RMA Adopts National Standards for the Purchase of Auto Receivables

/RMA Adopts National Standards for the Purchase of Auto Receivables

RMA Launches Certification Version 6.0

March 9, 2018 (Sacramento, CA) – Last week, the RMA International Certification Council formally adopted version 6.0 of the Receivables Management Certification Program (RMCP), after a seven-month deliberation, drafting, and review process. One of the most significant enhancements in version 6.0 is the addition of more than 14 specific data and document elements for the purchase and sale of auto receivables, including deficiencies and secured auto [Standard # 19].

“This is another step in ensuring that RMA’s Certification Program continues to be the single most comprehensive national standard for the purchase and sale of receivables,” said Mark Naiman, President of Receivables Management Association International (RMA). “Given the unique characteristics of the auto asset class, RMA felt it deserved its own distinct criteria rather than having it as part of the current universal purchase-and-sale criteria.”

Other substantive changes included in version 6.0 include:

  • Creating a small business category that extends certain benefits to small state and regional industry participants such as a reduced level on E&O insurance [Standard # 2];
  • A new standard on natural disasters that requires certified companies to refrain from initiating communications with consumers concerning the payment of a debt during, and in the days immediately following, a natural disaster in an area that is subject to a federal-, state-, or provincial-declared emergency [Standard # 18]; and
  • Allowing Canadian debt buying companies, collection agencies, and law firms to become certified [Appendix C].

RMA continues to prioritize consumer protection in its Certification Program. The new auto data and documentation requirements will add further protections to ensure the accuracy of debts—the correct debt, in the correct amount, assigned to the correct consumer.

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About Receivables Management Association International

Receivables Management Association International (RMA) is the nonprofit trade association that represents more than 500 companies that purchase or support the purchase of performing and nonperforming receivables on the secondary market. The Receivables Management Certification Program and Code of Ethics set the global standard within the receivables industry due to its rigorous uniform industry standards of best practice which focus on the protection of the consumer. RMA provides its members with extensive networking, educational, and business development opportunities in asset classes that span numerous industries. The association continually sets the standard in the receivables management industry through its highly effective grassroots advocacy, conferences, committees, task forces, publications, webinars, and breaking news alerts. Founded in 1997 as the Debt Buyers Association, RMA is headquartered in Sacramento, California.

2018-03-09T10:18:16+00:00 March 9, 2018|Press Releases, Public News|