IL SB1733

Increases maximum liability for vehicle theft from $2,000 to the actual and reasonable costs up to the fair market value of the vehicle, calculated using a commonly and commercially accepted method.

Establishes different liability limits based on vehicle MSRP: vehicles with MSRP of $50,000 or less follow original tiered recovery limits with annual $500 increases for authorized drivers; vehicles with MSRP exceeding $50,000 have a $40,000 cap on theft losses with annual increases of $2,500 through October 1, 2019, then $1,000 annually thereafter.

Makes renters liable for damage or fair market value when they lose or fail to secure rental vehicle keys, unless the key loss results from a criminal offense against the renter.

Requires rental companies to obtain repair estimates and provide copies to renters before collecting damage claims, and to notify renters' personal insurance companies of theft losses for vehicles exceeding $50,000 MSRP.

Prohibits rental companies from charging deposits or advance charges for vehicle damage and restricts payment collection until liability is agreed upon or determined by law.