Illinois Administrative Code › Title 92 - TRANSPORTATION › Part 1480 - COLLATERAL RECOVERY › Subpart A - MISCELLANEOUS PROVISIONS › Section 1480.10 - Definitions

Current through Register Vol. 48, No. 28, July 12, 2024
"Act": the Collateral Recovery Act [225 ILCS 422 ].
"Administrative Law Judge": a Hearing Examiner or a Hearing
				  Officer of the Illinois Commerce Commission's Transportation Division.
"Agent": when used in the Act or this Part, means a person or
				  entity that is authorized to act for or in place of another, and is not a
				  towing company or a person or entity acting on behalf of a towing company, a
				  repossession agency or a person or entity acting on behalf of a repossession
				  agency.
"Applicant": a person or entity seeking action with respect
				  to a license, recovery permit or registration or a certification program under
				  the Act and this Part.
"Application": the form and process for seeking action with
				  respect to licensure, a recovery permit or registration or a certification
				  program under the Act and this Part. The time frame and consequences of failing
				  to complete an application within the specific time frame as provided in
				  Section 35(k) of the Act shall apply to all applications under the Act and this
				  Part. Specifically, applicants have 90 days from the date of application to
				  complete the application process. If the application has not been completed
				  within 90 days, then the application shall be denied, any fee paid shall be
				  forfeited, and the applicant must reapply and meet the requirements in effect
				  at the time of reapplication. [225 ILCS
				  422/35(k) ]
"Assignment": a written authorization by a legal owner, lien
				  holder, lessor, lessee, or licensed repossession agency authorized by a legal
				  owner, lien holder, lessor or lessee to locate or repossess, involuntarily or
				  voluntarily, any collateral, including, but not limited to, collateral
				  registered under the Illinois Vehicle Code that is subject to a security
				  agreement that contains a repossession clause or is the subject of a rental or
				  lease agreement."Assignment" also means a written authorization by an employer
				  to recover any collateral entrusted to an employee or former employee if the
				  possessor is wrongfully in the possession of the collateral. A photocopy,
				  facsimile copy, or electronic copy of an assignment shall have the same force
				  and effect as an original written assignment. [225 ILCS
				  422/10 ]
"Branch Office": each additional office and secured storage
				  facility location of a repossession agency located in and conducting business
				  within the State of Illinois and operating under the same name as the
				  repossession agency where business is actively conducted or is engaged in the
				  business authorized by the licensure. Each branch office must be individually
				  licensed. [225 ILCS
				  422/10 ]
"Class "E" Recovery Permit": a permit issued to an individual
				  whose duties include the actual repossession of collateral for a Class "R"
				  recovery agency or a Class "RR" branch office and who has met the required
				  criteria for obtaining the permit in accordance with the Act and this
				  Part.
"Class "EE" Recovery Permit": a permit issued to an intern
				  whose duties include the actual repossession of collateral under the direction
				  and control of a designated, sponsoring Class "E" recovery permit or a
				  designated, sponsoring Class "MR" license and who has met the required criteria
				  for obtaining the permit in accordance with the Act and this Part.
"Class "MR" License": a license issued to any individual who
				  performs the services of a recovery manager for a Class "R" recovery agency or
				  a Class "RR" branch office and who has met the required criteria for licensure
				  in accordance with the Act and this Part.
"Class "R" License": a license issued to any person, firm,
				  company, partnership or corporation that engages in business as a recovery
				  agency and has met the required criteria for licensure in accordance with the
				  Act and this Part. A Class "R" license is valid only for a repossession
				  agency's main office.
"Class "RR" License": a license issued to each branch office
				  of a Class "R" repossession agency that has met the required criteria for
				  licensure in accordance with the Act and this Part.
"Collateral": any vehicle, boat, recreational vehicle, motor
				  home, motorcycle or other property that is subject to a security, lease or
				  rental agreement. [225 ILCS 422/10]
"Commission": the Illinois Commerce Commission.
"Debtor": any person or entity obligated under a lease,
				  rental, or security agreement. [225 ILCS 422/10]
"Deceive": the result from actions prohibited by Section 2 of
				  the Consumer Fraud and Deceptive Business Practices Act [815 ILCS
				  505/2 ].
"Defraud": the result of making a reckless or knowing
				  misrepresentation of truth or concealment of fact to induce another to act to
				  his or her detriment.
"Dishonorable": not in conformity with the Act or this
				  Part.
"Financial Institution": a bank, a licensee under the
				  Consumer Installment Loan Act [205 ILCS 670 ], savings bank, savings and loan
				  association, or credit union organized and operating under the laws of this or
				  any other state or of the United States, and any subsidiary or affiliate
				  thereof. [225 ILCS 422/10]
"Harm": adverse effect, injury, loss, damage or
				  detriment.
"Immediate Family": includes the person's spouse, parents,
				  children, siblings and partner in a civil union pursuant to the Illinois
				  Religious Freedom Protection and Civil Union Act [750 ILCS 75 ].
