Bill Text: IL HB3913 | 2019-2020 | 101st 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.
Spectrum: Partisan Bill (Republican 2-0)
Status: (Introduced - Dead) 2020-02-18 - Added Co-Sponsor Rep. Darren Bailey [HB3913 Detail]
Download: Illinois-2019-HB3913-Introduced.html
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| 1 | AN ACT concerning business.
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| 2 | Be it enacted by the People of the State of Illinois,
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| 3 | represented in the General Assembly:
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| 4 | Section 5. The Motor Vehicle Retail Installment Sales Act | ||||||||||||||||||||||||
| 5 | is amended by changing Section 11.1 as follows:
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| 6 | (815 ILCS 375/11.1) (from Ch. 121 1/2, par. 571.1)
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| 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
Bureau | ||||||||||||||||||||||||
| 14 | 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:
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| 17 | "DOCUMENTARY FEE. A DOCUMENTARY FEE IS NOT AN OFFICIAL FEE. | ||||||||||||||||||||||||
| 18 | A
DOCUMENTARY FEE IS NOT REQUIRED BY LAW, BUT MAY BE CHARGED TO | ||||||||||||||||||||||||
| 19 | BUYERS FOR
HANDLING DOCUMENTS AND PERFORMING SERVICES RELATED | ||||||||||||||||||||||||
| 20 | TO CLOSING OF A SALE.
THE BASE DOCUMENTARY FEE BEGINNING | ||||||||||||||||||||||||
| 21 | JANUARY 1, 2008, WAS $150. THE MAXIMUM
AMOUNT THAT MAY BE | ||||||||||||||||||||||||
| 22 | CHARGED FOR A DOCUMENTARY FEE IS THE BASE DOCUMENTARY FEE
OF | ||||||||||||||||||||||||
| 23 | $150, WHICH SHALL BE SUBJECT TO AN ANNUAL RATE ADJUSTMENT EQUAL | ||||||||||||||||||||||||
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| 1 | TO THE
PERCENTAGE OF CHANGE IN THE BUREAU OF LABOR STATISTICS | ||||||
| 2 | CONSUMER PRICE INDEX.
THIS NOTICE IS REQUIRED BY LAW."
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| 3 | (b) (Blank). A seller in a retail installment contract may | ||||||
| 4 | add a "documentary
fee" for processing documents and performing | ||||||
| 5 | services related to closing of a
sale. The maximum amount that | ||||||
| 6 | may be charged by a seller for a documentary fee
is the base | ||||||
| 7 | documentary fee beginning January 1, 2020, of $300, which shall | ||||||
| 8 | be
subject to an annual rate adjustment equal to the percentage | ||||||
| 9 | of change in the
Bureau of Labor Statistics Consumer Price | ||||||
| 10 | Index. Every retail installment
contract under this Act shall | ||||||
| 11 | contain or be accompanied by a notice containing
the following | ||||||
| 12 | information: | ||||||
| 13 | "DOCUMENTARY FEE. A DOCUMENTARY FEE IS NOT AN OFFICIAL FEE. | ||||||
| 14 | A
DOCUMENTARY FEE IS NOT REQUIRED BY LAW, BUT MAY BE CHARGED TO | ||||||
| 15 | BUYERS FOR
HANDLING DOCUMENTS AND PERFORMING SERVICES RELATED | ||||||
| 16 | TO CLOSING OF A SALE.
THE BASE DOCUMENTARY FEE BEGINNING | ||||||
| 17 | JANUARY 1, 2020, WAS $300. THE MAXIMUM
AMOUNT THAT MAY BE | ||||||
| 18 | CHARGED FOR A DOCUMENTARY FEE IS THE BASE DOCUMENTARY FEE
OF | ||||||
| 19 | $300, WHICH SHALL BE SUBJECT TO AN ANNUAL RATE ADJUSTMENT EQUAL | ||||||
| 20 | TO THE
PERCENTAGE OF CHANGE IN THE BUREAU OF LABOR STATISTICS | ||||||
| 21 | CONSUMER PRICE INDEX.
THIS NOTICE IS REQUIRED BY LAW." | ||||||
| 22 | (Source: P.A. 101-31, eff. 6-28-19.)
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| 23 | Section 99. Effective date. This Act takes effect upon | ||||||
| 24 | becoming law.
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