regulate all repossession activity in the state. Rick Constantine began drafting this legislation, now titled SB 1306, in 2002 by researching then existing repossession regulations in California, Nevada, Louisiana and Florida.
In the past similar legislation had been introduced but had never been able to make it past the licensing committee because it lacked funding to pay for it. The new legislation includes a licensing fee, which is expected to add between $3.5 to $5 million to the state annually.
The Bill was introduced on February 8, 2011 by Senator Thomas Johnson (R) and has since moved to the House on Monday the 11th of April by Representative Frank Marino (D). The Bill seems to have bipartisan support and no opposition.
According to Rick Constantine ““There’s no reason to believe there will be any stoppage there, there’s no opposition.”
Under current Illinois law there is no repossession law except the statutory “breach of peace” requirements as in other states. The new legislation will require repossession agencies be licensed, bonded and insured. The law will require that all agents take a certification course and pass background checks just as in the studied states. The bill will reportedly also define what a repossession is, and according to Constantine, Illinois will become the only state to do that.
According to Constantine the new law will legitimize repossessions, and giving borrowers a place to go if something goes wrong with the repossession process. Constantine laments that some repossessors and agencies don’t pay any attention to existing laws regarding breaking into garages or locked gates and “Act like they do on Operation Repo’ on TV.”
Constantine claims “It cleans up the industry but also gives the debtor some protection.”
Under previous Illinois law, agencies had no requirements to provide repossessed borrowers any information regarding the disposition of their vehicles or personal belongings. Under the new law, personal property of borrowers will be addressed as well as notifications of repossession will be required to both borrowers and law enforcement alike. Under current law, repossessors are under no requirement to notify law enforcement when collateral is recovered and this would cause problems when borrowers would report their vehicles a stolen. Reportedly, under the new law, agencies will be required to notify local law enforcement of a repossession both before and after the attempt.
Constantine, who had already helped the city of Chicago develop and implement it’s own repossession laws two years ago, believes the new law will completely change the repossession industry and that many agencies won’t want to adhere to the new regulations but, it will be a change for the better.
Under the new law, agencies can be fined and vehicles seized for unregulated repossession activity.
See the Bill Here! SB1306_1
Three amendments to the original bill have been drafted. See the below links
Some criminals make better cops than normal peers……. They know what to look for and would change their life around,, that is some of them would and make great repo men……. they know what to look for…… If its not for drugs or drinking or a violent crime I say its going to be ok….
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so yeah, it took me a while to read all that. well rick looks like you have some haters out there. lol. as someone who is kurrently withholding my $30,000.00 kar hostage, i do see benefits in this for myself and others like me as well as for repo guys. you think i want some hot headed felon drivin off in my kar without insurance kovering damage to my property? fuck no! like that p***y that tried to take my ride the other nite, FRANK, should i have asked my wife to grab my pistol for me? no, well maybe i asked frank to leave. now they didnt get my kar but destroyed my front yard by driving that heavy ass truck 30 feet to my front door… REALLY? that sounds like an ignorant ass redneck if ya asked me! when i go to the grocery store i dont rent a big ass truck and reverse it all the way to the front door… plus all these fools. omg dont the know anyone kan submit/propose a bill to kongress? anyhow Rick. if you’re hiring, it me up on facebook.com or email me… im already recognized as an outstanding citizen round here had a valid perc card for years and a valid foid card,.. so it probably be easier for me to pass all these regulations, than most these hatin ass krooks crying on this forum… signing up with this forum was the koolest thing i did online all day!
i think that all repo fools should have regulations and guidelines..
some losers tried to get my kar at 333am yesterday morning. (ILLINOIS)
i demanded they leave my property, they lied and said the police were on
the way and that the police had instructed that i surrender the keys…
the police… hahaha… anyways i was a dumb ass and waited….. nope no
police showed up. then the repo guy (FRANK) approached me saying the police are
komming gimme the keys, it’ll be ok… i said get the F**K off my property over
and over, neighbors all waking up and what have you. my wife was a fool at the
doorway pleadin. I said f**k these fools, grab the pistol from off the table.
they jumped in the truck and really kalled the sheriff,
so again i waited for the police.. of course i never brought my
pistol out or made any threats, i waited.. nothin… i kalled the
sheriff to report an unauthorized vehikle that was 30 feet on my property,
kausing damage to my lawn and refusing to leave.. sheriff says. just recieved a
distress kall from said vehikle, they were advised to leave your property
immediately!! so as im telling the repo guys what sheriff says while sheriffs
still on speaker phone (as i am hard of hearing from unprotected gunfire)
repo guy says FUCK YOU SPIK.. well im italian not mexikan, and a member of the
local ARYAN CIRKLE. anyways there definitely needs to be legal and just guidelines
for the repo guys… i really dont want an x-konvict driving my kar shoot..
overall looking back today what transpired yesterday morning i thought it was
hilarious and i wish it was rekorded..
my kredit union said that the repo kompany name is asset recovery with a
phone number of (630)966-1900 this number is unlisted which is bullshit,
and there is no company linked to it online.. who’s responsible to repair
the damage to my lawn? i texted the repo guy, got his cell number from my dad
who he had kalled asking my dad to help him get my kar, hahahaha anyways i told
him i was going to need 250.00 USD to repair my lawn.. he said he would hire members
of my family (remember, he thinks im mexikan) he says and im quoting “Hv one
of ur relatives fix it IM sure they r all landscapes .I will pay them I.5O AN hr
like ur use too. c ya buddy” i know poor bastard kant spell right and it the wrong to (to, two, too) he used.
Ken explain to me how the association made it harder. From what I can see and by what I have read the only person who made this bill harder was the author. If you really read the bill you will find that its intent is indeed to make it hard for everyone in the industry to opperate. And I agree a properly worded lawsuit would indeed stop it. But I have as of yet seen anyone with enough Ba–s to stand up and begin the process. get the word out their Ken then contact me Iam In if that is what its going to take. But until then I beleve I will work with the association and try to make the best of the situation.
Wade…… why would anyone want to join an association that just made it HARDER
Wade….. a properly worded lawsuit challenging this law would immediately stop it dead in it’s tracks.
Gentlemen:
I don’t believe that attacking Rick is beneficial to any one at this time. And I don’t believe that this site was intended for that purpose.
What is important is any information that would help the repossession agencies in the state off Illinois prepare for SB1306. The bill has been signed into LAW, and there is little anyone can do to change that . We all are aware that this bill was covertly pushed through the Senate. As an individual agency, you have little control of how the bill is going to be interpreted by the policing agency, however, as a group of professional recovery companies bound together by an association, and all committed to work as a unified body, a difference can be made.
The Illinois Recovery Association has taken an active part in attending the rules hearings as well has had open dialog with ICC officials regarding some clarification of parts of the bill that are somewhat vague. I encourage anyone who is a repossessor in the state of Illinois to contact the association and become a member. Whether you are a small or large company this is a great opportunity for your organization to interact with other company owners’ in the state. More importantly; this will allow you to keep up on the progress of the bill and any changes or clarifications that are made. This being said, I urge you to set aside your pride, stop complaining, and become a part of the solution. Because whether you like it or not, SB 1306 is real, and will affect the way you do business. I have no problem with you contacting me at recoverysystems@sbcglobal for information regarding the association.
Thanks for your time
Wade S. Argo
Argo Management Group
Ed Marcum……I in no way meant to say ANYTHING bad about RSIG. I was a very proud member of RSIG for years. I hold RSIG and it’s members in the highest reguard and believe they are the best inthe industry. I also believe RSIG has the best insurance policy to protect the lien holder and the recovery agency.
I also attended the first RSIG state certification course offered in Florida. I enjoyed my 2 days in Orlando listening to yourself and Michael Howk. I was very impressed and believe everyone in the industry should become certified. Your course’s test is also not an automatic pass either. Although I did score very high 90s.
