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| Public Act 095-0284 |
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AN ACT concerning transportation.
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Be it enacted by the People of the State of Illinois,
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represented in the General Assembly:
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Section 5. The Illinois Vehicle Code is amended by changing | ||||
Sections 3-113 and 3-202 as follows:
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(625 ILCS 5/3-113) (from Ch. 95 1/2, par. 3-113) | ||||
Sec. 3-113. Transfer to or from dealer; records.
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(a) After a dealer buys a vehicle and holds it for resale, | ||||
the
dealer must procure the
certificate of title from the owner | ||||
or the lienholder. The dealer may hold
the certificate until he | ||||
or she transfers the vehicle to another person.
Upon | ||||
transferring the vehicle to another person,
the dealer shall | ||||
promptly and within 20
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
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created or reserved at the time of the resale, in the spaces | ||||
provided therefor
on the certificate or as the Secretary of | ||||
State prescribes, and mail or deliver
the certificate to the | ||||
Secretary of State with the transferee's application for
a new | ||||
certificate, except as provided in Section 3-117.2.
A dealer | ||||
has complied with this Section if the date of the mailing of | ||||
the certificate, as indicated by the postmark, is within 20 | ||||
days of the date on which the vehicle was transferred to | ||||
another person.
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(b) The Secretary of State may decline to process any | ||
application for a
transfer of an interest in a vehicle if any | ||
fees or taxes due under this
Code from the transferor or the | ||
transferee have not been paid upon
reasonable notice and | ||
demand.
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(c) Any person who violates this Section shall be guilty of | ||
a petty offense.
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(Source: P.A. 94-239, eff. 1-1-06.)
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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 | ||
in a
vehicle of a type for which a certificate of title is | ||
required is not
valid against subsequent transferees or | ||
lienholders of the vehicle
unless perfected as provided in this | ||
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 | ||
any, an
application for a certificate of title containing the | ||
name and address
of the lienholder and the
required fee. The | ||
security interest is perfected as of the time of
its creation | ||
if the
delivery to the Secretary of State is completed within | ||
30
21 days after the
creation of the security interest or | ||
receipt by the new lienholder of the
existing certificate of | ||
title from a prior lienholder or licensed
dealer, otherwise as | ||
of the
time of the delivery.
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(c) If a vehicle is subject to a security interest when | ||
brought into
this State, the validity of the security interest | ||
is determined by the
law of the jurisdiction where the vehicle | ||
was when the security interest
attached, subject to the | ||
following:
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1. If the parties understood at the time the security | ||
interest
attached that the vehicle would be kept in this | ||
State and it was brought
into this State within 30 days | ||
thereafter for purposes other than
transportation through | ||
this State, the validity of the security interest
in this | ||
State is determined by the law of this State.
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2. If the security interest was perfected under the law | ||
of the
jurisdiction where the vehicle was when the security | ||
interest attached,
the following rules apply:
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(A) If the name of the lienholder is shown on an | ||
existing
certificate of title issued by that | ||
jurisdiction, his security interest
continues | ||
perfected in this State.
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(B) If the name of the lienholder is not shown on | ||
an existing
certificate of title issued by that | ||
jurisdiction, a security interest
may be perfected by | ||
the lienholder delivering to the Secretary of State
the | ||
prescribed notice and by payment of the required fee. | ||
Such security
interest is perfected as of the time of | ||
delivery of the prescribed
notice and payment of the | ||
required fee.
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3. If the security interest was not perfected under the | ||
law of the
jurisdiction where the vehicle was when the | ||
security interest attached,
it may be perfected in this | ||
State; in that case perfection dates from
the time of | ||
perfection in this State.
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4. A security interest may be perfected under paragraph | ||
3 of this
subsection either as provided in subsection (b) | ||
or by the lienholder
delivering to the Secretary of State a | ||
notice of security interest in
the form the Secretary of | ||
State prescribes and the required fee.
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(Source: P.A. 91-893, eff. 7-6-00.)
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