According to Illinois Collateral Recovery Act, a recovery agent must own a license and permit to engage in any repossession activities. To become a recovery agent, you may not have to undergo stringent background check, but you need to have relevant work experience that demonstrates interaction with people. Here are some of the basic requirements for obtaining a recovery agent license in Illinois.
The licensing process is aimed at producing specialist in the recovery field. To start with, you must be a certified Asset Recovery Specialist. Most licensing programs prohibit candidates with felony charges from obtaining license. Moreover, if your license was revoked at any time in the past four years, or if you have ever been convicted of any felony offenses or charges for committing fraud, bribery, theft, forgery, or other types of misdemeanors, then you would be deemed as ineligible for obtaining a recovery agent license.
Most recovery agents run their own agencies because the earnings of a recovery agent are normally based on a fixed commission and the amount varies by cases. Here are few requirements that you need to satisfy to obtain a license to run a recovery agency.
For recovery agencies, licenses won’t be issued in any fictitious names, or names that sound similar to government agencies, or names that sound similar to already existing licensed agencies that can deceive the public. For both individuals and agencies, a license once issued is not transferrable to another person or agency.
In addition to having a license, it would be unlawful to repossess a vehicle without a recovery ticket. A recovery agency must purchase a recovery ticket from the commission for repossession of collateral. A typical recovery ticket would contain details of repossession like date, time, and location of repossession, details of debtor, and identification of local law-enforcement officer. A copy of recovery ticket must be kept for a period of 2 yrs after the date of repossession. If the license of a recovery agent or an agency is revoked, then all the unused recovery tickets must be returned to the commission.
Recovery agents and recovery managers must own a valid identification card to obtain a license. Work experience is highly essential for recovery agents because getting a job without any work experience or reference would be a tedious task in this field. Therefore, one of the eligibility criteria to obtain a license is to have relevant work experience with no less than 5000 hours of compensated recovery work for a licensed recovery agency. Apart from this, it is also essential to submit your fingerprint card, as it will be checked against fingerprint records of Illinois commission of police and Federal Bureau of Investigation.
It is also mandatory for candidates to complete the Certified Asset Recovery Specialist (C.A.R.S) program or any other recognized, recovery-related certification program. If you run a recovery agency, then all employees whose duties include repossession of collateral must carry a valid recovery p