AIR Fighting Back Against Unlicensed Repossession Activity

The Alliance of Illinois Repossessors Takes Proactive Steps to Combat Unlicensed Repossession Agents

For Immediate Release

The Alliance of Illinois Repossessors (AIR) is proud to announce proactive measures aimed at eliminating situations where financial institutions are engaging non-licensed repossession agents within the state of Illinois. This initiative comes in response to growing concerns regarding wrongful repossessions, loss of revenue for licensed Repossessors, and increased legal risks associated with unauthorized repossessions.

Recent incidents have highlighted the detrimental impact of unlicensed repossession agents operating in Illinois. These rogue operators not only jeopardize the rights and interests of consumers but also pose significant challenges to the integrity of the repossession industry as a whole. Additionally, their presence has led to unfair competition, resulting in substantial revenue losses for licensed Repossessors who adhere to state regulations.

In light of these challenges, AIR is taking proactive steps to address the root causes of unauthorized repossession activities. By collaborating closely with regulatory authorities, financial institutions, and industry stakeholders, we aim to:

Enhance Awareness: We will work diligently to educate financial institutions about the legal and ethical obligations associated with engaging repossession agents. This includes raising awareness about the risks of utilizing unlicensed operators and the potential consequences, such as legal liabilities and reputational damage.

Clients need to be aware that using non-licensed repossession companies in the State of Illinois may constitute a wrongful repossession and open themselves up to significant legal exposure.

Strengthen Compliance: AIR will provide guidance and support to financial institutions to ensure compliance with Illinois state laws and regulations governing repossession activities. This includes facilitating access to licensed Repossessors who meet the necessary qualifications and standards of professionalism.

Enforce Accountability: We are committed to holding financial institutions accountable for their choice of repossession agents and ensuring that only licensed professionals are engaged for asset recovery operations. AIR will actively monitor industry practices and take appropriate action against entities found to be in violation of regulatory requirements.

Protect Consumers: Our efforts are aimed at safeguarding the rights and interests of consumers by promoting responsible and lawful repossession practices. This includes advocating for fair treatment and transparent communication throughout the repossession process.

The Alliance of Illinois Repossessors remains dedicated to upholding the highest standards of professionalism, integrity, and compliance within the repossession industry. Through proactive collaboration and decisive action, we are confident that we can effectively address the challenges posed by unlicensed repossession agents and safeguard the interests of all stakeholders involved.

For more information about AIR’s initiatives and how to ensure compliance with Illinois state regulations, please contact www.air-repo.com

About The Alliance of Illinois Repossessors

The Alliance of Illinois Repossessors is a gathering of Repossession companies that will unite for the progression of the repossession industry within our state. AIR is composed of licensed members operating repossession agencies with the State of Illinois. The purpose of this Association is to strengthen understanding between licensed repossessor’s, law enforcement, financial institutions, regulatory agencies, and the consumer.