I just do not think we should have a state law requirement that forces agents to buy ANY program. It should be voluntary because a person desires to be the best and have as much knowledge as possible to protect himself and the client from litigation.
Other people here in Fl have alterior motives, in my opinion and experience around prior leaders in their group.
Ken, Please do not lump the RSIG Certification Course into the course producers that pushed this new Illinois regulatory law or any state law for that matter. RSIG advocated against this law and has always held it better that the industry regulate itself rather than to have the states do it for us. Strong state and national associations can do this without the need to bring the state officials into the mix but unfortunately most associations in this industry are more interested in competition than they are in helping the industry . All you have to do is look at who is the driving force behind the regulations, they are the ones to most benefit.
I think everyone in this state should boycott this state association and cancel your memberships. Start a brand new association just to fight them at every turn.
You should go to their meetings and protest them !!!!!
Stand up….. be vocal and tell them to mind their own business.
You are gonna have to file lawsuits contesting this law and prevent it from being put into place. That will require agency owners spending money on attorneys at this late stage in the game.
As for who helped him ? Well…. my guess is that you just need to look at the same idiot who pushes this crap in Florida along with his lapdogs in FLACARS (repo association). You might also thank the owners of the certification course everyone will be forced to buy…..now required by the law. It is a good course and I recommend it, but fight the idea that we should be orced to buy it. THIS IS THEIR MARKETING PLAN TO SELL THE PROGRAM………They tried to force this continueing education in Fl and a couple people killed it in legislature.
Buying the course should be voluntary not orced by state law, just to pay an old timer who thinks he is “The Godfather of Repossessions” and everyone should pay him money.
FOLLOW THE MONEY !!!!
how to run a scam 101
Holy christ who had their head up their bits in the state capital when they let Rick bring this bill before them. He has been working on ways to screw other repo agencies in the state for years and with the help of our week minded state officials who cant see a scam artist in front of them unless he has a sign on and then they would simply ask what is in it for them? And in this case thats probably what occured. Let me tell you about Mr. Rick I worked for him for a very short time and it was clear to me when I had to beg to get paid and when I did my checks were always short the agreed amount for the job I did. Thats probably why the only people he can get to work for his is his son baby Ricky and fat Tod who owes rent to Rick. If the State officials responsable for this bill Mr. Rick so carefully worded to put undo hardships on the small companies he targeted in his area and leave some of the larger companies with a great expense in order to come into compliance would have just took a good look at the guy they put up on that piller as the model for the perfect repo company they would have found out what he really was. And I will tell you this if his clients only know how many times we falsafied information to raise their repo bill and that every time Rick brokered a deal to sell a car threw his buddy at the car lot down the road what that car actually sold for and were the kick back money came from things would be differant. Rick is a power hungry jurk and thanks to the state of illinois now he has a bigger head. I think someone needs to deflate it. I agree lets get together and go after him and the state.
Congrats Rick you got your bill passed. Dont now how you managed to bull $hit your way into the pockets of Rep marino and Sen Johnson to get it done but good job. Now that you have pissed off every repossessor in the state of Illinois and surounding states that do repos in Illinois good luck with getting anyone to work eith you. Apparently you forgot were you come from working out of your little building in Sheffield and with that remote storage facility. But of course that was before you wanted to grow up and play with the big boys and get your fancy new building. Did you ever get cought up on your late morgage payments?? Ya people talk. I dont know what kinda BS you have fed your clients about this bill but Iam sure you played yourself off as a hero. Little do they know that your going to need to raise your rates just like the rest of us to meet the stupid requirements you wrote into the bill to benifit yourself. It always nice when you are the only one who knows the content of a bill about to be placed into law it kinda gives you the upper hand when it comes to all the requrements of someone as simple as an office manager. Of course the bill was passed with know opposition when you keep it a hidden from the industry and not one of the hearings held had anyone to oppose it its going to pass. I dont know who named you god of the repo industry but they needed to look at the big picture and what your underlying motives were. You have openly stated that this bill will put alot of your comp out of the market. And as for the monies you claim to generate buy this bill thats way over inflated. You failed to mention the cost involved in manageing this program. But you dont care as long as you get your dime.
