Illinois HB5012 amends the Vehicle Hijacking and Motor Vehicle Theft Prevention and Insurance Verification Act to establish a Trust Fund for vehicle.
HB5012 creates the Vehicle Hijacking and Motor Vehicle Theft Prevention and Insurance Verification Trust Fund, administered by the Secretary of State. Insurers and self-insured commercial vehicle rental companies must contribute to this fund, which will support programs to reduce vehicle theft and improve law enforcement. Funds will also support an electronic insurance verification program. The Trust Fund will not be considered general revenue and will not be appropriated or loaned. Effective January 1, 2027.
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