Bill Text: IL SB3358 | 2011-2012 | 97th General Assembly | Engrossed
Bill Title: Amend the Illinois Vehicle Code. Makes a technical change in a Section concerning registration.
Spectrum: Partisan Bill (Democrat 2-0)
Status: (Failed) 2013-01-08 - Session Sine Die [SB3358 Detail]
Download: Illinois-2011-SB3358-Engrossed.html
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1 | AN ACT concerning transportation.
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2 | Be it enacted by the People of the State of Illinois,
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3 | represented in the General Assembly:
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4 | Section 5. The Illinois Vehicle Code is amended by changing | ||||||
5 | Section 3-109 as follows:
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6 | (625 ILCS 5/3-109) (from Ch. 95 1/2, par. 3-109)
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7 | Sec. 3-109. Registration without certificate of title; | ||||||
8 | bond. If the Secretary of State is not satisfied as to the | ||||||
9 | ownership of the
vehicle or that there are no undisclosed | ||||||
10 | security interests in it, the
Secretary of State may register | ||||||
11 | the vehicle but shall either:
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12 | (a) Withhold issuance of a certificate of title until the | ||||||
13 | applicant
presents documents reasonably sufficient to satisfy | ||||||
14 | the Secretary of
State as to the applicant's ownership of the | ||||||
15 | vehicle and that there are
no undisclosed security interests in | ||||||
16 | it; or
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17 | (b) As a condition of issuing a certificate of title, | ||||||
18 | require the
applicant to file with the Secretary of State a | ||||||
19 | bond in the form
prescribed by the Secretary of State and | ||||||
20 | executed by the applicant, and
either accompanied by the | ||||||
21 | deposit of cash with the Secretary of State or
also executed by | ||||||
22 | a person authorized to conduct a surety business in
this State. | ||||||
23 | The bond shall be in an amount equal to one and one-half
times |
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1 | the value of the vehicle as determined by the Secretary of | ||||||
2 | State
and conditioned to indemnify any prior owner and | ||||||
3 | lienholder and any
subsequent purchaser of the vehicle or | ||||||
4 | person acquiring any security
interest in it, and their | ||||||
5 | respective successors in interest, against any
expense, loss or | ||||||
6 | damage, including reasonable attorney's fees, by reason
of the | ||||||
7 | issuance of the certificate of title of the vehicle or on | ||||||
8 | account
of any defect in or undisclosed security interest upon | ||||||
9 | the right, title
and interest of the applicant in and to the | ||||||
10 | vehicle. Any such interested
person has a right of action to | ||||||
11 | recover on the bond for any breach of
its conditions, but the | ||||||
12 | aggregate liability of the surety to all persons
shall not | ||||||
13 | exceed the amount of the bond. The bond, and any deposit
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14 | accompanying it, shall be returned at the end of three (3) | ||||||
15 | years or
prior thereto if the vehicle is no longer registered | ||||||
16 | in this State and
the currently valid certificate of title is | ||||||
17 | surrendered to the Secretary
of State, unless the Secretary of | ||||||
18 | State has been notified of the
pendency of an action to recover | ||||||
19 | on the bond. The Secretary shall waive the requirements of this | ||||||
20 | subsection (b) for the owner of an antique vehicle manufactured | ||||||
21 | more than 50 years before the date the application for a | ||||||
22 | certificate of title is made.
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23 | Security deposited as a bond hereunder shall be placed by | ||||||
24 | the
Secretary of State in the custody of the State Treasurer.
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25 | (c) During July, annually, the Secretary shall compile a | ||||||
26 | list of all bonds
on deposit, pursuant to this Section, for |
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1 | more than 3 years and concerning
which he has received no | ||||||
2 | notice as to the pendency of any judicial proceeding
that could | ||||||
3 | affect the disposition thereof. Thereupon, he shall promptly
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4 | send a notice by certified mail to the last known address of | ||||||
5 | each depositor
advising him that his bond will be subject to | ||||||
6 | escheat to the State of Illinois
if not claimed within 30 days | ||||||
7 | after the mailing date of such notice. At
the expiration of | ||||||
8 | such time, the Secretary of State shall file with the
State | ||||||
9 | Treasurer an order directing the transfer of such deposit to | ||||||
10 | the Road
Fund in the State Treasury. Upon receipt of such | ||||||
11 | order, the State Treasurer
shall make such transfer, after | ||||||
12 | converting to cash any other type of security.
Thereafter any | ||||||
13 | person having a legal claim against such deposit may enforce
it | ||||||
14 | by appropriate proceedings in the Court of Claims subject to | ||||||
15 | the limitations
prescribed for such Court. At the expiration of | ||||||
16 | such limitation period
such deposit shall escheat to the State | ||||||
17 | of Illinois.
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18 | (Source: P.A. 81-1458.)
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19 | Section 99. Effective date. This Act takes effect upon | ||||||
20 | becoming law.
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