SPRINGFIELD, Ill. -

Illinois repossession agents and recovery professionals are bracing for the state’s new Collateral Recovery Act to go into effect. The new law requires agents to become licensed through the Illinois Commerce Commission.

The law officially goes into effect on July 1, but states regulators attempted to alleviate agents’ concerns about filling out paperwork to be fully compliant.

“Adequate time will be allowed for applications to be processed before ICC enforcement efforts begin,” commission officials said, adding that necessary application forms can be found online here.

Meanwhile, the Collateral Recovery Act will be one of the main topics discussed as the Illinois Recovery Association gathers for its 11th annual convention. The event titled, “Operation Collaboration,” will be conducted on July 17 and 18 at the Hyatt Regency O’Hare in Rosemont, Ill.

Along with a workshop aimed at helping agents become compliant with the act’s requirements, representatives from forwarding companies and trade associations will be on hand to share their thoughts on where the repo industry is going.

Registration and agenda details can be found at www.illinoisrecoveryassociation.com.