I hope when this bill of your blows up in your face that you dont take your clients down with you. I will tell you this I have presented this bill to my company lawyer and I assure you if anything you have written into this bill affects me doing my job I will pursue a lawsuit against anyone remotely associated with you and this bill. And as for me crossing the state line good luck enforceing that one two. I guess Iam a lucky one you havent bounced a check to me or my company.
Paul & Eric………It sounds no different than what happened and continues to happen in Florida. You take one or two old time repo aganecy owners who feel they control the industry and attempt to boss everyone else around.
Well, they do not run my company and I do not work for them. Please just mind your own business and stay out of mine.
OMG what was the state thinking. Allowing Rick Constetine of RR Recovery to pen a bill to designed to pad his already over inflated ego. Let me tell you about rick he was a origonal founding member of the Illinois Recovery Association. His dream was to write a bill to protect all of us from indaviduals who buy a tow truck and start low balling the industry and out their doing repos and not knowing what the law was. It wasent much of a problem at the time but Rick wanted to be the white night. So the association began working on the bill and it didnt take long for the fighting to begin. Turns out and was discuvered that Rick was insisting on putting items in the bill that would benifit him and hurt others in the industry long story short it didnt take long dfor the board to figure out what Rick was up to. Rick decided to resign from the Illinois recovery association and they thought that was that. Well turns out that Rick and a small band of his blind followers continued to work on their version of the bill. And with out any reguard for the imput of any other recovery companies or associations in Illinois the snake in the grass managed to get it slid threw the senate. What was the state going to do after this was passed go into every repo company in the state and say sorry your company dose not meet the vision of Rick and you have got to comply or shut down opperations. Who in the hell put him on the fence as top dog. And why would Keith Sias who is with state gov affairs for the credit union associations in Illinois buy into Ricks bullshit. And I can not belive that anyone who read this bill befor it was passed couldnt see between the lines. I have only been in the game for just under ten years so I dont know all the major players out their but someone needs to expose Rick for what he really is and I think that we all need to not forward anywork to him and should refuse to take any assignments from him. Heck it took me 6 mo. to get paid for work my little company did for him I had to beg to get paid and you know the check was always in the mail. And when I did get it it didnt clear the bank. Nice on Rick. I would be willing to help in anyway to band together with other agencies to fight this bill. I suggest that anyone who reads this pass this site on to anyone in the industry.
I have read this new Illinois Repossession Bill and it is Just another way of adding cash to Illinois coffers. But I dont belive state officials have thought this threw very well. Do they realize the cost required to police a bill such as this.
And as for Rick Constintine of R & R Recovery Located In Sheffield Illinois. Its quite appairent were his motives were when he wrote this bill. He wants to be the new big boy of the repo industry. And looks like he has written a bill designed to do just that buy placing small repo agencies at jepordy becouse of all the stupid requirements needed to opperate as a recovery company her in this redicules state. It is apparent to me and several other of my competators that Ricky Boy had a agenda and he used the state to help him get their. So Rick I hope you relish in the thought that you are a piss poor person and hopefully this is going to bite you in the ass. And while iam thinking about it. Has anyone else out their done work for R & R Recovery and had to fight to get paid and when you do the check bounces not once but three times. And how about the monies you have owed to at least three other agencies up hear for over two years I know adding up to over ten thousand dollers between the three that you have failed to pay. Ya Rick we talk at meetings and conventions and the word is out on you. You probably should have not written the part about financial responsability in your bogas law. If anyone else out their can add to this maybe his close personal friends that have helped him push this bill threw will get the real picture. Iam in agreement with the person who wrote in about a class action law suit I have taken the liberty speaking with a corperate counsel and have discovered that with the fact of how this bill was pushed threw with little or no review and that the only auther of the bill was Rick that in a court of law that it would be easy to make a claim. And did you know that we can go after rick as well. Lets do it..
What were the senators thinking in passing Ricks Bill. Did they not think to invite repesenatives from some of the Illinois repo associations and get their imput. Who elected that Dumb Ass to speak for all of us? all he has managed to do is put alot of small repo companies out of biz. Many of them have been around a lot longer than Rick. Good job Gov Quinn…
i suggest that someone get together all the repo agencies in Illinois and plan a class action law suit…
Not much is relay changing.every company knows the more ins you have the more work you’ll get.now its the subcontracting that is the problem.companies have work a lot of the time to much work.thats where the sub contractors come in using the companies license to pull cars for 180 to 200 a car.regulate that and problem solved. in the 15 years of repossessing collateral i knew this day would come.Oh yeah they should also make it tougher on the db who knows his car or what ever is being repossessed and decides to say assault the recovery agent.tough times fall on every one.we don’t want to be out all day and night looking for john doe.if you cant afford it call the finance co and tell them to pick it up.its that easy.now for the agents that know and follow the laws and company policies great you do a hell of a job and that is commended.and for the thieves and people who break into garages and don’t know the laws get out of our industry you give all of us professional recovery experts a very bad name.i was taught by the best mike from Assets biz in Barringtin IL great company and a great man.i also wanted to say be safe and don’t put yourself or your company in harms way. if the db asks you to leave leave and go back later.
I think it’s good because it’s more than just a car you are taking,it’s lives and families well being that you are involving. That being said with the so-called low balling you out of business maybe if you can’t get enough repos to pay off that truck and pay guys to ,which result into lay- offs .when they come get yours just use that excuse and see if another repo guy give a damn. in final what goes around comes around karma is a red headed …well you know what i’m saying.
I am willing to fight this as well this is just stupid we put our lives on the line each time we go out on a repo. This guy is being a jackass! I am done with his crap get from behind the desk & get your ass out on the road & do some real repo work…remember how it is…these debtors fall off the face of the earth we have to waste time & money trying to track these dead beats. Why don’t you take all this extra time you have & come up with a better way to track down these dead beats…oh & raise your repo rates because you are the low-baller in the industry & I know this for fact just to get work you low-ball so bad your the one causing repo companies to suffer in every way possible we do not support your ass!
ok well we have to have insurance for repos & be bonded. We do have to report before & after at each pd so I have no idea what the hell he is doing. The entire Chicago law is stupid we should get paid by the city of Chicago for having to go into their shit hole in the first place we risk our lives more in the city of Chicago & now we have to pay to repo there that was the STUPID…now you want this are you nuts? We follow laws by the state of Illinois & each city ordinance no wonder you left Palatine & went to hide somewhere else. STOP thinking you will be the only repo co left all this effort is bullshit on your part. Go ahead send me your crap nobody cares your Chicago law nobody follows so go waste your time.
You guys are nothing but a bunch of sheep!!! You think by throwing more laws and regulations at repossession that its gonna change the face of it??? The “test” Chicago law has done nothing!! All these people want is to tax repossession and give the debtors more and the repossessors less.. This is a civil matter that you guys are making legal!! To top the cake we are getting paid less and less to repo and the clients are asking for more and more!! I will fight this to the bitter end!
Has anyone ever researched the claims made my Rick Constintine before quoting him in these online reports? I think not – with some basic cross checking via the internet I have found every claim made by him to be either outright lies or complete fabrications. I do not know how this guy came out of nowhere to be such a leader for the professed groundswell support for the Illinois “Collateral Recovery Act” legislation?
I have news articles at three different web sites that seem to quote this guy from a canned press release because they are almost all identical in each publication. Either this is a coincidence or someone is sending prepared press releases and no one has enough sense to see if anything he says is true or where he based his so called 9 year research. One of the most blatant lies in his propaganda piece for the press is this great line:
“The bill will reportedly also define what a repossession is, and according to Constantine, Illinois will become the only state to do that.” – totally false! A cursory review of all three states, that currently have repossession legislation all categorically define what a repossession is. For example;
Florida’s legislation – Chapter 493.6101 ss(22) Florida Statutes; Definitions – “Repossession” means the recovery of a motor vehicle as defined under … ~ … A repossession is complete when a licensed recovery agent is in control, custody, and possession of such repossessed property.
