Effective July 1, 2012, the Collateral Recovery Act,
225 ILCS 422/1 et seq.
became law. The purpose of the Act is to regulate individuals and entities engaged in the business of collateral recovery
in the State of Illinois. The Act gives the Illinois Commerce Commission the power to regulate repossession agencies and their
employees, managers or agents in accordance with the Act, and among other things, establish reasonable requirements with respect
to their business practices. In addition to the Collateral Recovery Act,
the Illinois Commerce Commission has adopted Administrative Rules,
92 Ill. Adm. Code 1480.10 et seq.,
which became effective June 1, 2012.
*** NOTICE*** Enforcement of the Collateral Recovery Act *** NOTICE ***
The Illinois Commerce Commission began enforcement of the Collateral Recovery Act and its related administrative rules on September 1, 2012.
Any reposession agency operating in the State of Illinois must be licensed by the Commission prior to engaging in repossession
activities. In addition, all persons managing these agencies and those individuals conducting repossessions must have the proper
license or permit from the Commission to conduct those activities. Collateral recovery agencies, managers and employees that have
applied with the Commission but have not received a license or permit cannot perform repossession activities and are subject to
fines and penalties.
Following are various applications, forms, and reports relating to collateral recovery licensure and operations.
In addition, businesses and individuals interested in becoming licensed under the Collateral Recovery Act are strongly encouraged
to review the Informal Guidance document below for information regarding the licensure process and answers to frequently
asked questions.
Applications for Licenses/Permits
Recovery Ticket Order Forms
Insurance
Approved Certification Programs
The Illinois Commerce Commission has approved the following certification programs for individuals seeking licenses/permits under the Collateral Recovery Act in Illinois:
Applications for Approval of Certification Programs
Recordkeeping
Miscellaneous Applications and Forms
Search for Collateral Recovery Agency, Managers, Employees, Interns