A Repossession Agency Qualified manager is the individual who manages the day-to-day business of a Repossession Agency. A Repossession Agency contracts with a legal owner to locate or recover personal property that has been sold under a security agreement.
Requirements:
Be 18 or older.
Undergo a criminal history background check through the DOJ and the FBI.
Possess a minimum of 2 years of lawful experience in the repossession industry within the past 5 years.
Pass a multiple-choice examination covering the Repossessors Act.
Exams are given by a State contracted company known as PSI. If the individual meets the minimum requirements for admittance to the examination after the application has been reviewed and approved, he/she will receive a letter to contact PSI for scheduling. Exams are given five days a week at 13 different PSI locations within California.
Application and Exam Fee - $325
DOJ Fingerprint Processing Fee - $32
FBI Fingerprint processing Fee - $17
Renewal Fee - $225
The initial license is valid for 1 year. Each renewal cycle extends the registration for an additional 2 years.
Average time to process an application is 30-60 days.
Authority: Business and Professions Code, Chapter 11
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