Section 110.390  Possession of Vehicle

a)         Unless otherwise provided for in the loan agreement, a lender shall not take or retain possession of the keys (or a copy of the keys) to a motor vehicle used to secure a title-secured loan.

b)         No title-secured lender may take possession of a vehicle without first giving a minimum of 72 hours notice to the obligor, unless expressly prohibited by other law; affording the obligor the opportunity to make the vehicle available to the lender at a place, date, and time reasonably convenient to the lender and obligor; and permitting the obligor to remove any personal belongings from the vehicle without charge or additional cost to the obligor.  Notice may be provided to an obligor in any form agreed to by an obligor for general loan communications, so long as the licensee reasonably believes the notice will provide the obligor adequate opportunity to act upon their rights under this subsection (b).

c)         Possession measures shall be in accordance with Section 19.1 of the Consumer Installment Loan Act.

d)         No title-secured lender may take possession of a motor vehicle for a loan default or delinquency and lease the vehicle back to the obligor.

(Source:  Amended at 47 Ill. Reg. 9271, effective June 20, 2023)