Effective July 1, 2012, the Collateral Recovery Act, 225 ILCS 422/1 et seq.External Link 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.External Link, which became effective June 1, 2012.

*** NOTICE ***
Amendments to the Collateral Recovery Administrative Rules, 92 Ill. Adm. Code 1480 et seq.

The Illinois Commerce Commission has amended the Collateral Recovery Administrative Rules, 92 Ill. Adm. Code 1480 et seq. The amendments became effective March 14, 2014.

As a result of the amendments, many of the forms and applications have been updated. All persons currently licensed under the Collateral Recovery Act are strongly encouraged to review the amended rules.

Effective Monday, March 17, 2014, all applications and registrations must be submitted on the updated forms and must be accompanied by the required fee. Any applications or registrations submitted on the outdated forms will be rejected.

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

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