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1 | AN ACT concerning regulation.
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2 | Be it enacted by the People of the State of Illinois,
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3 | represented in the General Assembly:
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4 | Section 5. The Collateral Recovery Act is amended by | ||||||
5 | changing Section 30 as follows: | ||||||
6 | (225 ILCS 422/30)
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7 | (Section scheduled to be repealed on January 1, 2022) | ||||||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 | ||||||
10 | repossess a vehicle or collateral in this State, attempt to | ||||||
11 | repossess a vehicle or collateral in this State, or to hold | ||||||
12 | himself, herself, or itself out to be a repossession agency | ||||||
13 | unless licensed under this Act. | ||||||
14 | (b) It shall be unlawful for any person to repossess a | ||||||
15 | vehicle or collateral in this State, attempt to repossess a | ||||||
16 | vehicle or collateral in this State, or to hold himself or | ||||||
17 | herself out to be a licensed recovery manager unless licensed | ||||||
18 | under this Act. | ||||||
19 | (c) It shall be unlawful for any person to repossess a | ||||||
20 | vehicle or collateral in this State, attempt to repossess a | ||||||
21 | vehicle or collateral in this State, or hold himself or herself | ||||||
22 | out to be a repossession agency employee unless he or she holds | ||||||
23 | a valid recovery permit issued by the Commission under this |
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1 | Act. | ||||||
2 | (d) This Act does not apply to a financial institution or | ||||||
3 | the employee of a financial institution when engaged in an | ||||||
4 | activity otherwise covered by this Act if the activity is | ||||||
5 | conducted by the employee on behalf of that financial | ||||||
6 | institution. | ||||||
7 | (e) This Act does not apply to a towing company or towing | ||||||
8 | operator when an employee or agent of the creditor financial | ||||||
9 | institution is present at the site from which the vehicle is | ||||||
10 | towed.
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11 | (f) This Act does not apply to an automobile rental company | ||||||
12 | or the employee of an automobile rental company when engaged in | ||||||
13 | an activity otherwise covered by this Act if the activity is | ||||||
14 | conducted by the employee on behalf of that automobile rental | ||||||
15 | company. | ||||||
16 | (g) This Act does not apply to a towing company or towing | ||||||
17 | operator when an employee or agent of an automobile rental | ||||||
18 | company is present at the site from which the vehicle is towed. | ||||||
19 | (h) This Act does not apply to a retail seller of equipment | ||||||
20 | or an employee of a retail seller of equipment, as equipment is | ||||||
21 | defined in Section 9-102 of the Uniform Commercial Code, and | ||||||
22 | lawn and grounds care consumer goods when engaged in an | ||||||
23 | activity otherwise covered by this Act if the activity is | ||||||
24 | limited to the repossession of the type of goods routinely sold | ||||||
25 | by that retail seller in the manner authorized by Section 9-609 | ||||||
26 | of the Uniform Commercial Code on behalf of the owner of a |
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1 | security interest in that collateral. | ||||||
2 | (i) This Act does not apply to an entity or the employee of | ||||||
3 | an entity that primarily finances wholesale and retail | ||||||
4 | transactions related to the purchase or lease of equipment | ||||||
5 | manufactured by its affiliate when engaged in an activity | ||||||
6 | otherwise covered by this Act if the activity is limited to the | ||||||
7 | repossession of the equipment. | ||||||
8 | (j) This Act does not apply to a salvage auction or the | ||||||
9 | employee of a salvage auction when engaged in an activity | ||||||
10 | otherwise covered by this Act if the activity is conducted by | ||||||
11 | the employee on behalf of that salvage auction. | ||||||
12 | (k) This Act does not apply to a towing company or towing | ||||||
13 | operator when the company or operator is acting on behalf of a | ||||||
14 | salvage auction. | ||||||
15 | (l) This Act does not apply to a vehicle auctioneer | ||||||
16 | licensed under the Illinois Vehicle Code or an employee of such | ||||||
17 | a vehicle auctioneer involved in the selling of a vehicle that | ||||||
18 | was repossessed under this Act unless the vehicle auctioneer or | ||||||
19 | employee of a vehicle auctioneer involved in the selling of the | ||||||
20 | vehicle directly performs repossessions covered by this Act. | ||||||
21 | (m) This Act does not apply to a forwarding person or | ||||||
22 | entity that, acting on behalf of a creditor or lender having a | ||||||
23 | security agreement, does not directly perform repossessions | ||||||
24 | covered by this Act, but instead forwards the actual | ||||||
25 | repossession assignment to a licensed repossession agency | ||||||
26 | under this Act. |
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1 | (Source: P.A. 97-576, eff. 7-1-12; 97-708, eff. 7-1-12.)
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