SB0573 Summary

• Implements electronic lien and title system by July 1, 2022, allowing lienholder to perfect, assign, and release liens electronically; Secretary may charge reasonable fees established by rule.

• Expands electric vehicle registration options: beginning 2023, electric vehicle owners may register with any qualifying registration type and pay additional $100 annual surcharge to identify the vehicle as electric.

• Requires new vehicle dealers, used vehicle dealers, motor vehicle financing affiliates, and manufactured home dealers to provide full name, address, and contact information of each agent or legal representative who is an Illinois resident and liable for dealership performance.

• Prohibits individuals whose licenses were voluntarily surrendered or revoked for recordkeeping violations or inability to properly issue certificates of title from being named on future dealer license applications or working in recordkeeping/management positions for other licensees.

• Creates Section 5-505 to allow Secretary to suspend licenses for 30+ days (first violation) or revoke licenses (subsequent violations) for licensees who permit unauthorized individuals to use their license to purchase vehicles at auction.