Contact:
Michael T. Conners,
Phone:
888-811-3883
Email:
info@shieldgroupusa.com
Denver, CO – The Attorney General’s Office for the state of Iowa notified PASSTIME
today and approved the use by Iowa car dealers of Passtime's starter
interrupt device. The approval is significant because Iowa and nine
other states have enacted a comprehensive consumer credit protection law that
industry observers thought might prohibit or severely restrict the use of these
devices. The PASSTIME system passed the stringent Iowa
consumer guidelines.
According to the Attorney General, the PASSTIME device does not attempt to enforce a debt before the expiration of the consumer's "right to cure" period, which would be illegal under Iowa law. Moreover, unlike some other devices on the market, the PASSTIME device does not require consumers to physically go to the dealer or lender to obtain the payment pass codes. The Attorney General stated that the competitive systems requiring on-premise payment create an extra burden of time and expense for consumers to make the regular payments, even before there has been any default on their part.
The Denver-based PASSTIME is pleased with
the State's confidence. “Iowa is
considered one of the most consumer-friendly states, so if we get our product
passed through Iowa, it says a lot about us,” says company President, Stan Schwarz. “We’ve
worked hard to develop a product that works for consumers and for lenders alike”. According
to the Attorney General, the PASSTIME starter interrupt device may be installed
on a financed vehicle "on or before" the default and right
to cure periods have expired.
“The state of Iowa is quite concerned with the
rights of their citizens,” says
Schwarz. “Still, they believe that
the PASSTIME system gives consumers ample warnings and grace periods before it
disables the vehicle.” END
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