Bill Text: IL HB3236 | 2023-2024 | 103rd General Assembly | Chaptered
Bill Title: Reinserts the provisions of the engrossed bill with the following changes: Provides that the provisions apply to loans and retail installment transactions entered into on or after the effective date of the amendatory Act and shall not be construed to apply to loans and retail installment transactions entered into before the effective date of the amendatory Act.
Spectrum: Partisan Bill (Democrat 4-0)
Status: (Passed) 2023-07-28 - Public Act . . . . . . . . . 103-0339 [HB3236 Detail]
Download: Illinois-2023-HB3236-Chaptered.html
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| Public Act 103-0339 | ||||
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AN ACT concerning regulation.
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Be it enacted by the People of the State of Illinois,
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represented in the General Assembly:
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Section 5. The Sales Finance Agency Act is amended by | ||||
changing Section 10.6 as follows:
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(205 ILCS 660/10.6) | ||||
Sec. 10.6. Companion animals. | ||||
(a) No sales finance agency shall purchase: | ||||
(1) a retail installment contract for the sale of a | ||||
canine or feline; | ||||
(2) a retail charge agreement for the sale of a canine | ||||
or feline; or | ||||
(3) the outstanding balance under a retail installment | ||||
contract or a retail charge agreement for the sale of a | ||||
canine or feline. | ||||
(b) No sales finance agency shall make a loan secured by: | ||||
(1) a retail installment contract for the sale of a | ||||
canine or feline; | ||||
(2) a retail charge agreement for the sale of a canine | ||||
or feline; or | ||||
(3) the outstanding balance under a retail installment | ||||
contract or a retail charge agreements for the sale of a | ||||
canine or feline. | ||||
(c) Any sales finance agency that purchases a contract or | ||
agreement subject to subsection (a) or makes a loan subject to | ||
subsection (b) has no right to collect, receive, or retain any | ||
principal, interest, or charges related to the contract, | ||
agreement, or loan, and any such loan is null and void. | ||
(d) The changes made to this Section by this amendatory | ||
Act of the 103rd General Assembly shall apply prospectively | ||
and shall not apply retroactively. This Section shall not | ||
impair or affect the obligation of any retail installment | ||
transaction or secured loan entered into before the effective | ||
date of this amendatory Act of the 103rd General Assembly A | ||
licensee shall not finance, enter into a retail installment | ||
contract, or make a loan for the purchase of a canine or | ||
feline. Notwithstanding any other provision of this Act, if a | ||
lender violates this Section, the financing, retail | ||
installment contract, or loan shall be null and void and the | ||
licensee shall have no right to collect, receive, or retain | ||
any principal, interest, or charges related to the loan, | ||
retail installment contract, or financing.
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(Source: P.A. 102-128, eff. 1-1-22.)
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Section 10. The Predatory Loan Prevention Act is amended | ||
by adding Section 15-5-16 as follows:
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(815 ILCS 123/15-5-16 new) | ||
Sec. 15-5-16. Prohibition on secured loans for canines and | ||
felines. No person or entity shall make a secured loan for the | ||
purchase of a canine or feline. Any secured loan made for the | ||
purchase of a canine or feline is null and void. This Section | ||
shall apply prospectively and shall not apply retroactively. | ||
This Section shall not impair or affect the obligation of any | ||
lawful secured loan entered into before the effective date of | ||
this amendatory Act of the 103rd General Assembly.
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Section 15. The Retail Installment Sales Act is amended by | ||
adding Section 29.5 as follows:
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(815 ILCS 405/29.5 new) | ||
Sec. 29.5. Prohibition on retail installment transactions | ||
for canines and felines. No retail seller shall enter into a | ||
retail installment transaction for the purchase of a canine or | ||
feline. Any retail seller, including his or her assignee or | ||
successor in interest, who enters into a retail installment | ||
transaction for a canine or feline has no right to collect, | ||
receive, or retain any principal, interest, or charges related | ||
to the retail installment transaction and the retail | ||
installment transaction is null and void. This Section shall | ||
apply prospectively and shall not apply retroactively. This | ||
Section shall not impair or affect the obligation of any | ||
retail installment transaction entered into before the | ||
effective date of this amendatory Act of the 103rd General | ||
Assembly.
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