AFSA Comments on Illinois Legislation Affecting Vehicle Titles
On April 19, AFSA’s National Title Solutions Forum (NTSF) submitted a comment letter to the Illinois Senate Transportation Committee in opposition to Senate Bill 2470, which would make changes to the titling and lien release processes for vehicles in Illinois, including requiring that all vehicle titles include an automatic lien expiration date.
NTSF’s letter explained that the proposed automatic lien expiration date would complicate the vehicle titling process by treating vehicle titles differently depending on the original date of lien satisfaction. The letter suggested that the state consider a more measured approach to treat all titles uniformly. Additionally, the letter requested more clarity from the state on the process to apply for a corrected vehicle title in the event a loan is extended or refinanced. Several other industry groups previously registered opposition to the bill, including the Illinois Financial Services Association.
The deadline for Senate bills to pass the full chamber is April 27, and AFSA will continue to monitor the process and keep members apprised of any future changes to the proposed legislation.
April 19th, 2018 by Dan Bucherer