Bill Title: Creates the Collateral Recovery Act. Requires the licensure of repossession agencies and recovery managers, and the registration of repossession agency employees, within 6 months after the effective date of the Act. Grants rulemaking authority to the Illinois Commerce Commission. Sets forth provisions concerning qualifications, application, examination, assignment, insurance requirements, and administrative proceedings. Provides that all monies collected by the Illinois Commerce Commission under the Act shall be deposited into the Transportation Regulatory Fund in the State Treasury and used by the Illinois Commerce Commission for the administration of the Act. Provides that any municipality or county, including a home rule unit, may not regulate individuals and entities engaged in the business of collateral recovery in a manner inconsistent with this Act. Amends the Regulatory Sunset Act to set a January 1, 2022 repeal date for the new Act. Effective immediately.

Sponsorship: Bipartisan Bill

Status: (Passed) 2011-08-26 - Public Act . . . . . . . . . 97-0576 [SB1306 Detail]

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Bill Drafts

Revision	Date	Format	Source	View
Chaptered	2011-08-29	HTML/Text	Link	View
Amended	2011-05-19	HTML/Text	Link	View
Amended	2011-05-18	HTML/Text	Link	View
Amended	2011-04-05	HTML/Text	Link	View
Amended	2011-04-04	HTML/Text	Link	View
Amended	2011-03-04	HTML/Text	Link	View
Enrolled	Not Avail	HTML/Text	Link	View
Engrossed	Not Avail	HTML/Text	Link	View
Introduced	Not Avail	HTML/Text	Link	View

Amendments

Amendment	Date	Disposition	Format	Source	View
No bill amendments currently on file for Illinois SB1306

Supplemental Documents

Title	Description	Date	Format	Source	View
No supplemental documents for Illinois SB1306 currently on file.