Repo regulations revisited
The Okolona Board of Aldermen voted in March to adopt rules for companies and individuals repossessing cars in the community after an altercation earlier this year.
“I heard from bankers who said they contract with these companies, its part of business and they are following the law,” said Mayor Louise Cole. “I think we all agree we need a public hearing to address everyone’s concerns.
City Attorney Gene Barton urged the board to repeal their March action, hold the public meeting and then move in the appropriate direction.
The motion to host a public hearing at the May 14 board meeting was made by Ward 3 Alderman Elderidge Lowe and seconded by Ward 6 Alderman Anthony Floyd. The vote was unanimous.
“I said if before and I’ll say it again” said Lowe. “People need to pay what they owe and it is legal to repossess a car. I do think what we are trying to do will just make it safer for everyone.”
The city’s action in March was sparked by an incident where a vehicle was repossessed at night and the owner thought it was being stolen. Weapons were allegedly pulled and Okolona police were called to the scene.
The new regulations the city was seeking to enforce would have required companies and individuals who repossess cars to register with the city through the Okolona Police Department. Those companies would have been required to identify and describe those wreckers and individuals who are picking up cars.
The Okolona Police Department is also asking repo companies to contact them if they think they may have a problem with a repossession or if they are just looking for information on the individual, location and owner of the car.
City officials also said several industries have also reported repossessions during business hours with employees coming out of the factory and thinking their car had been stolen.
Anyone who buys a car or truck on credit should be aware that until the last payment is made the creditor retains ownership of the vehicle and has certain rights to their property.
Creditor have the right to “repossess” — take back a car without going to court or, in many states, without warning its driver in advance. It’s completely legal to take back a car that’s behind on payments and police are routinely asked to assist.
But when seizing the vehicle, the creditor may not commit a “breach of the peace” by using physical force or threats of force.
- Click to email this to a friend (Opens in new window)
- Click to print (Opens in new window)
- Click to share on Twitter (Opens in new window)
- Click to share on Facebook (Opens in new window)
- Click to share on Reddit (Opens in new window)
- Click to Press This! (Opens in new window)
- Click to share on Google+ (Opens in new window)
- Click to share on Tumblr (Opens in new window)
- Click to share on Pinterest (Opens in new window)
About Floyd Ingram
- Sundancer crosses 2016 Solar Car Challenge finish line July 23, 2016
- Solar Team trekking north in Solar Challenge 2016 July 21, 2016
- Authorities seek suspects in two shootings July 25, 2016
- Shearer-Richardson announces expansion July 25, 2016
- Cunningham earns ICC scholarship July 25, 2016
- ICC valedictorian, salutatorian scholars named. July 27, 2016
- Mississippi Showcase features local baseball talent July 27, 2016
- FLOYD INGRAM: Solar racers make us Houston proud July 27, 2016
- Dr. Darrick Whitfield: Don’t be a slacker! July 27, 2016
- Sundancer finishes first, again July 27, 2016
- Jim Garth Horn: Did I miss it or is there anywhere in the article ...
- Americasgone: They have a "no guns" sign on their door. If the...
- Americasgone: This has to be a joke. They have good employees an...
- Jessica Lacy: Leadershipprovides with the opportunity to lead. E...
- a: Cars with tags from 12 different counties can rout...
- RT @wcbiweather: The heat index has surpassed 100 in many spots today. Stay cool out there! #mswx #alwx #wcbi http://t.co/Lt2LRZTDcm 3 years ago
- RT @dennisseid: OSHA: 24 work-related deaths in Miss. last year http://t.co/lgEYYtK7ZR 3 years ago
- Speech pathologists work to better communication skills | Monroe Journal http://t.co/lyHLvb0OS1 3 years ago
- Mumford & Sons bassist has blood clot on brain http://t.co/4xNLMhxaif 3 years ago
- Mobile home fire claims one | Itawamba Times http://t.co/FHouwxbnsp 3 years ago