Full Text of SB3358 97th General Assembly
SB3358 97TH GENERAL ASSEMBLY |
| | 97TH GENERAL ASSEMBLY
State of Illinois
2011 and 2012 SB3358 Introduced 2/7/2012, by Sen. Don Harmon SYNOPSIS AS INTRODUCED: |
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625 ILCS 5/3-109 | from Ch. 95 1/2, par. 3-109 |
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Amend the Illinois Vehicle Code. Makes a technical change in a Section concerning registration.
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| | A BILL FOR |
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| 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 changing | 5 | | Section 3-109 as follows:
| 6 | | (625 ILCS 5/3-109) (from Ch. 95 1/2, par. 3-109)
| 7 | | Sec. 3-109. Registration without certificate of title; | 8 | | bond. If the the Secretary of State is not satisfied as to the | 9 | | ownership of the
vehicle or that there are no undisclosed | 10 | | security interests in it, the
Secretary of State may register | 11 | | the vehicle but shall either:
| 12 | | (a) Withhold issuance of a certificate of title until the | 13 | | applicant
presents documents reasonably sufficient to satisfy | 14 | | the Secretary of
State as to the applicant's ownership of the | 15 | | vehicle and that there are
no undisclosed security interests in | 16 | | it; or
| 17 | | (b) As a condition of issuing a certificate of title, | 18 | | require the
applicant to file with the Secretary of State a | 19 | | bond in the form
prescribed by the Secretary of State and | 20 | | executed by the applicant, and
either accompanied by the | 21 | | deposit of cash with the Secretary of State or
also executed by | 22 | | a person authorized to conduct a surety business in
this State. | 23 | | The bond shall be in an amount equal to one and one-half
times |
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| 1 | | the value of the vehicle as determined by the Secretary of | 2 | | State
and conditioned to indemnify any prior owner and | 3 | | lienholder and any
subsequent purchaser of the vehicle or | 4 | | person acquiring any security
interest in it, and their | 5 | | respective successors in interest, against any
expense, loss or | 6 | | damage, including reasonable attorney's fees, by reason
of the | 7 | | issuance of the certificate of title of the vehicle or on | 8 | | account
of any defect in or undisclosed security interest upon | 9 | | the right, title
and interest of the applicant in and to the | 10 | | vehicle. Any such interested
person has a right of action to | 11 | | recover on the bond for any breach of
its conditions, but the | 12 | | aggregate liability of the surety to all persons
shall not | 13 | | exceed the amount of the bond. The bond, and any deposit
| 14 | | accompanying it, shall be returned at the end of three (3) | 15 | | years or
prior thereto if the vehicle is no longer registered | 16 | | in this State and
the currently valid certificate of title is | 17 | | surrendered to the Secretary
of State, unless the Secretary of | 18 | | State has been notified of the
pendency of an action to recover | 19 | | on the bond.
| 20 | | Security deposited as a bond hereunder shall be placed by | 21 | | the
Secretary of State in the custody of the State Treasurer.
| 22 | | (c) During July, annually, the Secretary shall compile a | 23 | | list of all bonds
on deposit, pursuant to this Section, for | 24 | | more than 3 years and concerning
which he has received no | 25 | | notice as to the pendency of any judicial proceeding
that could | 26 | | affect the disposition thereof. Thereupon, he shall promptly
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| 1 | | send a notice by certified mail to the last known address of | 2 | | each depositor
advising him that his bond will be subject to | 3 | | escheat to the State of Illinois
if not claimed within 30 days | 4 | | after the mailing date of such notice. At
the expiration of | 5 | | such time, the Secretary of State shall file with the
State | 6 | | Treasurer an order directing the transfer of such deposit to | 7 | | the Road
Fund in the State Treasury. Upon receipt of such | 8 | | order, the State Treasurer
shall make such transfer, after | 9 | | converting to cash any other type of security.
Thereafter any | 10 | | person having a legal claim against such deposit may enforce
it | 11 | | by appropriate proceedings in the Court of Claims subject to | 12 | | the limitations
prescribed for such Court. At the expiration of | 13 | | such limitation period
such deposit shall escheat to the State | 14 | | of Illinois.
| 15 | | (Source: P.A. 81-1458.)
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