Bill Text: IL HB3236 | 2023-2024 | 103rd General Assembly | Introduced

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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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-Introduced.html

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103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB3236 Introduced , by Rep. Jonathan Carroll SYNOPSIS AS INTRODUCED:
205 ILCS 660/10.6
815 ILCS 123/15-5-16 new
815 ILCS 405/29.5 new
Amends the Sales Finance Agency Act. Provides that a licensee shall not assist a person or make loans to assist a person purchasing a canine or feline secured by: (1) a retail installment contract; (2) a retail charge agreement; or (3) the outstanding balance under a retail installment contract or a retail charge agreement. Amends the Predatory Loan Prevention Act and the Retail Installment Sales Act to make corresponding changes.
LRB103 27211 SPS 53581 b
A BILL FOR
HB3236 LRB103 27211 SPS 53581 b
AN ACT concerning regulation.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
Section 5. The Sales Finance Agency Act is amended by
changing Section 10.6 as follows:
(205 ILCS 660/10.6)
Sec. 10.6. Companion animals.
(a) A licensee shall not assist a person or make loans to
assist a person purchasing a canine or feline secured by:
(1) a retail installment contract;
(2) a retail charge agreement; or
(3) the outstanding balance under a retail installment
contract or a retail charge agreement.
(b) If a 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.
(Source: P.A. 102-128, eff. 1-1-22.)

HB3236 - 2 - LRB103 27211 SPS 53581 b
Section 10. The Predatory Loan Prevention Act is amended
by adding Section 15-5-16 as follows:
(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.
Section 15. The Retail Installment Sales Act is amended by
adding Section 29.5 as follows:
(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.