Ill. Admin. Code tit. 38 § 110.410

Current through Register Vol. 48, No. 25, June 21, 2024

Section 110.410 - Security Interest

a) A title-secured lender shall not take a security interest in any of the obligor's property other than the obligor's motor vehicle title, as tendered to the lender at the time of the making of the loan.

b) Notwithstanding subsection (a), a title-secured lender may accept an agreement for repayment by preauthorized electronic transfers but may not condition an extension of credit on repayment by preauthorized electronic transfer.

Ill. Admin. Code tit. 38, § 110.410

Amended at 33 Ill. Reg. 4142, effective April 1, 2009

Amended at 47 Ill. Reg. 9271, effective 6/20/2023