Collateral Recovery Act
Illinois · Professions, Occupations, and Business Operations · §§ 225-422-1 to 225-422-999 · 45 sections
Overview
The Collateral Recovery Act governs the business of repossessing vehicles and other secured collateral, requiring repossession agencies, recovery managers, and their employees to be licensed or registered before operating, subject to qualification standards, criminal background checks, application fees, and identification requirements. It vests a state commission with authority to make rules, investigate complaints, issue subpoenas, hold hearings, and impose discipline — including refusal, suspension, revocation, summary suspension, cease and desist orders, injunctions, and criminal penalties — with rehearing, restoration, and judicial review available to those affected. It also sets operational duties for repossessors themselves, such as notifying law enforcement of a repossession, issuing recovery documentation to the debtor, and preempting conflicting local regulation.
Editorial summary generated from the text of this act. It is not part of the statute — read the sections below for the operative language.
Sections covered
- 225 ILCS 422/1Short title
- 225 ILCS 422/10Definitions
- 225 ILCS 422/100Local government; home rule
- 225 ILCS 422/105Notification of law enforcement
- 225 ILCS 422/110Repossession of vehicles
- 225 ILCS 422/115Deposit of fees and fines
- 225 ILCS 422/120Payments; penalty for insufficient funds
- 225 ILCS 422/125Filings, formal complaints
- 225 ILCS 422/130Roster
- 225 ILCS 422/135Violations; injunctions; cease and desist order
- 225 ILCS 422/140Investigation; notice and hearing
- 225 ILCS 422/145Record of proceeding
- 225 ILCS 422/15Powers of the Commission
- 225 ILCS 422/150Subpoenas; oaths; attendance of witnesses
- 225 ILCS 422/155Recommendations for disciplinary action
- 225 ILCS 422/160Rehearing
- 225 ILCS 422/165Appointment of a hearing officer
- 225 ILCS 422/170Hearing by other examiner
- 225 ILCS 422/175Order; certified copy
- 225 ILCS 422/180Restoration
- 225 ILCS 422/185License and recovery permit surrender
- 225 ILCS 422/190Summary suspension
- 225 ILCS 422/195Judicial review
- 225 ILCS 422/20Rulemaking enforcement
- 225 ILCS 422/200Violations; criminal penalties
- 225 ILCS 422/205Illinois Administrative Procedure Act
- 225 ILCS 422/25Recovery ticket
- 225 ILCS 422/30License or registration required
- 225 ILCS 422/35Application for repossession agency licensure
- 225 ILCS 422/37Enforcement
- 225 ILCS 422/40Qualifications for recovery manager; identification card
- 225 ILCS 422/45Repossession agency employee requirements
- 225 ILCS 422/5Findings; purpose
- 225 ILCS 422/50Fees
- 225 ILCS 422/55Social Security Number or Federal Employee Identification Number on application
- 225 ILCS 422/60Criminal background check
- 225 ILCS 422/65Licensed recovery manager in control of repossession agency
- 225 ILCS 422/70License extension in cases of death or disassociation
- 225 ILCS 422/75Licenses and recovery permits; renewals; restoration; person in military service
- 225 ILCS 422/80Refusal, revocation, or suspension
- 225 ILCS 422/85Consideration of past crimes
- 225 ILCS 422/90Insurance required
- 225 ILCS 422/900(Amendatory provisions; text omitted)
- 225 ILCS 422/95Display of license required
- 225 ILCS 422/999Effective date
Enacted in other states
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