IL HB5624

Amends the Collateral Recovery Act to authorize licensed repossession agencies to charge debtors a one-time administration fee of $100 for recovering personal property from repossessed vehicles.

Allows repossession agencies to charge a storage fee of $35 per day for expenses incurred in inventorying and storing the debtor's personal property.

Requires repossession agencies to maintain complete and accurate inventory records of personal effects found in recovered vehicles for 2 years following repossession.

Mandates written notification to debtors within 5 working days of repossession and requires 45 days' notice before disposal of unclaimed personal property via certified mail.

Permits disposal of unclaimed personal property after 45 days if not claimed, except illegal items or contraband must be surrendered to law enforcement.