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Law lessens time to release vehicle security interest

December 22, 2003
A new law reduces the length of time to release a vehicle's security interest. Within 21 days after receipt of payment in satisfaction of a security interest, a release of the security interest must be executed and the certificate of title delivered to the proper person. If payment is in the form of cash, a cashier's check or money order, the time limit is reduced to 10 days. Unlike the current law, a knowing failure to execute the release or forward the title can lead to a $150 fine. Gov. Rod Blagojevich signed Senate Bill 1149 into law Dec. 15.The new law takes effect Jan. 1, 2004.
 

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