SB1303 amends the Illinois Vehicle Code to adjust liability limits for renters of stolen vehicles.

SB1303 modifies the Illinois Vehicle Code to set specific liability limits for renters of stolen vehicles. For vehicles with a Manufacturer's Suggested Retail Price (MSRP) of $50,000 or less, the maximum liability is $5,000. For vehicles with an MSRP over $50,000, the maximum liability is $40,000. The bill also mandates that rental companies provide estimates for repair costs and requires renters to notify their insurance companies of thefts. Additionally, it prohibits rental companies from collecting damages exceeding actual repair costs.

SB1303 amends the Illinois Vehicle Code to adjust liability limits for renters of stolen vehicles.

SB1303 modifies the Illinois Vehicle Code to set specific liability limits for renters of stolen vehicles. For vehicles with a Manufacturer's Suggested Retail Price (MSRP) of $50,000 or less, the maximum liability is $5,000. For vehicles with an MSRP over $50,000, the maximum liability is $40,000. The bill also mandates that rental companies provide estimates for repair costs and requires renters to notify their insurance companies of thefts. Additionally, it prohibits rental companies from collecting damages exceeding actual repair costs.