90th General Assembly
Status of SB1355
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FAWELL.

   205 ILCS 670/19.1                                                           
   625 ILCS 5/3-114          from Ch. 95 1/2, par. 3-114                       
   625 ILCS 5/3-117.1        from Ch. 95 1/2, par. 3-117.1                     
   625 ILCS 5/3-104.1 rep.                                                     
   815 ILCS 120/6                                                              
   815 ILCS 375/20                                                             

        Amends the Illinois Vehicle Code with regard to transfer of title      
   after repossession of a  vehicle.   Removes  provision  requiring  the      
   lienholder  to  obtain  a  repossession  title  prior to the sale of a      
   repossessed  vehicle,  providing  instead  for  a  21  day  notice  of      
   redemption period to the owner after repossession and the provision of      
   an affidavit of defense to the owner, who may file such  affidavit  to      
   be  received  by  the  lienholder  within  21 days of the lienholder's      
   notice of repossession to halt the transfer of title.   Provides  that      
   upon  reselling  the  vehicle  the  lienholder  shall  provide  to the      
   purchaser the certificate of  title,  or  security  agreement  if  the      
   lienholder does not have the certificate of title, and an affidavit of      
   repossession,  with  which  documents  the  purchaser may obtain a new      
   certificate of title.  Amends the Consumer Installment Loan  Act,  the      
   Illinois  Fairness  in  Lending  Act,  and  the  Motor  Vehicle Retail      
   Installment Sales Act to remove the procedural repossession provisions      
   and reference the transfer of title provisions in the Illinois Vehicle      
   Code.  Makes other changes.  Effective January 1, 1999.                     
   98-02-17  S  FIRST READING                                                  
   98-02-17  S  REFERRED TO SENATE RULES COMMITTEE       RULES                 
   99-01-12  S  SESSION SINE DIE                                               

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 Full Text  Bill Summary