Illinois Repo Laws - Repossession Laws
Repo Laws - Repossession Laws in Illinois:
Where do I refer to for Title or License Registration?
For state Title and License Information, refer to:
Secretary of State
Shown on title held by lienholder.
Uniform Commercial Code (UCC)
adopted in July, 1962: recorded in
the county where mortgagor resides
or where property is located.
As per the UCC, repossession is
allowed and permitted as long as it
Security agreements allow 21 days
prior to date of sale by payment in
Confession of judgment is valid.
Deficiency is permitted but if
debtor has paid 50% of the contract
price, resale bars suit for price.
All liens must be noted to be
effective and title is retained by
lienholder. No other recording
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.
Remain with the owner / debtor.
All recovery requirements and fees are current as of 2002.
Repo-Laws.com does not warrant the accuracy of these Repo Laws - Repossession Laws or recovery requirements. The Repo Laws - Repossession Laws or recovery requirements listed on Repo-Laws.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 there.