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Bill could help dealers get titles quicker

July 6, 2012
Dealers could obtain a lien release certificate of title from the Illinois secretary of state’s office for $20, under legislation before Gov. Pat Quinn. The matter cleared both chambers of the Illinois General Assembly without a dissenting vote.
 
Quinn has until late August to act on House Bill 5493; otherwise the proposal becomes law.
 
The legislation attempts to accelerate the process because some lienholders do not act quickly to release titles of trade-ins after dealers pay off the loans. Some dealers have been ticketed for not having titles for all the vehicles on their lots, and current laws subject those dealers to having their licenses to sell suspended or revoked.
 
While lienholders are required to release a title within 20 days after a loan balance is settled—10 days if it is settled with cash—banks increasingly ignore the deadlines, citing far-flung centralized locations where all payments must be routed and other reasons.
 
 

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