Illinois Compiled Statutes 625 ILCS 5/5-102.9 – Alternative vehicle sales and ownership
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(a) The Secretary may create special dealership licenses for entities that specialize in specific types of used motor vehicles that may be based on model, make, age, or any other factor that the Secretary deems appropriate.
(b) Any owner who is not a manufacturer of the vehicle and chooses to lease a used vehicle for a period of less than 12 months shall ensure that the lessee maintains valid registration and liability insurance as set forth in Chapter 7 of this Code. The owner of the vehicle shall not collect any fees in connection with the registration of the vehicle unless the owner is also a licensed remittance agent under this Code.
(c) The Secretary may adopt any rules necessary to implement this Section.
(b) Any owner who is not a manufacturer of the vehicle and chooses to lease a used vehicle for a period of less than 12 months shall ensure that the lessee maintains valid registration and liability insurance as set forth in Chapter 7 of this Code. The owner of the vehicle shall not collect any fees in connection with the registration of the vehicle unless the owner is also a licensed remittance agent under this Code.
Terms Used In Illinois Compiled Statutes 625 ILCS 5/5-102.9
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
(c) The Secretary may adopt any rules necessary to implement this Section.