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Public Act 91-0411
HB0429 Enrolled LRB9101750KSpc
AN ACT to amend the Motor Vehicle Retail Installment
Sales Act by changing Section 2.8.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
Section 5. The Motor Vehicle Retail Installment Sales
Act is amended by changing Section 2.8 as follows:
(815 ILCS 375/2.8) (from Ch. 121 1/2, par. 562.8)
Sec. 2.8. "Amount financed" means the cash sale price of
the motor vehicle plus all other charges individually
itemized, which are included in the amount financed,
including the amount actually paid or to be paid by the
seller pursuant to an agreement with the buyer to discharge a
security interest, lien interest, or lease interest on the
property traded in, but which are not a part of the finance
charge, minus the amount of the buyer's down payment in money
or goods.
(Source: P.A. 76-1781.)
Section 99. Effective date. This Act takes effect upon
becoming law.
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