(625 ILCS 45/3A-14) (from Ch. 95 1/2, par. 313A-14)
Sec. 3A-14.
Transfer to or from dealer - Records.
(a) If a dealer buys a watercraft and holds it for resale and procures the
certificate of title from the owner or the lienholder within 10 days after
delivery to him of the watercraft he need not send the certificate to the
Department of Natural Resources but, upon transferring the
watercraft to another person other than by the creation of a security interest,
shall promptly and within 15 days execute the assignment and warranty of title
by a dealer, showing the names and addresses of the transferee and of any
lienholder holding a security interest created or reserved at the time of the
resale and the date of his security agreement, in the spaces provided therefor
on the certificate or as the Department of Natural Resources prescribes, and mail or deliver the certificate to the
Department with the transferee's application for a new
certificate.
(b) Every dealer shall maintain for 3 years a record in the form the
Department of Natural Resources prescribes of every
watercraft bought, sold
or exchanged by him, or received by him for sale or exchange, which shall
be open to inspection by a representative of the Department of Natural
Resources or peace officer during reasonable business hours.
(c) The Department of Natural Resources may decline to
process any application for a transfer of an interest in a watercraft if any
fees or taxes due under this Act from the transferor or the transferee have not
been paid upon reasonable notice and demand.
(Source: P.A. 89-445, eff. 2-7-96.)
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