SB1545 Summary

• Changes the damage threshold for determining when a repossessed vehicle must receive a salvage certificate from 33 1/3% to 50% of fair market value in Sections 3-114, 3-117.1, and 3-301 of the Illinois Vehicle Code.

• Adds new subsection (d-5) to Section 3-114 allowing a surviving spouse to obtain vehicle title within 180 days after the owner's death by providing proof of death, ownership transfer, marital relationship, and applicable fees.

• Expands repossession procedures in subsection (f-5) requiring lienholders to provide notice of redemption and affidavit of defense to owners of vehicles used for personal, family, or household purposes, with a 21-day redemption period before sale.

• Adds subsection (f-7) granting owners who have paid 30% or more of the deferred payment price a one-time right to reinstate their loan agreement within 21 days of repossession.

• Adds subsection (f-30) exempting lienholders from notice and waiting period requirements when a repossessed vehicle is subject to bankruptcy proceedings.