Bill Status of HB4402 94th General Assembly
Short Description: COLLATERAL RECOVERY ACT
Rep. Frank J. Mautino
Statutes Amended In Order of Appearance
Synopsis As Introduced
Creates the Collateral Recovery Act. Provides for the licensure of repossession agencies, the certification of recovery managers, and the registration of repossession agency employees. Establishes the Illinois Repossession and Recovery Board. Grants rulemaking authority to the Department of Financial and Professional Regulation. Sets forth provisions concerning qualifications, application, examination, assignment, insurance requirements, and administrative proceedings. Prohibits recovery work on a contingency basis.