IN SB0393

Legislative council urged to assign a study committee during the 2014 legislative interim to examine regulation of collateral recovery agencies that locate, recover, or repossess collateral under security agreements, leases, or rental agreements

Collateral recovery agencies operate on behalf of legal owners to repossess items subject to financing or rental contracts

Study committee required to issue a final report with findings, recommendations, and any proposed legislation by November 1, 2014

Effective date of July 1, 2014, with the provision expiring December 31, 2014