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]

Text: Latest bill text (Chaptered) [HTML]

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Voting Records

Chamber	Vote	Date	Yea	Nay	NV	Abs	Total	Result	Source	View
Senate	Concurrence in Senate	2011-05-29	53	0	6	0	59	Passed	Link	View
Senate	Concurrence in Senate	2011-05-29	53	0	6	0	59	Passed	Link	View
House	Third Reading in House	2011-05-28	104	9	0	0	113	Passed	Link	View
Senate	Third Reading in Senate	2011-04-13	58	0	1	0	59	Passed	Link	View