How should the sales of repossessed vehicles be addressed?
Title lenders should sell repossessed vehicles in the same manner as a “commercially reasonable sale” under the Uniform Commercial Code (UCC). Under the UCC, the sale of a repossessed vehicle is subject to the “no breach of the peace rule,” must be conducted in a commercially reasonable manner after reasonable notification to the debtor, and the debtor is entitled to any surplus of the sales proceeds over the loan balance plus the expenses of the sale. Because a title loan is very similar to a traditional loan using an automobile as collateral, it is appropriate that vehicles subject to a title loan be disposed of in a similar manner. Check Cashing/Deferred Presentment A. Should “check cashers” and “deferred presentment services” be regulated as discrete industries, with separate licenses required for each industry, or should they be regulated as one industry under the label “check cashing services?” The business of deferred presentment services and check cashing services are very diff
