Our focus on compliance was molded from our founders’, Joe Taylor and Stamatis Ferarolis’, first-hand experience as recovery agency owners and operators. In early 1999, based on a request from Empire Fire & Marine Insurance Company and AEON Insurance Group, Joe Taylor began to develop of a professional certification program for collateral recovery specialists that would be nationally accepted by the collateral recovery industry and would meet the strict criteria of Empire Fire & Marine.
Approximately 500 hours of extensive research went into the legal aspects of the program including both federal and state laws that affect the self-help repossession process. In late 1999, the CARS Program was “born” and submitted to Empire Fire & Marine, AEON, lenders, industry leaders, and to attorney, Bogden Rentea, one of the foremost legal authorities on the self-help repossession process.
The CARS training course led to the formation of Recovery Industry Services Company, RISC, in 2009. Since then, RISC services has expanded to offer numerous continuing education courses, certifications for financial clients, support documentation for recovery agencies, vendor vetting, and vendor onsite inspections.
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