I do not know how you could be any clearer than this! As much as I dislike congress I have to admit they at least had enough sense to define what a repossession is Kind makes you wonder what Rick was researching for the past nine years? I found this in exactly 10 minutes!
Here are some of the most misleading statements from Rick Constintine. He has a bad habit of always stating that “under current or previous law…” and that is because in Illinois at least these issues have been addressed by most reputable repossession agencies so it is not necessary.
- “Under previous Illinois law, agencies had no requirements to provide repossessed borrowers any information regarding the disposition of their vehicles or personal belongings..” False, there are statutory requirements that require this.
- According to Constantine the new law will legitimize repossessions… They already are legitimate Rick and it’s in the statutes!
- Constantine laments that some repossessors and agencies don’t pay any attention to existing laws regarding breaking into garages or locked gates and “Act like they do on Operation Repo’ on TV.” What a blatant misrepresentation of facts! I do not know of any legitimate recovery agency that would allow or condone this!
- “Under previous Illinois law, agencies had no requirements to provide repossessed borrowers any information regarding the disposition of their vehicles or personal belongings.” – I do not know where he got this from but current Illinois law does require notification to the debtor!
- “Under current law, repossessors are under no requirement to notify law enforcement when collateral is recovered…” this is a great example of obfuscation. There is no state law requiring this because just about every municipal town in Illinois requires it! I dare you to try snatching a car in any of the suburbs around Chicago and I can assure you that you will never do that again!
- “The new legislation includes a licensing fee, which is expected to add between $3.5 to $5 million to the state annually.” – Here is a classic lie being sold to our legislatures. I do not know where he got his statistics from but this figure is so overblown. Using the proposed fees in the legislation the state would be lucky make half of that. Given the present state of the economy I do not see how this could be done. Not to mention the ethics of saddling small business owners of repo agencies with added costs and additional administrative burdens in these though economic times.
Unfortunately about the only thing he got right is that lawmakers are poised to pass some kind of legislation. Given the fact that the bill is going for the third round of committee hearings in the Senate and the House, it seems that lawmakers are determined to pass something if for no other reason than they cannot admit they were wrong in buying into Rick Constantine’s narrative of the current state of affairs in this business. I will do what little I can to enlighten some of our representatives and hopefully we can at least change the embarrassing state of affairs in that not one committeeman has voted no on this agenda! “But they wonder aimlessly trying to understand why their poll ratings are so low”…
I have just recently discovered that our esteemed politicians down in Springfield have come up with another grand scheme to steal more money from the middle class and to intrude in our daily lives as if they know what’s best for all of us who struggle daily to pay our bills, feed our families and provide a decent roof over their heads! Christ almighty haven’t the politicians done enough already to ruin our economy and now they want us to give them even more control of our daily lives.
I urge anyone who leaves a comment to please read the entire bill first Let me state categorically that it has nothing to do with protecting the public and has everything to do with squeezing ever more money from small business owners and creating additional white collar welfare jobs for political cronies! There is nothing in the bill that provides anymore protection for debtor’s than what is provided for in current law. The last thing we need is to add another worthless law onto our already bloated civil codes!
You might think that this bill is harmless and maybe even has some benefits. I can only respond that you should please look at their past history and tell me they have done a good job so far? It is no wonder that politicians rate even lower than lawyers in the public opinion polls. There is a reason for that and the most perfect example I can provide for the dismal rating from the public is the so called “Collateral Recovery Act”! “They certainly know how to come up with fancy names for their rather poor legislative history”. I can only respond that I have never read a worse piece of legislation in my life! Was this actually written by a lawyer or someone aspiring to be a dictator somewhere in the future? Anyone who believes in our nation and its constitutional heritage of limited government should oppose this bill with all their energy. I cannot understand how any politician, especially a Republican, would have the gall to put their name to this garbage. There has been a tremendous amount of misinformation as to the purpose of this bill and how successful it will be.
