(810 ILCS 5/9-614)
Sec. 9-614. Contents and form of notification before disposition of collateral: consumer-goods transaction. In a consumer-goods transaction, the following rules apply:
(1) A notification of disposition must provide the
following information:
(A) the information specified in Section 9-613(1);
(B) a description of any liability for a
deficiency of the person to which the notification is sent;
(C) a telephone number from which the amount that
must be paid to the secured party to redeem the collateral under Section 9-623 is available; and
(D) a telephone number or mailing address from
which additional information concerning the disposition and the obligation secured is available.
(2) A particular phrasing of the notification is not
required.
(3) The contents of a notification providing
substantially the information specified in paragraph (1) are sufficient, even if the notification:
(A) is accompanied by or combined with other
notifications;
(B) includes information not specified by that
paragraph; or
(C) includes minor errors that are not seriously
misleading.
(4) The following form of notification, when
completed, provides sufficient information:
.............
(Name
and
address
of
secured
party)
.............
(Date) NOTICE OF OUR PLAN TO SELL PROPERTY
......................................................
(Name
and
address
of
any
obligor
who
is
also
a
debtor)
Subject:
..................................
(Identification
of
Transaction)
We have your ..................... (describe
collateral), because you broke promises in our agreement.
For a public disposition:
We will sell ....................... (describe
collateral) at public sale. A sale could include a lease or license. The sale will be held as follows:
Date:
................................
Time:
................................
Place:
................................
You may attend the sale and bring bidders if you want.
For a private disposition:
We will sell ........................... (describe
collateral) at private sale sometime after .................... (date). A sale could include a lease or license.
The money that we get from the sale (after paying our
costs) will reduce the amount you owe. If we get less money than you owe, you ............ (will or will not, as applicable) still owe us the difference. If we get more money than you owe, you will get the extra money, unless we must pay it to someone else.
You can get the property back at any time before we
sell it by paying us the full amount you owe (not just the past due payments), including our expenses. To learn the exact amount you must pay, call us at ................ (telephone number).
If you want us to explain to you in writing how we
have figured the amount that you owe us, you may call us at .................. (telephone number) or write us at .................................... (secured party's address) and request a written explanation. We will charge you $ ........... for the explanation if we sent you another written explanation of the amount you owe us within the last six months.
If you need more information about the sale call us
at .................. (telephone number) or write us at ......................... (secured party's address).
We are sending this notice to the following other
people who have an interest ...................... (describe collateral) or who owe money under your agreement:
.................................................
(Names
of
all
other
debtors
and
obligors,
if
any)
(5) A notification in the form of paragraph (4) is
sufficient, even if it includes errors in information not required by paragraph (1).
(6) If a notification under this Section is not in
the form of paragraph (4), law other than this Article determines the effect of including information not required by paragraph (1).
(Source: P.A. 91-893, eff. 7-1-01.)
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Last modified: February 18, 2015