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State Government Administration Committee
Filed: 2/22/2007
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09500HB0217ham001 |
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LRB095 04358 DRH 31494 a |
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| AMENDMENT TO HOUSE BILL 217
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| AMENDMENT NO. ______. Amend House Bill 217 on page 1, line |
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| 5, by replacing "Section 3-113" with "Sections 3-113 and |
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| 3-202"; and
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| on page 2, below line 9, by inserting the following:
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| "(625 ILCS 5/3-202) (from Ch. 95 1/2, par. 3-202)
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| Sec. 3-202. Perfection of security interest.
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| (a) Unless excepted by Section 3-201, a security interest |
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| in a
vehicle of a type for which a certificate of title is |
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| required is not
valid against subsequent transferees or |
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| lienholders of the vehicle
unless perfected as provided in this |
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| Act.
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| (b) A security interest is perfected by the delivery to the
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| Secretary of State of the existing certificate of title, if |
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| any, an
application for a certificate of title containing the |
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| name and address
of the lienholder and the
required fee. The |
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09500HB0217ham001 |
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LRB095 04358 DRH 31494 a |
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| security interest is perfected as of the time of
its creation |
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| if the
delivery to the Secretary of State is completed within |
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| 30
21 days after the
creation of the security interest or |
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| receipt by the new lienholder of the
existing certificate of |
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| title from a prior lienholder or licensed
dealer, otherwise as |
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| of the
time of the delivery.
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| (c) If a vehicle is subject to a security interest when |
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| brought into
this State, the validity of the security interest |
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| is determined by the
law of the jurisdiction where the vehicle |
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| was when the security interest
attached, subject to the |
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| following:
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| 1. If the parties understood at the time the security |
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| interest
attached that the vehicle would be kept in this |
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| State and it was brought
into this State within 30 days |
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| thereafter for purposes other than
transportation through |
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| this State, the validity of the security interest
in this |
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| State is determined by the law of this State.
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| 2. If the security interest was perfected under the law |
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| of the
jurisdiction where the vehicle was when the security |
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| interest attached,
the following rules apply:
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| (A) If the name of the lienholder is shown on an |
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| existing
certificate of title issued by that |
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| jurisdiction, his security interest
continues |
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| perfected in this State.
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| (B) If the name of the lienholder is not shown on |
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| an existing
certificate of title issued by that |
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09500HB0217ham001 |
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LRB095 04358 DRH 31494 a |
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| jurisdiction, a security interest
may be perfected by |
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| the lienholder delivering to the Secretary of State
the |
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| prescribed notice and by payment of the required fee. |
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| Such security
interest is perfected as of the time of |
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| delivery of the prescribed
notice and payment of the |
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| required fee.
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| 3. If the security interest was not perfected under the |
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| law of the
jurisdiction where the vehicle was when the |
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| security interest attached,
it may be perfected in this |
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| State; in that case perfection dates from
the time of |
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| perfection in this State.
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| 4. A security interest may be perfected under paragraph |
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| 3 of this
subsection either as provided in subsection (b) |
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| or by the lienholder
delivering to the Secretary of State a |
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| notice of security interest in
the form the Secretary of |
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| State prescribes and the required fee.
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| (Source: P.A. 91-893, eff. 7-6-00.)".
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