Get Missouri Repossession Checklist

The Missouri Repossession Checklist is a vital document used by lenders to ensure compliance with the state’s repossession laws. This guide will help you navigate the online filling process, providing clear steps for completing each section of the checklist accurately.

Follow the steps to successfully fill out the checklist online.

1. Click the ‘Get Form’ button to obtain the Missouri Repossession Checklist and open it in your preferred online editor.
2. Review the checklist starting with the first question: 'Is the account 10 days or more past due?'. Ensure that you only proceed if the answer is yes.
3. If the account is past due, verify if you have sent the ‘Notice of Default & Right to Cure’. This is a required step before moving forward.
4. Check whether the notice provided the customer at least 20 days to cure the default. If it did not, you must send a new notice.
5. Confirm if the customer has cured the default by making the account current. If they haven't and the account is again past due, send a second notice to allow them 20 days to cure.
6. After issuing a second notice, ensure it meets requirements, including giving the customer another opportunity to cure the default.
7. If the collateral has been repossessed, confirm that a ‘Notice of Our Plan to Sell Property’ was sent to the customer.
8. Verify that this notice allowed at least 10 days for the customer to redeem their collateral.
9. Check that the sale of the collateral was conducted in a commercially reasonable manner. This could involve advertising or contact with dealers.
10. Ensure that your file contains complete details regarding the sale, including the nature of the sale, the price obtained, and the buyer's name.
11. Ascertain that you have receipts for all expenses related to the repossession, including fees and storage.
12. If there was a surplus from the sale, verify that you have returned any excess funds to the customer.
13. If pursuing a deficiency balance, confirm that a ‘Notice of Sale and Possible Deficiency’ has been sent to the borrower.
14. After completing all necessary fields and steps, you can save your changes, download, print, or share the completed checklist as needed.

Start filling out the Missouri Repossession Checklist online today to ensure compliance and streamline your repossession process.