Bill Title: Amends the Illinois Vehicle Code. Adds to the definition of "junk vehicle" and "remittance agent". Provides that a certificate of title issued by the Secretary of State shall contain the names and fax numbers or electronic addresses of any lienholders (rather than only the names of the lienholders) and the certificate's expiration date. Provides that an expiration date of 2 calendar years after the end of term of the lien shall be included in each certificate of title issued to a lienholder who has a perfected security interest. Provides that if a recorded lienholder does not reaffirm a lien and does not respond to a request to verify a lien release letter within 7 calendar days of receipt, the Secretary shall process an application for corrected title for the owner of a motor vehicle. Provides that the Secretary may issue a certificate of title to an out-of-state resident if the out-of-state resident is a bona fide purchaser of a vehicle or a manufactured home from a dealer licensed in this State and the licensed dealer is no longer operating as a licensed dealer and does not properly transfer the title application to the bona fide purchaser prior to the licensed dealer's business closure. Adds to the special license plates a person may reclassify without a replacement plate fee beginning with the 2019 (rather than 2018) registration year. Provides that the bond amount required to be deposited with the Secretary for each applicant who intends to act as a remittance agent shall be $20,000 (rather than $10,000). Provides that an application for a new vehicle dealer's license or a used vehicle dealer's license shall contain a bond or certificate of deposit in the amount of $50,000 (rather than $20,000). Creates provisions concerning rental-purchase agreement vehicle programs. Effective January 1, 2018.

Spectrum: Partisan Bill (Democrat 2-0)

Status: (Passed) 2017-08-25 - Public Act . . . . . . . . . 100-0450 [SB1556 Detail]

Text: Latest bill text (Chaptered) [HTML]

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