Illinois · Illinois Vehicle Code (625 ILCS 5)
625 ILCS 5 § 5-101.1: Motor vehicle financing affiliates; licensing
What this law says, in plain English
Businesses that finance motor vehicles must obtain written licensing from the Secretary of State and submit detailed applications including business information, dealer contacts, ownership details, insurance certificates with minimum $100,000 bodily injury coverage, and manufacturer contracts.
Facing this? Know exactly what happens next.
MOFRD turns this code section into your situation: the deadlines that apply to you, the forms your county uses, and the resolution paths people in your position actually take. Free for 3 days — no card required.
This page is legal information, not legal advice. Code text is sourced from official publications and may lag amendments — always confirm at the official source linked above. Plain-English summaries and relationship data are AI-derived and reviewed on an ongoing basis; verify with a licensed attorney before acting.