Illinois Redeemed Repo tradeline
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Posted by JG
(68.72.112.114) on July 20, 2003 at 02:19:48:
The Illinois Motor Vehicle Retail Installment Sales Act [815 ILCS 375], section 20 states: ========================================== IL ST CH 815 §375/20 [S.H.A. 815 ILCS 375/20] (815 ILCS 375/20) (from Ch. 121 1/2 , par. 580) §20. Unless otherwise limited by this Act, the parties shall have the rights and remedies provided in Article 9 of the Uniform Commercial Code [FN1] with respect to default and disposition and recovery redemption of collateral. If the holder of a retail installment contract repossesses a motor vehicle that was used as collateral, the holder shall be subject to the requirements of and shall transfer the certificate of title pursuant to Section 3-114 of the Illinois Vehicle Code. [FN2] If the buyer has paid an amount equal to 60% or more of the deferred payment price at the time of his default under the contract and if the buyer, at the request of the holder and without legal proceedings, surrenders the goods to the holder in ordinary condition and free from malicious damage, the holder must, within a period of 5 days from the date of receipt of the goods at his place of business, elect either (a) to retain the goods and release the buyer from further obligation under the contract, or (b) to return the goods to the buyer at the holder's expense and be limited to an action to recover the balance of the indebtedness. If the buyer has paid an amount equal to 30% or more of the deferred payment price at the time of repossession, the buyer shall have the right to reinstate the contract and recover the collateral from the holder within 15 days from the date of repossession by tendering (a) the total of all unpaid amounts, including any unpaid delinquency or deferral charges due at the time of tender, without acceleration, and (b) performance necessary to cure any default other than nonpayment of the amounts due; and (c) any reasonable cost or fees incurred by the holder in the retaking of the goods. [b]Tender of payment and performance pursuant to this Section restores to the buyer his rights under the contract as though no default had occurred.[/b] The buyer has a right to reinstate the contract and recover the collateral from the holder only once under this Section. The holder may, in the holder's sole discretion, extend the period during which the buyer may reinstate the contract and recover redeem the collateral beyond the 15 days allowed under this Section, and the extension shall not subject the holder to liability to the buyer under the laws of this State. The holder must give written notice to the buyer, within 3 days of the repossession, of the buyer's right to reinstate the contract and recover the collateral pursuant to this Section. ========================================== Does the bolded section above mean that if a repossession was successfully redeemed, the tradeline on credit reports should not reflect a status of "Repossession"? The MVRISA in PDF form is downloadable from here: http://www.state.il.us/dfi/ccd/ccd_acts_rules.htm Thanks in advance for anyone's opinion/advice!
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