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Public Act 100-0102


 

Public Act 0102 100TH GENERAL ASSEMBLY

  
  
  

 


 
Public Act 100-0102
 
SB1834 EnrolledLRB100 09314 SMS 19475 b

    AN ACT concerning regulation.
 
    Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
 
    Section 5. The Collateral Recovery Act is amended by
changing Section 30 as follows:
 
    (225 ILCS 422/30)
    (Section scheduled to be repealed on January 1, 2022)
    Sec. 30. License or registration required.
    (a) It shall be unlawful for any person or entity to
repossess a vehicle or collateral in this State, attempt to
repossess a vehicle or collateral in this State, or to hold
himself, herself, or itself out to be a repossession agency
unless licensed under this Act.
    (b) It shall be unlawful for any person to repossess a
vehicle or collateral in this State, attempt to repossess a
vehicle or collateral in this State, or to hold himself or
herself out to be a licensed recovery manager unless licensed
under this Act.
    (c) It shall be unlawful for any person to repossess a
vehicle or collateral in this State, attempt to repossess a
vehicle or collateral in this State, or hold himself or herself
out to be a repossession agency employee unless he or she holds
a valid recovery permit issued by the Commission under this
Act.
    (d) This Act does not apply to a financial institution or
the employee of a financial institution when engaged in an
activity otherwise covered by this Act if the activity is
conducted by the employee on behalf of that financial
institution.
    (e) This Act does not apply to a towing company or towing
operator when an employee or agent of the creditor financial
institution is present at the site from which the vehicle is
towed.
    (f) This Act does not apply to an automobile rental company
or the employee of an automobile rental company when engaged in
an activity otherwise covered by this Act if the activity is
conducted by the employee on behalf of that automobile rental
company.
    (g) This Act does not apply to a towing company or towing
operator when an employee or agent of an automobile rental
company is present at the site from which the vehicle is towed.
    (h) This Act does not apply to a retail seller of equipment
or an employee of a retail seller of equipment, as equipment is
defined in Section 9-102 of the Uniform Commercial Code, and
lawn and grounds care consumer goods when engaged in an
activity otherwise covered by this Act if the activity is
limited to the repossession of the type of goods routinely sold
by that retail seller in the manner authorized by Section 9-609
of the Uniform Commercial Code on behalf of the owner of a
security interest in that collateral.
    (i) This Act does not apply to an entity or the employee of
an entity that primarily finances wholesale and retail
transactions related to the purchase or lease of equipment
manufactured by its affiliate when engaged in an activity
otherwise covered by this Act if the activity is limited to the
repossession of the equipment.
    (j) This Act does not apply to a salvage auction or the
employee of a salvage auction when engaged in an activity
otherwise covered by this Act if the activity is conducted by
the employee on behalf of that salvage auction.
    (k) This Act does not apply to a towing company or towing
operator when the company or operator is acting on behalf of a
salvage auction.
    (l) This Act does not apply to a vehicle auctioneer
licensed under the Illinois Vehicle Code or an employee of such
a vehicle auctioneer involved in the selling of a vehicle that
was repossessed under this Act unless the vehicle auctioneer or
employee of a vehicle auctioneer involved in the selling of the
vehicle directly performs repossessions covered by this Act.
    (m) This Act does not apply to a forwarding person or
entity that, acting on behalf of a creditor or lender having a
security agreement, does not directly perform repossessions
covered by this Act, but instead forwards the actual
repossession assignment to a licensed repossession agency
under this Act.
(Source: P.A. 97-576, eff. 7-1-12; 97-708, eff. 7-1-12.)

Effective Date: 1/1/2018