Right Column

Did You Know? - Repossessor Agency and Repossessor Agency Employee

BSIS has filed notice of proposed regulations with the Office of Administrative Law (OAL) to allow the Bureau to begin issuing renewal notices and two-year licenses by computer to repossessor companies.

The Bureau has also sent the required forms to the Department of Finance for review. Upon approval from the Department of Finance, the Bureau can file the final rulemaking package with the OAL, which then has 30 business days to review the final package. If approved, OAL will file it with the Secretary of State. We are asking for the regulation's effective date to be the filing date with the Secretary of State. We are still looking at sometime in October 2002 for the regulations to go into effect.

The enactment of these regulations will allow the Bureau to update its computer to issue renewal notices and two-year licenses. Currently the Bureau's staff has been manually flagging expired one-year licenses and issuing new one-year licenses to make up for the two-year time span required by statute.