"Legal Owner": a person holding a security interest in any
				  collateral that is subject to a security agreement, a lien against any
				  collateral, or an interest in any collateral that is subject to a lease or
				  rental agreement. [225 ILCS 422/10]
"Licensure": the approval of the required criteria that has
				  been submitted for review in accordance with the provisions of the Act
				  [225 ILCS 422/10
				  ]
for the purpose of licensing a recovery manager, repossession
				  agency and branch office of a repossession agency.
"Main Office": primary facility of a licensed repossession
				  agency located in the State of Illinois.
"Pending Criminal Charge": alleged violation of any penal law
				  of the United States or any state or territory of the United States brought
				  before a court against a person or entity that may result in a conviction for a
				  crime that is a felony, a misdemeanor an essential element of which is
				  dishonesty, or a crime related to the practice of the profession [225 ILCS
				  422/80 ] but that has not been adjudicated by the
				  court as of the date of application or the date of hearing.
"Pending Criminal Proceeding": judicial process instituted to
				  adjudicate criminal charges brought before a court against a person or entity
				  that has not culminated in an entry of a sentence, a guilty or not guilty
				  judgment, a dismissal, or an order striking the criminal charges as of the date
				  of application or the date of hearing.
"Personal Effects": any property contained within or on
				  repossessed collateral, or property that is not permanently affixed to the
				  collateral, that is not the property of the legal owner. [225 ILCS
				  422/10]
"Recovery Manager": a person who possesses a valid license in
				  accordance with the provisions of the Act and is in control or management of a
				  repossession agency.[225 ILCS 422/10]
"Recovery Permit": a permit issued by the Commission to a
				  repossession agency employee who has met all the requirements under the Act.
				  [225 ILCS 422/10]
"Recovery Ticket": a serialized record obtained from the
				  Commission for any repossessed vehicle or collateral evidencing that any
				  person, business, financial institution, automotive dealership, or repossession
				  agency who shows a recovery ticket has paid the recovery ticket fee to the
				  Commission. [225 ILCS 422/10]
"Remote Storage Location": a secured storage facility of a
				  licensed repossession agency designated for the storage of collateral that is a
				  secure building or has a perimeter that is secured with a fencing construction
				  that makes the area not accessible to the public. A remote storage location
				  shall not transact business with the public and shall provide evidence of
				  applicable insurance to the Commission that specifies the licensed repossession
				  agency as the primary policy holder. A remote storage location shall be located
				  in a commercially zoned area physically located in Illinois. [225 ILCS
				  422/10]
"Repossession Agency": any person or entity conducting
				  business within the State of Illinois, that, for any type of consideration,
				  engages in the business of, accepts employment to furnish, or agrees to provide
				  or provides property locating services, property recovery, recovered property
				  transportation, recovered property storage, or all services relevant to any of
				  the following:
The location, disposition, or recovery of property as
				  authorized by the self-help provisions of the Uniform Commercial Code;
The location, disposition, or recovery of lost or stolen
				  property;
Securing evidence concerning repossession and recovery to be
				  used before any court, board, office, or investigating committee;
Inventory of property contained in or on the collateral or
				  recovered property;
The possession of collateral;
The prevention of the misappropriation or concealment of
				  chattel, vehicles, goods, objects, documents, or paper.
"Repossession Agency" does not include any of the
				  following:
An attorney at law who is performing his or her duties as an
				  attorney at law.
The legal owner of collateral that is subject to a security
				  agreement;
An officer or employee of the United States of America or of
				  this State or a political subdivision of this State while the officer or
				  employee is engaged in the performance of his or her official duties;
A qualified recovery manager's license or recovery permit
				  holder when performing services for, or on behalf of, a licensed repossession
				  agency;
A collection agency licensed under the Collection Agency Act
				  [225 ILCS 425 ] when its activities are limited to assisting an owner in the
				  recovery of property that is not collateral, as defined in this Act. [225 ILCS
				  422/10]
"Repossession Agency Employee": any person or self-employed
				  independent contractor who is hired by a repossession agency. [225 ILCS
				  422/10]
"Secured Storage Facility": an area located on the same
				  premises as a repossession agency office or branch office that is designated
				  for the storage of collateral and is a secure building or has a perimeter that
				  is secured with a fencing construction that makes the area not accessible to
				  the public. Each repossession agency office or branch office must maintain a
				  secured storage facility. [225 ILCS 422/10]
"Security Agreement": an obligation, pledge, mortgage,
				  chattel mortgage, lease agreement, rental agreement, deposit, or lien, given by
				  a debtor as securityfor payment or performance of his or her debt by furnishing
				  the creditor with a recourse to be used in case of failure in the principal
				  obligation. "Security agreement" includes a bailment where an employer-employee
				  relationship exists or existed between the bailor and the bailee. [ 225 ILCS
				  422/10]
"Transferee-Applicant": an applicant for transfer of a Class
				  "R" License under the Act and this Part.
"Unethical": not in conformity with the Act or this
				  Part.
"Unprofessional": not in conformity with the Act or this
				  Part.
"Violation": failure to comply with a provision of the Act,
				  this Part or Commission orders. Each day's continuance of a violation shall
				  constitute a separate violation.