TITLE 38: FINANCIAL INSTITUTIONS
CHAPTER I: DEPARTMENT OF FINANCIAL AND PROFESSIONAL REGULATION
PART 110 CONSUMER INSTALLMENT LOAN ACT
SECTION 110.390 POSSESSION OF VEHICLE


 

Section 110.390  Possession of Vehicle

 

a)         Unless otherwise provided for in the loan agreement, a lender shall not take or retain possession of the keys (or a copy of the keys) to a motor vehicle used to secure a title-secured loan.

 

b)         No title-secured lender may take possession of a vehicle without first giving notice to the obligor; affording the obligor the opportunity to make the vehicle available to the lender at a place, date and time reasonably convenient to the lender and obligor; and permitting the obligor to remove any personal belongings from the vehicle without charge or additional cost to the obligor.

 

c)         Possession measures shall be in accordance with Section 19.1 of the Act.

 

d)         No title-secured lender may take possession of a motor vehicle for a loan default and lease the vehicle back to the obligor.

 

(Source:  Amended at 33 Ill. Reg. 4142_____, effective__________)