The Council of Repossession Professionals (CORP) used last week’s North American Repossessors Summit to establish the six conditions that constitute a voluntary repossession in an effort to streamline guidelines for the industry.

CORP, which is made up of two representatives from nine trade groups, indicated these six voluntary repossession elements include:

1. The repossession agency is provided with accurate debtor contact information.

2. Contact with the debtor is made using the contact information provided.

3. An appointment is made with the debtor establishing the date, time and location that the collateral is to be repossessed.

4. The appointment is kept.

5. The keys are surrendered at or before the time of repossession.

6. All personal effects have been removed from the collateral.

The nine trade groups that agreed to these voluntary repossession conditions included:

— Allied Finance Adjusters (AFA)

— American Lenders Service Company (ALSCO)

— American Recovery Association (ARA)

— California Association of Licensed Repossessors (CALR)

— Florida Alliance of Certified Asset Recovery Specialists (FLACARS)

— Illinois Recovery Association (IRA)

— Recovery Specialists Insurance Group (RSIG)

— Rocky Mountain Repossessors Association (RMRA)

— Time Finance Adjusters (TFA)