(225 ILCS 422/5)

(Text of Section before amendment by P.A. 103-371)

(Section scheduled to be repealed on January 1, 2032)

Sec. 5. Findings; purpose. The General Assembly finds that collateral recovery practices affect public health, safety, and welfare and declares that the purpose of this Act is to regulate individuals and entities engaged in the business of collateral recovery for the protection of the public.

(Source: P.A. 97-576, eff. 7-1-12.)

(Text of Section after amendment by P.A. 103-371)

(Section scheduled to be repealed on January 1, 2032)

Sec. 5. Findings; purpose.

(a) The General Assembly finds: (i) due to advancements in technology, personal information associated with consumers is increasingly collected and stored on motor vehicles that function as collateral in secured loans; (ii) the loss or breach of such personal information can cause consumers financial and personal harm and loss, including, but not limited to, harm and loss associated with identity theft and loss of privacy; (iii) when motor vehicles are repossessed, it is critical that consumers be protected from such harm and loss; and (iv) collateral recovery practices affect public health, safety, and welfare.

(b) The General Assembly declares that the purpose of this Act is to: (i) regulate individuals and entities engaged in the business of collateral recovery for the protection of the public; and (ii) ensure that repossession agencies protect motor vehicle collateral consumers from potential harm and loss associated with personal information that is collected and stored on motor vehicles.

(Source: P.A. 103-371, eff. 1-1-24.)