ST. LOUIS — Repossession compliance experts at Recovery Compliance Solutions have announced the launch of CARL — Compliant Agents Reduce Liability — as a solution for lenders trying to monitor their repossession vendors. CARL was designed to maintain all the necessary documentation to ensure that all repossession vendors are constantly in compliance with lenders' specific minimum requirements.

"Lenders have enough to worry about without the additional burden of maintaining the compliancy of their repossession vendors," said Steve Bryant, vice president of Recovery Compliance Solutions. "CARL is your personal intelligence agent. CARL maintains all the information necessary, leaving your in-house staff to focus on more important things. CARL will contact your vendors within fifteen days of any expiring document or annual renewal and update the database prior to being out of compliance. If any vendor falls out of compliance for any reason, CARL will immediately notify you by email."

The company stated that the Uniform Commercial Code (UCC) holds lenders responsible for the actions of their repossession vendors. As a result, liability falls on the lenders to ensure their repossession vendors are maintaining the minimum standards set forth by the industry and their contracts.