COLLATERAL RECOVERY ACT

Amends the Collateral Recovery Act. Provides that each individual, partner of a partnership, officer of a corporation, or member of a limited liability company shall submit with an application for licensure as a repossession agency a valid State or U.S. government-issued photo identification card (rather than one form of personal identification upon which must appear a photograph taken within one year immediately preceding the date of the filing of the application). Requires the Illinois Commerce Commission to notify the submitting person within 14 days (rather than 10 days) after receipt of a criminal history records check (rather than after receipt of the application) of its intent to issue (rather than issue or deny) the recovery permit or set the matter for an administrative hearing before an administrative law judge. Provides that a recovery employee may work under a recovery permit for multiple licensed repossession agencies. Permits the Commission to allow electronic payments for license and permit fees. Provides that certain fees must be paid at the time of filing and are nonrefundable. Provides that at least 90 days prior to the expiration of a license or recovery permit, the Commission shall send to the license or permit holder a renewal notice (rather than mail to the license or permit holder a renewal form in the form and manner prescribed by the Commission). Provides that applications for renewal of a license or permit shall be filed with the Commission no earlier than 90 days, and not later than 45 days, prior to the expiration of a license or permit. Provides that, when a license holder or permit holder has made such timely and sufficient application for the renewal of a license or recovery permit, the existing license or recovery permit shall continue in full force and effect until the final agency decision on the application has been made, unless a later date is fixed by order of a reviewing court.