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625 ILCS 5/3-205 (625 ILCS 5/3-205) (from Ch. 95 1/2, par. 3-205)
Sec. 3-205. Release of security interest.
(a) Within 21 days after receiving payment to satisfy a security interest in a vehicle for
which the certificate of title is in the possession of the lienholder,
he shall execute a release of his security interest, and mail
or deliver the certificate and release to the next lienholder named
therein, or, if none, to the owner or any person who delivers to the
lienholder an authorization from the owner to receive the certificate.
If the payment is in the form of cash, a cashier's check, or a
certified check, the number of days is reduced to 10 business days.
If the owner desires a new certificate reflecting no lien, the certificate
and release from the lienholder may be submitted to the Secretary of State,
along with the prescribed application and required fee, for issuance of that
new certificate.
(b) Within 21 days after receiving payment to satisfy a security interest in a vehicle for
which the certificate of title is in the possession of a prior
lienholder, the lienholder whose security interest is satisfied shall
execute a release and deliver the release to the owner or any
person who delivers to the lienholder an authorization from the owner to
receive it. If the payment is in the form of cash, a cashier's check, or a
certified check, the number of days is reduced to 10 business days. The
lienholder in possession of the certificate of title
may either deliver the certificate to the owner, or the person
authorized by him, for delivery to the Secretary of State, or, upon
receipt of the release, may mail or may deliver the certificate and release,
along with prescribed application and require fee, to
the Secretary of State, who shall issue a new certificate.
(c) In addition to any other penalty, a lienholder who fails to execute a
release of his or her security interest or who fails to mail or deliver the
certificate and release within the time limit provided in subsection (a) or (b)
is liable to the person or entity that was supposed to receive the release or
certificate for $150 plus reasonable attorney fees and court costs.
An action under this Section may be brought in small claims court or in any
other appropriate court.
(d) The holder of a security interest in or a lien on a manufactured home may deliver lien release documents to any person to facilitate conveying or encumbering the manufactured home. Any person receiving any such documents so delivered holds the documents in trust for the security interest holder or the lienholder. (Source: P.A. 98-749, eff. 7-16-14.)
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