I urge everyone reading this to be honest and admit how many of you are willing to go through complete FBI background check to just because some politician felt it would make his bill look more impressive, be nickel and dimed for every sale your small business makes, have some bureaucrat telling you how to run your business and have your employees subject to the whims of someone who knows nothing about your business in Springfield. Isn’t it amazing that the banks and financial institutions are totally exempt from any part in this bill? I wonder why that happened? Seems to me that any bill labeled the “Collateral Recovery Act” would have a few paragraphs telling them how to run their business! I think we all know the answer to this. You can bet our esteemed politicians who care so much for our public safety wouldn’t dare tell a Fortune 500 executive how to run his corporation. I think it is very telling that the persons who are in direct control of who gets their property repossessed is not even required to do a background check and they certainly wouldn’t have their job threatened by a state bureaucrat because of child support issues or problems with the IRS. No that will never happen and we all know that. As far as extra costs what do they care they just pass it on to the debtor. But ironically the average Joe trying to make a living in a small business is subjected to all kinds of additional bureaucratic abuse.
All in the name of protecting what? I do not recall any great clamor from the masses that the big bad repo guy is stealing little old ladies cars and preventing them from retrieving their wheelchair and medicine. What a SICK JOKE! The truth is the reason why there is only three states that have any repossession laws is that they are not needed. The repo business has had major changes in the past ten years and all for the better. They are one of the few businesses out there that truly have done a good job policing themselves. I am certain one will find some bad examples out there as you can with any business, but in general I cannot see any reason why we should allow career politicians to create more jobs for their cronies and to give them anymore excuses to take money from our pockets! Only an idiot would propose a bill that costs more money to implement than any revenue it could possibly generate. These people have nothing better to do than to figure out creative ways of stealing money from hard working people and we need t finally put a stop to this insanity. What we need are representatives that finally start learning how to stop spending money that neither you or I can afford and to stay out of our personal lives. They have done more than enough damage to last us for another generation…
My two cents,
Peter Klimon
Villa Park, IL
When I think about this law it reminds me of one of my favorite movies….. The original RUSH HOUR with Cris Tucker & Jackie Chan. If you remember on the plane Tucker explains ” Carter’s theory of criminal investigations …. follow the rich white man.. because behind every major crime there is a rich white man in the background waiting to get HIS CUT !!”
How much does this agency owner stand to profit from the legislation ?
Does he sell INSURANCE or OWN A PIECE OF THE CERTIFICATION PROGRAM ? or does he plan on opening SCHOOLS ? (kinda ike what happened in FLORIDA ?)
When this is done he will become the most hated person in the industry in that state.
“No insurance? Try working for Chase, etc without RSIG style insurance… you cannot !!!”
Exactly! So what’s really the point of the government involement? Other than inventing new government jobs and more ways to tax us, NONE!!! It’s a shame there is no one repossession organization to turn too for guidance and support…
The people who operate without insurance are not working for MAJOR FINANCE COMPANIES. And who wants BHPH work anyway ? leave that to the BUMS of the industry.
All they will get is the same thing we got in Florida, a bunch of BS.
We are TAXED and harassed by the Florida Division of Licensing without any benefits to the industry. The Division will quickly tel you that THEY ARE NOT HERE TO PROTECT THE REPOSSESSORS THEY ARE THEIR TO PROTECT THE PUBLIC.
WELL WE PAID FOR THE LEGISLATION AND THEIR PAYCHECKS AND GET NOTHING IN RETURN EXCEPT PROBLEMS FROM THEM.
No insurance ? Try working for Chase, BOA,Ally, Wells Fargo, BB&T, etc without RSIG style insurance ….. you cannot !!!
Get ready Big Brother is broke and looking for revenue wherever they can find it. Last year the EPA enacted a Lead Paint Law that took effect before they even have enough trainers in place to certify people. In essence the law states that anyone involved in paint removal (sanding, remodeling, etc) on structures built before 1978 must adhere to federal regs. Violators can be fined up to $32,000 per day per incident. Coming up this year OHSHA is going after house framers–anyone more than 6′ off the ground must wear a harness and be attached to a safety line. Makes you wonder what the CFPB has in mind for the Repossession Industry.
