Repossessors Removing Privacy Data in Illinois: MBSi Has You Covered

MBSi Delivers Solution for Illinois’ Law Regarding Removing Privacy Data

FOR IMMEDIATE RELEASE

01/29/2024 — MBSi announces a new privacy data removal feature available in its industry-leading RecoveryConnect platform, and mobile application, RCM, in response to Illinois state law, IL SB0800. IL SB0800 requires licensed repossession agencies to “clear, erase, delete, or otherwise eliminate the personal information collected or stored in or by the vehicle by utilizing a standardized electronic solution.”

“At MBSi we constantly monitor for regulatory compliance requirements. As IL SB0800 became law, we immediately met with agencies, forwarders and lenders to incorporate changes needed to support the industry,” said Heather Ford, VP of Product at MBSi. “After meeting with the team at AIR (Alliance of Illinois Repossessors) and defining functionality needed in the field, we set into motion to develop necessary features and incorporate AIR feedback.”

MBSi’s new product feature allows recovery field agents to first identify whether the vehicle has privacy data, and then to verify that privacy data has been removed. The agent has an option to notate the certificate information and upload the certificate as an attachment on the case to share with their client and/or lienholder. The client, lienholder and recovery agency can review and audit privacy data removal by creating a customized report in RecoveryConnect.

“As industry compliance and legal teams continue to review IL SB0800 and determine requirements for compliance, we will continue to work closely with industry stakeholders to deliver customer-led innovation that supports compliance and efficiency,” said Ray Peloso, President at MBSi. “Our goal at MBSi is to constantly deliver industry-leading compliant solutions.”

About MBSi

MBSi is a Software as a Service (SaaS) provider for the auto finance industry. MBSi’s product portfolio establishes real-time connections between lenders, forwarders and recovery agencies to streamline the repossession process and minimize risk. Our commitment lies in merging industry expertise with state[1]of-the-art technology, emphasizing security and analytics to amplify our customers’ efficiency and effectiveness.

Our flagship product, RecoveryConnect, is a systematic and auditable assignment management solution that enables lenders, forwarders and agencies to get more cars, faster. Similarly, our VendorConnect platform provides compliance oversight and transparency of fully vetted third- and fourth-party vendors. MBSi combines industry expertise with best-in-class technology, security and analytics to build products that help make our customers more efficient, effective and compliant. To learn more, please visit www.mbsicorp.com .