SB1834 EngrossedLRB100 09314 SMS 19475 b

1    AN ACT concerning regulation.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The Collateral Recovery Act is amended by
5changing Section 30 as follows:
 
6    (225 ILCS 422/30)
7    (Section scheduled to be repealed on January 1, 2022)
8    Sec. 30. License or registration required.
9    (a) It shall be unlawful for any person or entity to
10repossess a vehicle or collateral in this State, attempt to
11repossess a vehicle or collateral in this State, or to hold
12himself, herself, or itself out to be a repossession agency
13unless licensed under this Act.
14    (b) It shall be unlawful for any person to repossess a
15vehicle or collateral in this State, attempt to repossess a
16vehicle or collateral in this State, or to hold himself or
17herself out to be a licensed recovery manager unless licensed
18under this Act.
19    (c) It shall be unlawful for any person to repossess a
20vehicle or collateral in this State, attempt to repossess a
21vehicle or collateral in this State, or hold himself or herself
22out to be a repossession agency employee unless he or she holds
23a valid recovery permit issued by the Commission under this

 

 

SB1834 Engrossed- 2 -LRB100 09314 SMS 19475 b

1Act.
2    (d) This Act does not apply to a financial institution or
3the employee of a financial institution when engaged in an
4activity otherwise covered by this Act if the activity is
5conducted by the employee on behalf of that financial
6institution.
7    (e) This Act does not apply to a towing company or towing
8operator when an employee or agent of the creditor financial
9institution is present at the site from which the vehicle is
10towed.
11    (f) This Act does not apply to an automobile rental company
12or the employee of an automobile rental company when engaged in
13an activity otherwise covered by this Act if the activity is
14conducted by the employee on behalf of that automobile rental
15company.
16    (g) This Act does not apply to a towing company or towing
17operator when an employee or agent of an automobile rental
18company is present at the site from which the vehicle is towed.
19    (h) This Act does not apply to a retail seller of equipment
20or an employee of a retail seller of equipment, as equipment is
21defined in Section 9-102 of the Uniform Commercial Code, and
22lawn and grounds care consumer goods when engaged in an
23activity otherwise covered by this Act if the activity is
24limited to the repossession of the type of goods routinely sold
25by that retail seller in the manner authorized by Section 9-609
26of the Uniform Commercial Code on behalf of the owner of a

 

 

SB1834 Engrossed- 3 -LRB100 09314 SMS 19475 b

1security interest in that collateral.
2    (i) This Act does not apply to an entity or the employee of
3an entity that primarily finances wholesale and retail
4transactions related to the purchase or lease of equipment
5manufactured by its affiliate when engaged in an activity
6otherwise covered by this Act if the activity is limited to the
7repossession of the equipment.
8    (j) This Act does not apply to a salvage auction or the
9employee of a salvage auction when engaged in an activity
10otherwise covered by this Act if the activity is conducted by
11the employee on behalf of that salvage auction.
12    (k) This Act does not apply to a towing company or towing
13operator when the company or operator is acting on behalf of a
14salvage auction.
15    (l) This Act does not apply to a vehicle auctioneer
16licensed under the Illinois Vehicle Code or an employee of such
17a vehicle auctioneer involved in the selling of a vehicle that
18was repossessed under this Act unless the vehicle auctioneer or
19employee of a vehicle auctioneer involved in the selling of the
20vehicle directly performs repossessions covered by this Act.
21    (m) This Act does not apply to a forwarding person or
22entity that, acting on behalf of a creditor or lender having a
23security agreement, does not directly perform repossessions
24covered by this Act, but instead forwards the actual
25repossession assignment to a licensed repossession agency
26under this Act.

 

 

SB1834 Engrossed- 4 -LRB100 09314 SMS 19475 b

1(Source: P.A. 97-576, eff. 7-1-12; 97-708, eff. 7-1-12.)