State Government Administration Committee
Filed: 2/22/2007
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1 | AMENDMENT TO HOUSE BILL 217
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2 | AMENDMENT NO. ______. Amend House Bill 217 on page 1, line | ||||||
3 | 5, by replacing "Section 3-113" with "Sections 3-113 and | ||||||
4 | 3-202"; and
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5 | on page 2, below line 9, by inserting the following:
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6 | "(625 ILCS 5/3-202) (from Ch. 95 1/2, par. 3-202)
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7 | Sec. 3-202. Perfection of security interest.
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8 | (a) Unless excepted by Section 3-201, a security interest | ||||||
9 | in a
vehicle of a type for which a certificate of title is | ||||||
10 | required is not
valid against subsequent transferees or | ||||||
11 | lienholders of the vehicle
unless perfected as provided in this | ||||||
12 | Act.
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13 | (b) A security interest is perfected by the delivery to the
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14 | Secretary of State of the existing certificate of title, if | ||||||
15 | any, an
application for a certificate of title containing the | ||||||
16 | name and address
of the lienholder and the
required fee. The |
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1 | security interest is perfected as of the time of
its creation | ||||||
2 | if the
delivery to the Secretary of State is completed within | ||||||
3 | 30
21 days after the
creation of the security interest or | ||||||
4 | receipt by the new lienholder of the
existing certificate of | ||||||
5 | title from a prior lienholder or licensed
dealer, otherwise as | ||||||
6 | of the
time of the delivery.
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7 | (c) If a vehicle is subject to a security interest when | ||||||
8 | brought into
this State, the validity of the security interest | ||||||
9 | is determined by the
law of the jurisdiction where the vehicle | ||||||
10 | was when the security interest
attached, subject to the | ||||||
11 | following:
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12 | 1. If the parties understood at the time the security | ||||||
13 | interest
attached that the vehicle would be kept in this | ||||||
14 | State and it was brought
into this State within 30 days | ||||||
15 | thereafter for purposes other than
transportation through | ||||||
16 | this State, the validity of the security interest
in this | ||||||
17 | State is determined by the law of this State.
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18 | 2. If the security interest was perfected under the law | ||||||
19 | of the
jurisdiction where the vehicle was when the security | ||||||
20 | interest attached,
the following rules apply:
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21 | (A) If the name of the lienholder is shown on an | ||||||
22 | existing
certificate of title issued by that | ||||||
23 | jurisdiction, his security interest
continues | ||||||
24 | perfected in this State.
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25 | (B) If the name of the lienholder is not shown on | ||||||
26 | an existing
certificate of title issued by that |
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1 | jurisdiction, a security interest
may be perfected by | ||||||
2 | the lienholder delivering to the Secretary of State
the | ||||||
3 | prescribed notice and by payment of the required fee. | ||||||
4 | Such security
interest is perfected as of the time of | ||||||
5 | delivery of the prescribed
notice and payment of the | ||||||
6 | required fee.
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7 | 3. If the security interest was not perfected under the | ||||||
8 | law of the
jurisdiction where the vehicle was when the | ||||||
9 | security interest attached,
it may be perfected in this | ||||||
10 | State; in that case perfection dates from
the time of | ||||||
11 | perfection in this State.
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12 | 4. A security interest may be perfected under paragraph | ||||||
13 | 3 of this
subsection either as provided in subsection (b) | ||||||
14 | or by the lienholder
delivering to the Secretary of State a | ||||||
15 | notice of security interest in
the form the Secretary of | ||||||
16 | State prescribes and the required fee.
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17 | (Source: P.A. 91-893, eff. 7-6-00.)".
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