SB1556 Summary

• Expands the definition of "junk vehicle" to include vehicles that have been branded or assigned as junk by another state or jurisdiction.

• Amends the definition of "remittance agent" to include persons who consult or advise the public on vehicle certificates of title, taxes, registration renewals, and registration plates.

• Increases bond requirements for remittance agents from $10,000 to $20,000 minimum and increases bond requirements for new and used vehicle dealers from $20,000 to $50,000.

• Allows the Secretary of State to issue vehicle titles to out-of-state residents who purchased vehicles from Illinois-licensed dealers that subsequently went out of business or failed to properly transfer titles.

• Adds certificate of title provisions for vehicle certificates to include lienholders' fax numbers and electronic addresses, and creates an optional beneficiary designation for vehicle ownership transfer upon owner's death.