IL SB1834

Amends the Collateral Recovery Act to add exemptions for vehicle auctioneers licensed under the Illinois Vehicle Code who sell repossessed vehicles but do not directly perform repossessions.

Exempts forwarding persons or entities acting on behalf of creditors or lenders that forward repossession assignments to licensed agencies but do not directly perform the repossessions themselves.

Maintains existing licensing requirements for repossession agencies, recovery managers, and recovery permit holders conducting vehicle or collateral repossession in Illinois.

Preserves existing exemptions for financial institutions, automobile rental companies, towing companies with creditor/rental company representatives present, retail equipment sellers, and salvage auctioneers.