VEH CD-SECURITY INTEREST
Amends the Illinois Vehicle Code. Provides that within 15 days after payment in satisfaction of a security interest in a vehicle is received, a release of the security interest must be executed and the certificate of title delivered to the proper person (rather than within 10 days after demand or within 30 days after payment is received). Provides that the time limit is reduced to 5 days if the payment is received in the form of cash, cashier's check, or money order. Provides that a violation is a Class B misdemeanor, and the offender must pay a fine of $250 for each violation. Provides that a second or subsequent violation is a Class A misdemeanor.
Signed into law Dec 15, 2003
1 co-sponsor