IL SB2470

No expedited application shall be accepted or processed for a corrected or duplicate certificate of title that seeks to remove a lienholder unless the applicant surrenders the last issued certificate of title with a completed lien release.

Each certificate of title shall include an expiration date of December 31 of the year in which the lien is satisfied for any lienholder with a perfected security interest.

If a recorded lienholder does not respond to a request to verify a lien release letter within 7 calendar days of receipt, the Secretary of State shall process the owner's application for corrected title without the lienholder's consent.

The Secretary of State may issue a "dealer lien release and affirmation of loan certificate of title" to a financial institution or registered lienholder upon extending or refinancing a loan on passenger vehicles of the first division or second division vehicles weighing no more than 12,000 pounds.

The bill takes effect January 1, 2019.