New UCC Repossession Forms!

At least 13 states have adopted new UCC rules that change to the post-repossession “notice of sale” forms many creditors use, and it is likely others will soon follow.

Are you ready? Attorney Eric North has studied and helped consumer financial institutions understand repossession laws for more than 30 years. On June 27, Eric will talk with participants about:

The changes made by the UCC amendments, which states have adopted those changes, and how those changes affect creditors.
The information that must be included in a notice of sale, and the common mistakes creditors make when preparing the notice.
How quickly after repossession a notice of sale must be sent.
How quickly after repossession the vehicle must be sold.
Whether repossession-related notices may (and must) be sent to consumers who are in or who have gone through bankruptcy, and what changes you should consider making to them.
What a “right of redemption” and a “right of reinstatement” are, how they are different, whether your borrower has one or both, and what notices must be sent.
Whether you may require a borrower to pay the full balance in order to recover collateral. Repossession fees? Attorneys fees?
Whether you may require a borrower to provide proof of registration before returning the vehicle.
When you may, and when you may not, require a borrower to allow you to install a tracking device before returning the vehicle.
Things to consider when deciding to repair or recondition collateral before selling it, and whether you may require the borrower to pay for it.
The difference between a “public” sale and a “private sale” and why it is absolutely crucial that you know the difference and apply the correct label.
How to judge whether your sale is “commercially reasonable.”
Whether you may sell collateral to an employee or family member of an employee.
What information must be included in the notice you send after collateral has been sold, the circumstances that require you to send the notice, and the error many (most?) creditors make that could lead to class action liability!

Repossessions are a tricky business. Don’t wait until you receive notice of a lawsuit with your name on it to learn what you should have done.

For more information, call NorthLegal at 623.537.7150.

NOTE ABOUT SPECIAL STATE RULES: This webinar will address rules applicable to all states. Some states, such as California and Ohio, have additional rules that will not be addressed here and that may be the focus of other programs in the future. Financial institutions repossessing vehicles in those states must still know the information presented in this program as well as their own special rules!

Related: