Bill Text: IL HB3045 | 2021-2022 | 102nd General Assembly | Introduced
Bill Title: Amends the Motor Vehicle Retail Installment Sales Act. Provides that the maximum amount of the documentary fee for processing documents and performing services related to closing of a sale is restored to $150 (currently, the fee was increased to $300 on January 1, 2020). Effective immediately.
Sponsorship: Partisan Bill (Republican 1)
Status: (Introduced - Dead) 2021-03-27 - Rule 19(a) / Re-referred to Rules Committee [HB3045 Detail]
Download: Illinois-2021-HB3045-Introduced.html
| |||||||||||||||||||||||||
| |||||||||||||||||||||||||
| |||||||||||||||||||||||||
| |||||||||||||||||||||||||
| |||||||||||||||||||||||||
| 1 | AN ACT concerning business.
| ||||||||||||||||||||||||
| 2 | Be it enacted by the People of the State of Illinois,
| ||||||||||||||||||||||||
| 3 | represented in the General Assembly:
| ||||||||||||||||||||||||
| 4 | Section 5. The Motor Vehicle Retail Installment Sales Act | ||||||||||||||||||||||||
| 5 | is amended by changing Section 11.1 as follows:
| ||||||||||||||||||||||||
| 6 | (815 ILCS 375/11.1) (from Ch. 121 1/2, par. 571.1)
| ||||||||||||||||||||||||
| 7 | Sec. 11.1. (a) A seller in a retail installment contract | ||||||||||||||||||||||||
| 8 | may add a "documentary
fee" for processing documents and | ||||||||||||||||||||||||
| 9 | performing services related to closing of a
sale. The maximum | ||||||||||||||||||||||||
| 10 | amount that may be charged by a seller for a documentary fee
is | ||||||||||||||||||||||||
| 11 | the base documentary fee beginning January 1, 2008 until | ||||||||||||||||||||||||
| 12 | January 1, 2020, of $150, which shall be
subject to an annual | ||||||||||||||||||||||||
| 13 | rate adjustment equal to the percentage of change in the
| ||||||||||||||||||||||||
| 14 | Bureau of Labor Statistics Consumer Price Index. Every retail | ||||||||||||||||||||||||
| 15 | installment
contract under this Act shall contain or be | ||||||||||||||||||||||||
| 16 | accompanied by a notice containing
the following information:
| ||||||||||||||||||||||||
| 17 | "DOCUMENTARY FEE. A DOCUMENTARY FEE IS NOT AN OFFICIAL | ||||||||||||||||||||||||
| 18 | FEE. A
DOCUMENTARY FEE IS NOT REQUIRED BY LAW, BUT MAY BE | ||||||||||||||||||||||||
| 19 | CHARGED TO BUYERS FOR
HANDLING DOCUMENTS AND PERFORMING | ||||||||||||||||||||||||
| 20 | SERVICES RELATED TO CLOSING OF A SALE.
THE BASE DOCUMENTARY | ||||||||||||||||||||||||
| 21 | FEE BEGINNING JANUARY 1, 2008, WAS $150. THE MAXIMUM
AMOUNT | ||||||||||||||||||||||||
| 22 | THAT MAY BE CHARGED FOR A DOCUMENTARY FEE IS THE BASE | ||||||||||||||||||||||||
| 23 | DOCUMENTARY FEE
OF $150, WHICH SHALL BE SUBJECT TO AN ANNUAL | ||||||||||||||||||||||||
| |||||||
| |||||||
| 1 | RATE ADJUSTMENT EQUAL TO THE
PERCENTAGE OF CHANGE IN THE | ||||||
| 2 | BUREAU OF LABOR STATISTICS CONSUMER PRICE INDEX.
THIS NOTICE | ||||||
| 3 | IS REQUIRED BY LAW."
| ||||||
| 4 | (b) (Blank). A seller in a retail installment contract may | ||||||
| 5 | add a "documentary
fee" for processing documents and | ||||||
| 6 | performing services related to closing of a
sale. The maximum | ||||||
| 7 | amount that may be charged by a seller for a documentary fee
is | ||||||
| 8 | the base documentary fee beginning January 1, 2020, of $300, | ||||||
| 9 | which shall be
subject to an annual rate adjustment equal to | ||||||
| 10 | the percentage of change in the
Bureau of Labor Statistics | ||||||
| 11 | Consumer Price Index. Every retail installment
contract under | ||||||
| 12 | this Act shall contain or be accompanied by a notice | ||||||
| 13 | containing
the following information: | ||||||
| 14 | "DOCUMENTARY FEE. A DOCUMENTARY FEE IS NOT AN OFFICIAL | ||||||
| 15 | FEE. A
DOCUMENTARY FEE IS NOT REQUIRED BY LAW, BUT MAY BE | ||||||
| 16 | CHARGED TO BUYERS FOR
HANDLING DOCUMENTS AND PERFORMING | ||||||
| 17 | SERVICES RELATED TO CLOSING OF A SALE.
THE BASE DOCUMENTARY | ||||||
| 18 | FEE BEGINNING JANUARY 1, 2020, WAS $300. THE MAXIMUM
AMOUNT | ||||||
| 19 | THAT MAY BE CHARGED FOR A DOCUMENTARY FEE IS THE BASE | ||||||
| 20 | DOCUMENTARY FEE
OF $300, WHICH SHALL BE SUBJECT TO AN ANNUAL | ||||||
| 21 | RATE ADJUSTMENT EQUAL TO THE
PERCENTAGE OF CHANGE IN THE | ||||||
| 22 | BUREAU OF LABOR STATISTICS CONSUMER PRICE INDEX.
THIS NOTICE | ||||||
| 23 | IS REQUIRED BY LAW." | ||||||
| 24 | (Source: P.A. 101-31, eff. 6-28-19.)
| ||||||
| 25 | Section 99. Effective date. This Act takes effect upon | ||||||
| 26 | becoming law.
| ||||||
