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Synopsis As Introduced Amends the Illinois Vehicle Code. Provides that any insurance company that pays a total loss claim on a vehicle and takes possession of that vehicle for the purpose of repair and sale must, within 5 business days of taking possession of the vehicle, report to the Secretary of State the vehicle identification number of that vehicle. Provides that the Secretary shall establish and maintain a website listing all the vehicle identification numbers reported to the Secretary under the provision. Provides that the Secretary shall adopt rules for implementing the provision.
House Committee Amendment No. 1 Deletes everything after the enacting clause. Reinserts the provisions of the original bill, with additions. Provides that the insurance company also must report to the Secretary, within 5 days after paying the repair costs, the vehicle identification number of any vehicle for which the insurance company paid the repair costs, if the insurance company also recommended to the customer the name of a third party willing to buy the vehicle for salvage.
Fiscal Note (H-AM 1) (Office of the Secretary of State)
As amended, has minimal fiscal impact on the Office of the Secretary of State.
State Mandates Fiscal Note (H-AM 1)(Department of Commerce and Economic Opport)
In the opinion of the Department of Commerce and Economic Opportunity, HB 4296 (H-AM 1) does not create a State mandate under the State Mandates Act.
House Floor Amendment No. 2 Deletes everything after the enacting clause. Reinserts provisions of the original and amended bills, with changes, additions, and deletions. Deletes language requiring an insurance company to report to the Secretary of State the vehicle identification number of a vehicle of which the company takes possession after paying a total loss claim. Increases from within 5 days of paying the repair costs to within 30 days of recommending a purchaser the period in which an insurance company must report to the Secretary the vehicle identification number of any vehicle for which the insurance company paid the repair costs, if the insurance company also recommended to the customer the name of a third party willing to buy the vehicle (rather than willing to buy the vehicle for salvage). Provides that this reporting is required only if the repair costs exceed 75% of the fair market value of the vehicle. Provides that the Secretary of State shall make the applicable vehicle identification numbers available to the National Insurance Crime Bureau (rather than making them available on a website).
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