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| Public Act 100-0102 | ||||
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AN ACT concerning regulation.
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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 Collateral Recovery Act is amended by | ||||
changing Section 30 as follows: | ||||
(225 ILCS 422/30)
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(Section scheduled to be repealed on January 1, 2022) | ||||
Sec. 30. License or registration required. | ||||
(a) It shall be unlawful for any person or entity to | ||||
repossess a vehicle or collateral in this State, attempt to | ||||
repossess a vehicle or collateral in this State, or to hold | ||||
himself, herself, or itself out to be a repossession agency | ||||
unless licensed under this Act. | ||||
(b) It shall be unlawful for any person to repossess a | ||||
vehicle or collateral in this State, attempt to repossess a | ||||
vehicle or collateral in this State, or to hold himself or | ||||
herself out to be a licensed recovery manager unless licensed | ||||
under this Act. | ||||
(c) It shall be unlawful for any person to repossess a | ||||
vehicle or collateral in this State, attempt to repossess a | ||||
vehicle or collateral in this State, or hold himself or herself | ||||
out to be a repossession agency employee unless he or she holds | ||||
a valid recovery permit issued by the Commission under this | ||||
Act. | ||
(d) This Act does not apply to a financial institution or | ||
the employee of a financial institution when engaged in an | ||
activity otherwise covered by this Act if the activity is | ||
conducted by the employee on behalf of that financial | ||
institution. | ||
(e) This Act does not apply to a towing company or towing | ||
operator when an employee or agent of the creditor financial | ||
institution is present at the site from which the vehicle is | ||
towed.
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(f) This Act does not apply to an automobile rental company | ||
or the employee of an automobile rental company when engaged in | ||
an activity otherwise covered by this Act if the activity is | ||
conducted by the employee on behalf of that automobile rental | ||
company. | ||
(g) This Act does not apply to a towing company or towing | ||
operator when an employee or agent of an automobile rental | ||
company is present at the site from which the vehicle is towed. | ||
(h) This Act does not apply to a retail seller of equipment | ||
or an employee of a retail seller of equipment, as equipment is | ||
defined in Section 9-102 of the Uniform Commercial Code, and | ||
lawn and grounds care consumer goods when engaged in an | ||
activity otherwise covered by this Act if the activity is | ||
limited to the repossession of the type of goods routinely sold | ||
by that retail seller in the manner authorized by Section 9-609 | ||
of the Uniform Commercial Code on behalf of the owner of a | ||
security interest in that collateral. | ||
(i) This Act does not apply to an entity or the employee of | ||
an entity that primarily finances wholesale and retail | ||
transactions related to the purchase or lease of equipment | ||
manufactured by its affiliate when engaged in an activity | ||
otherwise covered by this Act if the activity is limited to the | ||
repossession of the equipment. | ||
(j) This Act does not apply to a salvage auction or the | ||
employee of a salvage auction when engaged in an activity | ||
otherwise covered by this Act if the activity is conducted by | ||
the employee on behalf of that salvage auction. | ||
(k) This Act does not apply to a towing company or towing | ||
operator when the company or operator is acting on behalf of a | ||
salvage auction. | ||
(l) This Act does not apply to a vehicle auctioneer | ||
licensed under the Illinois Vehicle Code or an employee of such | ||
a vehicle auctioneer involved in the selling of a vehicle that | ||
was repossessed under this Act unless the vehicle auctioneer or | ||
employee of a vehicle auctioneer involved in the selling of the | ||
vehicle directly performs repossessions covered by this Act. | ||
(m) This Act does not apply to a forwarding person or | ||
entity that, acting on behalf of a creditor or lender having a | ||
security agreement, does not directly perform repossessions | ||
covered by this Act, but instead forwards the actual | ||
repossession assignment to a licensed repossession agency | ||
under this Act. | ||
(Source: P.A. 97-576, eff. 7-1-12; 97-708, eff. 7-1-12.)
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