Bill Amendment: IL HB3236 | 2023-2024 | 103rd General Assembly
NOTE: For additional amemendments please see the Bill Drafting List
Bill Title: INSTALLMENT LOANS-PET SALES
Status: 2023-07-28 - Public Act . . . . . . . . . 103-0339 [HB3236 Detail]
Download: Illinois-2023-HB3236-House_Amendment_001.html
Bill Title: INSTALLMENT LOANS-PET SALES
Status: 2023-07-28 - Public Act . . . . . . . . . 103-0339 [HB3236 Detail]
Download: Illinois-2023-HB3236-House_Amendment_001.html
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1 | AMENDMENT TO HOUSE BILL 3236
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2 | AMENDMENT NO. ______. Amend House Bill 3236 by replacing | ||||||
3 | everything after the enacting clause with the following:
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4 | "Section 5. The Sales Finance Agency Act is amended by | ||||||
5 | changing Section 10.6 as follows:
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6 | (205 ILCS 660/10.6) | ||||||
7 | Sec. 10.6. Companion animals. | ||||||
8 | (a) No sales finance agency shall purchase: | ||||||
9 | (1) a retail installment contract for the sale of a | ||||||
10 | canine or feline; | ||||||
11 | (2) a retail charge agreement for the sale of a canine | ||||||
12 | or feline; or | ||||||
13 | (3) the outstanding balance under a retail installment | ||||||
14 | contract or a retail charge agreement for the sale of a | ||||||
15 | canine or feline. | ||||||
16 | (b) No sales finance agency shall make a loan secured by: |
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1 | (1) a retail installment contract for the sale of a | ||||||
2 | canine or feline; | ||||||
3 | (2) a retail charge agreement for the sale of a canine | ||||||
4 | or feline; or | ||||||
5 | (3) the outstanding balance under a retail installment | ||||||
6 | contract or a retail charge agreements for the sale of a | ||||||
7 | canine or feline. | ||||||
8 | (c) Any sales finance agency that purchases a contract or | ||||||
9 | agreement subject to subsection (a) or makes a loan subject to | ||||||
10 | subsection (b) has no right to collect, receive, or retain any | ||||||
11 | principal, interest, or charges related to the contract, | ||||||
12 | agreement, or loan, and any such loan is null and void A | ||||||
13 | licensee shall not finance, enter into a retail installment | ||||||
14 | contract, or make a loan for the purchase of a canine or | ||||||
15 | feline. Notwithstanding any other provision of this Act, if a | ||||||
16 | lender violates this Section, the financing, retail | ||||||
17 | installment contract, or loan shall be null and void and the | ||||||
18 | licensee shall have no right to collect, receive, or retain | ||||||
19 | any principal, interest, or charges related to the loan, | ||||||
20 | retail installment contract, or financing .
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21 | (Source: P.A. 102-128, eff. 1-1-22 .)
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22 | Section 10. The Predatory Loan Prevention Act is amended | ||||||
23 | by adding Section 15-5-16 as follows:
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24 | (815 ILCS 123/15-5-16 new) |
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1 | Sec. 15-5-16. Prohibition on secured loans for canines and | ||||||
2 | felines. No person or entity shall make a secured loan for the | ||||||
3 | purchase of a canine or feline. Any secured loan made for the | ||||||
4 | purchase of a canine or feline is null and void.
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5 | Section 15. The Retail Installment Sales Act is amended by | ||||||
6 | adding Section 29.5 as follows:
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7 | (815 ILCS 405/29.5 new) | ||||||
8 | Sec. 29.5. Prohibition on retail installment transactions | ||||||
9 | for canines and felines. No retail seller shall enter into a | ||||||
10 | retail installment transaction for the purchase of a canine or | ||||||
11 | feline. Any retail seller, including his or her assignee or | ||||||
12 | successor in interest, who enters into a retail installment | ||||||
13 | transaction for a canine or feline has no right to collect, | ||||||
14 | receive, or retain any principal, interest, or charges related | ||||||
15 | to the retail installment transaction and the retail | ||||||
16 | installment transaction is null and void. ".
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