Bill Status of SB2470 100th General Assembly
Short Description: VEH CD-TITLE REAFFIRMATION
Sen. Cristina Castro
|Transportation Hearing Feb 20 2018 4:00PM Capitol 212 Springfield, IL |
Statutes Amended In Order of Appearance
Synopsis As Introduced
Amends the Illinois Vehicle Code. Provides that no expedited application shall be accepted or processed for a corrected or duplicate certificate of title that seeks to remove a lienholder unless the applicant surrenders the last issued certificate of title with a completed lien release on the certificate of title. Provides that an expiration date of December 31 of the year in which the lien is satisfied shall be included on each certificate of title. Provides that if a recorded lienholder does not reaffirm a lien and does not respond to a request to verify a lien release letter within 7 calendar days of receipt, the Secretary of State shall process an application for corrected title for the owner of a motor vehicle. Provides that upon extending or refinancing a loan against a passenger motor vehicle of the first division or a motor vehicle of the second division weighing no more than 12,000 pounds, the Secretary may issue a dealer lien release and affirmation of loan certificate of title to a financial institution, or to a lienholder registered in this State that is listed on the certificate of title, that submits an application for title. Effective January 1, 2019.