IL SB3249

Adds "automobile rental company" definition as a person or entity whose primary business is renting motor vehicles to the public for 30 days or less.

Adds "salvage auction" definition as a person or entity whose primary business is the sale of motor vehicles for which insurance companies have made total loss claim payments.

Exempts automobile rental companies and their employees from repossession licensing requirements when conducting repossession activities on behalf of the rental company.

Exempts towing companies acting on behalf of automobile rental companies or salvage auctions from licensing requirements.

Exempts retail equipment sellers and equipment finance entities from repossession licensing requirements when repossessing their own goods or equipment.

Effective date: July 1, 2012.