Auto Repossession Company Licensing By State

Requirements by State

The majority of states do not have any licensing requirements for auto repossession companies and auto repossession agents. There are some states that have specific licensing agencies for the auto repossession industry, while other states license auto repossessors through other various governing bodies that may or may not relate to the auto repossession industry. These governing bodies are often private investigation licensing boards, towing regulators, the states attorney general's office, collection agency licensing departments and lender and banking government regulators. If you own a repossession company or are a repossession agent, then you need to make sure you have the right licensing to be able to perform auto repossessions in the state you operate in. If you are an automobile finance company or collector that engages in the recovery of vehicles, then you need to make sure that the auto repossession company you contract with is licensed to legally repossess collateral in their state.

Here is a list of states that require repo companies to be licensed:

California auto repossessors must be licensed with the Bureau of Security and Investigative Services.

Colorado auto repossessors must file a surety bond with Col. Attorney General.

Florida auto repossessors must be licensed with the Department of Agriculture and Consumer Services

Hawaii auto repossessors are collection agents and must be licensed by Commerce and Consumer Affairs.

Illinois auto repossessors engaged in “Non relocation Creditor towing” must obtain certificate from Ill. Commerce Commission.

Louisiana auto repossession agents and agencies must be licensed by state Office of Financial Institutions.

Maine auto repossessors are debt collectors and must be licensed by the Bureau of Consumer Credit Protection.

Maryland auto repossessors are collection agencies and must obtain license from the Office of the Commissioner of Financial Regulation.

Michigan auto repossessors are collection agencies and must obtain license from the Department of Labor and Economic Growth, Bureau of Commercial Services.

Nevada auto repossessors must be licensed by the Private Investigator’s Licensing Board.

New Mexico auto repossessors must be licensed by the Financial Institutions Division of the Regulation and Licensing Department.

Oklahoma General tow vehicles licensing is needed.

Oregon auto repossessors are collection agencies and must register with the Department of Consumer and Business Services.

Pennsylvania auto repossessors must obtain a license from the Department vehicles of Banking and post a $5,000 Bond.

Washington auto repossessors are collection agents and must be licensed by the Department of Licensing.

Washington DC auto repossessors must be licensed with the Department of Consumer and Regulatory Affairs and post $5,000 bond.

The City of Chicago has it's own set of rules that can be viewed here

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