- 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.
(Source: Amended at 47 Ill. Reg. 9271, effective June 20, 2023)