Public Act 095-0393
 		





SB1162 Enrolled
LRB095 08538 LCT 28719 b






    AN ACT concerning motor vehicles.

 
    Be it enacted by the People of the State of Illinois,
 
represented in the General Assembly:


 
    Section 5. The Consumer Fraud and Deceptive Business 
Practices Act is amended  by adding Section 2ZZ as follows:
 
    (815 ILCS 505/2ZZ  new)
    Sec. 2ZZ. Payoff of liens on motor vehicles traded in to 
dealer.
    (a) When a motor vehicle dealer, as defined by Sections 
5-101 or 5-102 of the             Illinois Vehicle Code, enters into a 
retail transaction where a consumer trades in or sells a


vehicle that is subject to a lien, the dealer shall:
        (1) within 21 calendar days of the date of sale remit 
    payment to the lien

holder to pay off the lien on the 
    traded-in or sold motor vehicle, unless the                     underlying 
    contract has been rescinded before expiration of 21 
    calendar days; and
        (2) fully comply with Section 2C of this Act.
    (b) A motor vehicle dealer who violates this Section 
commits an unlawful practice          within the meaning of this Act.
    (c) For the purposes of this Section, the term "date of 
sale" shall be the date the             parties entered into the 
transaction as evidenced by the date written in the contract   
executed by the parties, or the date the motor vehicle 
dealership took possession of the          traded-in or sold vehicle. In 
the event the date of the contract differs from the date the        
motor vehicle dealership took possession of the traded-in 
vehicle, the "date of sale" shall

be the date the motor vehicle 
dealership took possession of the traded-in vehicle.





Effective Date:  1/1/2008