IL SB3358

Secretary of State may register vehicles without a certificate of title if ownership or security interests cannot be verified.

Secretary of State can either withhold the certificate of title until proper ownership documentation is provided, or require a surety bond equal to 1.5 times the vehicle's value.

Bond must indemnify prior owners, lienholders, and subsequent purchasers against expenses, losses, or damages including attorney's fees resulting from title issuance or defects in ownership.

Bond and any cash deposits are returned after 3 years or when the vehicle is no longer registered in Illinois and title is surrendered, unless a legal action is pending.

Secretary of State shall waive bonding requirements for antique vehicles manufactured more than 50 years before the title application date.