April 12, 2024

Repo Buzz

Collateral Recovery Repossession News And Directory

Don’t forget that January 01, 2018 not only rings in the New Year, it also is the day that forwarders working accounts in Illinois get a pass as Illinois Collateral Recovery Exceptions (SB 1834) takes effect.


Exemptions to Collateral Recovery Act (SB 1834/PA 100-0102): Clarifies existing law and expressly provides two exemptions from the Illinois Collateral Recovery Act for “vehicle auctioneers licensed under the Illinois Vehicle Code” and “forwarding companies.” Neither of these entities undertakes repossession of vehicles, so they are unable to comply with requirements under the law.

Click to read the full text of Collateral Recovery Exceptions (SB 1834) 

Happy New Year.

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