UDAAP Compliance: Automobile Repossession Checklist

Summary

This checklist outlines federal consumer protection requirements relating to automobile repossessions by lenders, holders of loans and retail installment sales contracts, and their servicers. This checklist summarizes key legal and regulatory requirements, including Sections 1031 (12 U.S.C. § 5531) and 1036 (12 U.S.C. § 5536) of the Dodd-Frank Wall Street Reform and Consumer Protection Act's (Dodd-Frank Act) prohibition on engaging in unfair, deceptive, or abusive acts or practices (UDAAPs), and highlights relevant examples of misconduct.