Industry Standards and Accepted Practices Takes a Big Step Forward
Press Release
Representatives of “The BIG 3”, Allied Finance Adjusters, Eagle Group XX, and the American Recovery Association, working together in true unity, made great strides at their meeting of November 26th and produced the rough drafts of the required preface to developing and publishing the long waited for and much needed … “Recovery Industry Accepted Standards and Practices”.
With the aid of a recovery industry knowledgeable attorney the three SMEs worked diligently and completed primary drafts for the following sections,
1) Declarations and Purpose,
2) Inadequacy of Standards and Practices,
3) Available Non-abusive Repossession Methods, and
4) Interstate Commerce
5) Purposes.
The representatives of the three major national industry groups will now begin working together to complete the “Definitions” section which will include but not be limited to:
1) Consumer
2) Creditor/Lender
3) Repossession Agency
4) Repossession Agent
5) Self-Help repossession
6) Involuntary Repossession
7) Voluntary Repossession
8) Impound Repossession
9) Resolution Fee
10) Administration Fee
11) Property Handling Fee
12) Special Equipment Fee
13) Storage Fee and finally
14) Contingent Repossession Fee
This landmark endeavor on the part of these three groups is a classic example of the unity in today’s asset recovery industry and what can be accomplished by working together for the betterment of the men and women in the industry.
It is a privilege to witness the camaraderie displayed by the representatives of these 3 groups, working as one with no hidden agendas, no egos, and only the welfare and safety of all members of this industry as their prime concern.
This unselfish act on the part of these three groups, united for the welfare and continuation of the industry, is a first step in a “UNITED FRONT” for future improvements for all members of the asset recovery industry.
Ron L. Brown
Eagle Group XX/USA
Related Article:
AFA, ARA, and Eagle Group XX Unite in Virtual Meeting to Establish New Industry Standards
“The BIG 3” Progress on Recovery Industry Accepted Standards and Practices – “The BIG 3” Progress on Recovery Industry Accepted Standards and Practices – “The BIG 3” Progress on Recovery Industry Accepted Standards and Practices
“The BIG 3” Progress on Recovery Industry Accepted Standards and Practices – American Recovery Association – ARA – Eagle Group XX – Eagle Group XX – Allied Finance Adjusters – AFA – Repossess – Repossession – Repossession Agency – Repossessor
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