Ill. Admin. Code tit. 92, § 1480.150 - Registration Procedures

Current through Register Vol. 46, No. 15, April 8, 2022

a) Repossession agencies shall register all recovery managers and persons engaged in actual repossession with the Commission. Registration shall be completed on forms and contain the information prescribed by the Commission. Incomplete or incorrect registration forms shall be refused or rejected by the Commission.
b) Registrations shall not be effective until accepted by the Commission.
c) No repossession agency shall issue an employee identification card until a registration for that employee or intern has been accepted by the Commission.
d) Registrations shall indicate, for every person being registered as an employee or intern who will perform actual repossessions by driving away collateral, or towing collateral by a tow truck, or both, on behalf of the licensed repossession agency, whether the person being registered holds a valid state driver's license or restricted driving permit. The Commission shall not accept a registration when the registration indicates that the person being registered as an employee or intern will perform actual repossessions by driving away or driving a tow truck to tow away collateral, or both, without a valid state driver's license or restricted driving permit.
e) Once a person is registered with the Commission, the registration shall be updated by filing a form containing the information prescribed by the Commission to effect any changes to the registration.
f) If a registered person's license or recovery permit is summarily suspended, the Commission shall notify the license or permit holder and any repossession agency with which that person is registered.
g) Registrations for temporary, licensed recovery managers shall indicate the specific period of time during which the temporary, licensed recovery manager will serve as a recovery manager in control or management of the repossession agency main office or branch office. A temporary, licensed recovery manager may only be registered as such for a period of 30 days, at the end of which the registration will expire. The registration of the licensed recovery manager who is being temporarily replaced need not be cancelled when the licensed recovery manager temporarily ceases control and management of the repossession agency main office or branch office.

Notes

Ill. Admin. Code tit. 92, § 1480.150

Amended at 38 Ill. Reg. 5821, effective March 14, 2014

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