SB 2496

Abstract

Amends the Collateral Recovery Act. Provides that each individual, partner of a partnership, officer of a corporation, or member of a limited liability company shall submit with the application for licensure as a repossession agency a copy of one form of personal identification upon which must appear a recent photograph (rather than a photograph taken within one year immediately preceding the date of the filing of the application). Requires the Illinois Commerce Commission to notify the submitting person within a reasonable time period (rather than 10 days) after receipt of the application of its intent to issue or deny a recovery permit. Provides that a recovery employee may work under a recovery permit for multiple licensed repossession agencies. Provides that applications for renewal of a license or permit shall be filed with the Commission no earlier than 90 days and not later than 45 days prior to the expiration of a license or permit. Provides that when a license holder or permit holder has made a timely and sufficient application for the renewal of a license or recovery permit, the existing license or recovery permit shall continue in full force and effect until the final agency decision on the application has been made, unless a later date is fixed by order of a reviewing court. Provides that the Commission shall not require the license or permit holder or applicant to report and shall not consider law enforcement records, court records, and conviction records of an individual who was 17 years old (rather than 18 years old) or younger at the time of the conviction. Makes other changes. Amends the Regulatory Sunset Act. Extends the repeal date of the Collateral Recovery Act to January 1, 2032. Effective January 1, 2022, except provisions amending the Regulatory Sunset Act take effect immediately. Senate Committee Amendment No. 1 Deletes reference to: 225 ILCS 422/35 225 ILCS 422/45 225 ILCS 422/50 225 ILCS 422/75 225 ILCS 422/85 Replaces everything after the enacting clause. Reinserts the provisions of the introduced bill with the following change. Removes the changes made to the Collateral Recovery Act. Effective immediately. House Floor Amendment No. 1 Deletes reference to: 5 ILCS 80/4.41 new Adds reference to: 5 ILCS 80/4.37 In provisions amending the Regulatory Sunset Act, provides for the repeal of the Collateral Recovery Act on January 1, 2027 (rather than on January 1, 2032).