Collateral recovery.

The Collateral Recovery Act, a violation of which is punishable as a misdemeanor, provides for the licensure and regulation of repossession agencies by the Bureau of Security and Investigative Services under the supervision and control of the Director of Consumer Affairs. The act prohibits a repossession agency license that has not been renewed within 3 years after its expiration from being renewed, restored, reinstated, or reissued thereafter. This bill would instead prohibit a repossession agency license that has not been renewed within 10 years after its expiration from being renewed, restored, reinstated, or reissued thereafter. The act also authorizes an immediate family member of a deceased licensee to continue the business under the same license for 120 days following the death of the licensee if written notice is provided to the bureau within 30 days of the licensee's death. The act requires the license to be automatically canceled at the end of either the 30-day or 120-day period, as specified. This bill would instead require an immediate family member, as defined, to be granted a license to continue the business under the same license number and business name if the immediate family member submits a written request and an initial application and application fee to the bureau within 120 days following the death of the licensee, subject to specified conditions. The bill would also make conforming changes.