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Illinois
Repossession Laws
Quick Answers:
Where do I refer to for Title or
License Registration?
For state Title and License Information,
refer to:
Secretary of State
Record Inquiry Section
501 S. Second St., Rm. 408
Springfield, IL 62756
Telephone: 217-785-3000
How much does vehicle information
cost?
Title search - $5.00
Registration search - $5.00
Title & Registration - $10.00
Certified for Court - $10.00
Security Interests:
Shown on
title held by lienholder.
Recording Requirements:
Per the
Uniform Commercial Code (UCC)
adopted in July, 1962: recorded in
the county where mortgagor resides
or where property is located.
Recovery Requirements:
As per the UCC, repossession is
allowed and permitted as long as it
is peaceful.
Redemption Requirements:
Security agreements allow 21 days
prior to date of sale by payment in
full.
Deficiency Requirements:
Confession of judgment is valid.
Deficiency is permitted but if
debtor has paid 50% of the contract
price, resale bars suit for price.
Special Motor Vehicle Provisions:
All liens must be noted to be
effective and title is retained by
lienholder. No other recording
required.
Documents Required to Transfer
Ownership of Motor Vehicle:
Certificate of title in lienholder's
name, notarized Bill of Sale. Liens
are released on the face of the
title.
Documents Required for
Liquidation:
After Repossession, the lienholder
shall mail the Affidavit of Defense
to the registered owner's last known
address giving the owner 21 days
from the date of the certified mail
to redeem this unit. The vehicle may
not be sold or transferred during
this period.
Plates:
Remain with the owner
/ debtor.
All recovery requirements and fees are
current as of 2002.
Quick-Repo.com does not warrant the accuracy of these laws. The laws
listed on Quick-Repo.com are
only a starting point for reference,
and are not meant to be legal advice or a replacement for legal console. Please consult a repo company in your area, county, or
state if you have any questions
about repossession service there.
View
repo laws at
RepoLaws.info and
repossession laws at
RepossessionLaws.info
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