VEH CD-RENTER LIABILITY LIMITS

Amends the Illinois Vehicle Code. Deletes language setting a limit of $2,000 on the liability of a renter for the theft of a rented motor vehicle. Provides that the renter's maximum liability is the fair market value of the vehicle, as determined by the customary market for the sale of the vehicle. Provides that, beginning June 1, 2005, the renter of a vehicle that is damaged shall be liable for the lesser of (i) the actual and reasonable costs that would have been incurred if the vehicle had been repaired or (ii) the fair market value of the vehicle before the damage occurred, as determined in the customary market for the retail sale of that motor vehicle. Effective immediately.