IL HB5092

Increases the maximum liability for renters of vehicles with MSRP of $50,000 or less when a rental vehicle is stolen, changing the cap from $2,000 to the full fair market value of the vehicle immediately before the loss occurred

Removes the previous provision that only charged renters full fair market value for theft if they failed to exercise ordinary care or aided in the theft commission

Fair market value must be calculated using a commonly and commercially accepted valuation method

Amends Section 6-305.2 of the Illinois Vehicle Code regarding limited liability for damage to rental vehicles

Introduced by Representative Justin Slaughter during the 101st General Assembly (2019-2020)