News & Analysis as of

Creditors Motor Vehicles

Hudson Cook, LLP

Indiana Department of Financial Institutions Publishes Advisory Letter on Characterization and Disclosure of E-Lien Fees

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On June 30, 2023, the Indiana Department of Financial Institutions published Advisory Letter 2023-01, addressing the permissibility of e-lien fees not payable to the Indiana Bureau of Motor Vehicles. The publication was...more

Amundsen Davis LLC

New Requirements Related to E-Lien Filing in Motor Vehicle Consumer Loans

Amundsen Davis LLC on

Indiana recently enacted laws allowing creditors involved in consumer credit transactions secured by motor vehicles or other titled assets to record their liens electronically. This is progress but there are other...more

Fox Rothschild LLP

City of Chicago v. Fulton Applied to Prepetition Garnishment

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The City of Chicago impounded vehicles for nonpayment of fines. When the owners filed chapter 13 cases and requested that the city return their vehicles, the city refused. The bankruptcy court held that the city’s refusal...more

McGlinchey Stafford

Post-Repossession: Can A Borrower ‘Cure’ A Default And Get Their Car Back?

McGlinchey Stafford on

Coming out of the COVID-19 pandemic, the auto finance industry will face a number of issues when it comes to self-help repossession following a borrower’s default. A number of jurisdictions across the country have put...more

K&L Gates LLP

"Fair Market Value" Does Not Mean "Fair Market Retail Value": The Impact of Williams and Dellorusso on Repossession in...

K&L Gates LLP on

Under the Massachusetts Motor Vehicle Retail Installment Sales Act (RISA), creditors repossessing automobiles are entitled to recover a deficiency from debtors, so long as the creditors deduct the “fair market value” of the...more

McGlinchey Stafford

Repossessions during the COVID-19 pandemic

McGlinchey Stafford on

During normal times, creditors face a number of requirements when looking to exercise their self-help repossession rights in the event of a borrower’s default. Some of the factors a creditor must normally consider are...more

Carlton Fields

Can Doing Nothing as a Creditor Get You Sanctioned?

Carlton Fields on

Most experienced creditors know that once a debtor files bankruptcy the automatic stay imposed by Section 362 of the Bankruptcy Code generally precludes various actions to recover debt. ...more

Ballard Spahr LLP

DoD to propose amendment to MLA regulations on auto financing

Ballard Spahr LLP on

The Department of Defense announced in its Fall 2019 rulemaking agenda that it is engaged in proposed rulemaking to amend its Military Lending Act (MLA) regulations, apparently in order to allow non-bank creditors to provide...more

Ballard Spahr LLP

NY enacts new disclosure requirements for use of auto “kill switches”

Ballard Spahr LLP on

New York has enacted legislation that requires creditors to provide new disclosures when using devices to remotely disable vehicles, commonly referred to as “kill switches.”  The new law took effect immediately upon its...more

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