“The new legislation includes a licensing fee, which is expected to add between $3.5 to $5 million to the state annually.”
This says all we need to know about where the repossessors in Illinois are headed. FWIW, I’d be looking for another business to start if I were them…
Clark says; “…until and unless the industry has the will and wherewithal to police itself, I wonder if there really is an alternative?” I say there are alternatives; and using SB1306_1
as a model, I plan to have “Self Policing of our Industry” as a topic on our agenda for NARS 2012.
The only problem with this regulation is there are to many loop holes …If you are a bank and or finance company you do not need a license..With these loop holes it is impossible to enforce fines and penalties…Florida has the same probelm and now finally 10 years later are changing the laws to make it a crime with big penalties..This proposed regulation is based on relocation laws and have nobody to regulate and a revenue stream for funding it..It is created by a few and has no benifit to the many and or state. Watch and see this abortion spin out of control like the towing regulation here in Illinois and have to waste time and money to go back and ammend and modify regulation to correct what a few think is good for the many…We have a assocation in place willing to assist..If not follow the lead of the florida assocation and use there new changes to learn from there mistakes so 10 years is not wasted…I hope that changes and regulation happen here just not this proposal and by people who are only try to benifit by being on the state advisory board and open a school for regulation requirments..
Ken
I understand your point, but I also wonder how many folks operate “under the radar” without insurance? Insurance requirements are a great tool and I cannot imagine operating without full coverage. Nor do I understand why a secured party would hire an agency that is not fully insured. However, in Texas, there are many “agencies” performing repossessions who only hold insurance for a tow truck. There is little, or no, enforcement.
With no mechanism in place, other than a claim, to weed out those without coverage they will continue to operate. I can’t imagine that underwriters have the resources or inclination to audit every client with a tow vehicle to assure that they are only performing actions that fall under their coverage.
The politics of regulation is messy and it does not come without some pain. I am not a fan, but until and unless the industry has the will and wherewithal to police itself, I wonder if there really is an alternative
It saddens me to say that our industry has been unable to ‘self police.” I’m not sure if government regulation is the answer but it may help. We operate in Texas which is an un-regulated state, there is absolutely no regulations concerning the repossession industry unless you own/operate tow trucks.
TDLR (Texas Department of Licensing and Regulation) took towing under their wing three years ago and have had little to no impact on the major issues. They had planned to not allow convicted felons possess a tow operator permit. This would have been a great idea but they did not follow through with it. Would you like a felon performing your repossessions? I think any secured creditor would be surprised to discover just how many felons are employed by recovery companies at all ends of the spectrum. There may be a professional “front man” as the owner but is he or she the one carrying out the repossessions in the field, rarely.
The recovery insurance companies dictate nothing. With the exception of maybe RSIG, they would just assume take your money and look the other way. Secured creditors in many cases operate in the same manner.
I am a true born and raised, blue blooded Texan so I do not like the government in my business any more than necessary. I do however believe that state regulation would be a start in resolving the issues that the professional operators face in today’s climate. Is the new legislation going to perfect? I think not, but like a man with a much higher intelligence than myself once said,
“You have to have the sour in order to appreciate the sweet.”
Christopher Dodson
V.P./Operations Mgr.
Texas Hide & Seek Inc.
Time Finance Executive Board
Oh….. just wait until theyhave to put up with the regulators like we have to in Florida. The Florida Division of Licensing MAKES UP THE RULES AND DEFINITIONS OF THE LAW AS THEY GO ALONG. The Flroda recovery agents basically have nowhere to go when the state regulators make their rulings unjustly.
This is a dumb idea….. that they will regret, just like in Florida.
Our industry is regulated by the people who write the insurance. If you mess up then you no longer have insurance or a company or clients….plain and simple.
They will regret it !!!!
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