House Sponsors: LANG-MEYER. Short description: VEHICLE REPOSSESSION-PROCEDURE Synopsis of Bill as introduced: Amends the Illinois Vehicle Code in provisions regarding transfer of title. Provides that after repossession, if the buyer has paid an amount equal to 30% or more of the deferred payment price, the required 21 day notice shall include the amount of all back payments and late charges owed, the amount due for the costs of repossession, the total amount due to recover the vehicle, the address where the buyer may bring the total amount due to recover the repossessed vehicle, and a statement that the buyer may not have any rights to recover the repossessed vehicle after the expiration of 21 days from the date of the notice. Amends the Illinois Fairness in Lending Act and the Motor Vehicle Retail Installment Sales Act to remove notice requirements after repossession when the buyer has paid 30% or more of the deferred payment price, and instead reference the notice requirement in the Illinois Vehicle Code. Effective immediately. Last action on Bill: SESSION SINE DIE Last action date: 99-01-12 Location: House Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 0 SENATE - 0 END OF INQUIRY Full Text Bill Status