SB 1545

Abstract

Amends the Illinois Vehicle Code. Provides that a vehicle of 4 model years or older, rather than 9 model years or older, may be retained by the registered owner instead of by the insurance company, even after the insurance company makes a payment of damages on total loss claim for the vehicle. Provides that an application for a salvage certificate shall be submitted to the Secretary of State when any licensed rebuilder, repairer, new or used vehicle dealer or remittance agent has submitted an application for title to a vehicle that the person knows or reasonably should have known to have sustained damages in excess of 50%, instead of 33 1/3%, of the vehicle's fair market value without that damage. Senate Floor Amendment No. 1 Adds reference to: 625 ILCS 5/3-114 from Ch. 95 1/2, par. 3-114 625 ILCS 5/3-301 from Ch. 95 1/2, par. 3-301 Replaces everything after the enacting clause. Amends the Illinois Vehicle Code. Provides that a repossessed vehicle, fleet vehicle, or flood vehicle that has been damaged in excess of 50% (instead of 33 1/3%) of its fair market value shall be considered to be salvage. Provides that a flood vehicle that has sustained damage greater than 50% (rather than 33 1/3%) of its fair market value with that damage shall be required to complete a successful inspection before being issued a new certificate of title.