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625 ILCS 5/5-504

(625 ILCS 5/5-504) (from Ch. 95 1/2, par. 5-504)

Sec. 5-504.

Effect of revoked or denied license - Notification to prospective
buyers - Rescinding of contracts. (a)  No license shall be issued to any
person to conduct the business of a new vehicle
dealer, used vehicle
dealer, scrap processor, automotive parts
recycler, repairer, or
rebuilder at a location or at property at which that person or any other
person had his license as a new vehicle dealer, used
vehicle dealer,
scrap processor, automotive parts recycler, repairer, or rebuilder revoked or denied
after a revocation or pending revocation within 2
months after such revocation or denial.

(b) A licensee who has been notified by the Secretary of State that the
Secretary of State may take action to revoke the dealer's license or
licenses of that licensee shall inform in writing any prospective buyer of
his business of such possible action by the Secretary of State.

(c) If any person purchases  or contracts to purchase a business
required to be licensed by Section 5-101, 5-102, 5-201 or 5-301 without
being informed in writing by the prior owner or owners that, at the time of
the sale or making of contract to purchase, the prior owner or owners had
been informed by the Secretary of State that the Secretary of State may be
taking action to revoke the license or licenses of the prior owner or
owners, the person who has purchased or contracted to purchase such
business may, within one year after being informed that his application for
a dealer's license at that location had been denied due to the revocation
of the license or licenses of any prior owner or owners, rescind the
purchase or contract to purchase such business or the property, both real
and otherwise, at which the business is located.

(d) Notwithstanding the provisions of subsection (a) of this Section,
the Secretary of State may issue a license to a person applying for a
license as a new vehicle dealer, used vehicle dealer, scrap processor,
automotive parts recycler, repairer or rebuilder if the Secretary of State,
solely in his discretion, determines that a denial of the license under the
circumstances would place extreme undue hardship upon the applicant.

No license shall be issued under this subsection to a person who is a
spouse, offspring, sibling, parent, grandparent, grandchild, uncle or aunt,
nephew or niece, cousin or in-law of the person whose license to do
business at that location had been revoked or denied nor to a person who
was an officer or employee of the business firm in relation to which the
license was revoked or denied.

Notwithstanding the provisions of subsection (e) of Section 2-118 of
this Code, the venue for judicial review of final acts or decisions under
this subsection shall be the Circuit Court of Sangamon County.

(Source: P.A. 84-1302; 84-1304.)

625 ILCS 5/5-505

(625 ILCS 5/5-505)
Sec. 5-505. License suspension or revocation; penalty.

The Secretary shall suspend the license of any licensee under this Chapter who permits an individual who is not an authorized agent or employee of the licensee to use the license of the licensee to purchase a vehicle from an auction. The suspension shall be  for a period of no less than 30 days for the first violation. Upon a second or subsequent violation, the Secretary shall revoke the license of the licensee.

(Source: P.A. 102-154, eff. 1-1-22.)

625 ILCS 5/Ch. 5 Art. VI

(625 ILCS 5/Ch. 5 Art. VI heading) ARTICLE VI.

CREDIT OR CONDITIONAL

SALES--INSURANCE

625 ILCS 5/5-601

(625 ILCS 5/5-601) (from Ch. 95 1/2, par. 5-601)

Sec. 5-601.

Credit or conditional sale of certain motor vehicles - Liability insurance
status stamped on bill of sale.

Whenever, in connection with the credit sale of or conditional sale of a
motor vehicle designed and used for the carrying of not more than 10
passengers, the agreement provides that all or any of the consideration to
be paid by the buyer or conditional buyer may be paid more than 30 days
after possession of such motor vehicle is transferred to such buyer or
conditional buyer, and a policy of insurance which does not cover such
buyer or conditional buyer for the risk of liability to the public arising
out of the operation, use or maintenance of such motor vehicle, is issued
in connection with such transaction, the seller or conditional seller shall
stamp or have imprinted thereon a statement on the bill of sale at the time
the transaction is consummated that no such coverage is included in such
policy. Such statement shall be in the following form and shall be in bold
type not less than one-half inch in height:

NO PUBLIC LIABILITY INSURANCE ISSUED

WITH THIS TRANSACTION

(Source: P.A. 76-1586.)