|
|
|
HB4296 Engrossed |
|
LRB094 15908 DRH 51132 b |
|
|
1 |
| AN ACT concerning transportation.
|
2 |
| Be it enacted by the People of the State of Illinois,
|
3 |
| represented in the General Assembly:
|
4 |
| Section 5. The Illinois Vehicle Code is amended by adding |
5 |
| Section 3-122 as follows: |
6 |
| (625 ILCS 5/3-122 new) |
7 |
| Sec. 3-122. Reporting of salvaged vehicles and certain |
8 |
| repaired vehicles. |
9 |
| (a) Any insurance company that pays the repair costs for a |
10 |
| vehicle, if (i) those costs exceed 75% of the fair market value |
11 |
| of the vehicle and (ii) the insurance company recommends to its |
12 |
| customer a third party who will purchase the vehicle, must |
13 |
| report to the Secretary of State, within 30 days of making that |
14 |
| recommendation, the vehicle identification number of that |
15 |
| vehicle. |
16 |
| (b) The Secretary shall assemble and make available to the |
17 |
| National Insurance Crime Bureau a listing of: |
18 |
| (1) the vehicle identification numbers for all salvage |
19 |
| titles that the Secretary's office receives on and after |
20 |
| the effective date of this amendatory Act of the 94th |
21 |
| General Assembly; and |
22 |
| (2) all vehicle identification numbers reported to the |
23 |
| Secretary under subsection (a). |
24 |
| (c) The Secretary shall adopt rules for implementing this |
25 |
| Section.
|