HB3236 EnrolledLRB103 27211 SPS 53581 b


  
1    AN ACT concerning regulation.
  
 
2    Be it enacted by the People of the State of Illinois,
 
3represented in the General Assembly:
  




 
 
4    Section 5. The Sales Finance Agency Act is amended by 
5changing Section 10.6 as follows:
 
6    (205 ILCS 660/10.6)
7    Sec. 10.6. Companion animals.  
8    (a) No sales finance agency shall purchase:
9        (1) a retail installment contract for the sale of a 
10    canine or feline;
11        (2) a retail charge agreement for the sale of a canine 
12    or feline; or
13        (3) the outstanding balance under a retail installment 
14    contract or a retail charge agreement for the sale of a 
15    canine or feline.
16    (b) No sales finance agency shall make a loan secured by: 
17        (1) a retail installment contract for the sale of a 
18    canine or feline;
19        (2) a retail charge agreement for the sale of a canine 
20    or feline; or
21        (3) the outstanding balance under a retail installment 
22    contract or a retail charge agreements for the sale of a 
23    canine or feline.
 
 
HB3236 Enrolled- 2 -LRB103 27211 SPS 53581 b

1    (c) Any sales finance agency that purchases a contract or 
2agreement subject to subsection (a) or makes a loan subject to 
3subsection (b) has no right to collect, receive, or retain any 
4principal, interest, or charges related to the contract, 
5agreement, or loan, and any such loan is null and void.
6    (d) The changes made to this Section by this amendatory 
7Act of the 103rd General Assembly shall apply prospectively 
8and shall not apply retroactively. This Section shall not 
9impair or affect the obligation of any retail installment 
10transaction or secured loan entered into before the effective 
11date of this amendatory Act of the 103rd General Assembly A 
12licensee shall not finance, enter into a retail installment 
13contract, or make a loan for the purchase of a canine or 
14feline. Notwithstanding any other provision of this Act, if a 
15lender violates this Section, the financing, retail 
16installment contract, or loan shall be null and void and the 
17licensee shall have no right to collect, receive, or retain 
18any principal, interest, or charges related to the loan, 
19retail installment contract, or financing.

20(Source: P.A. 102-128, eff. 1-1-22.)
 
21    Section 10. The Predatory Loan Prevention Act is amended 
22by adding Section 15-5-16 as follows:
 
23    (815 ILCS 123/15-5-16 new)
24    Sec. 15-5-16. Prohibition on secured loans for canines and 
 
 
HB3236 Enrolled- 3 -LRB103 27211 SPS 53581 b

1felines. No person or entity shall make a secured loan for the 
2purchase of a canine or feline. Any secured loan made for the 
3purchase of a canine or feline is null and void. This Section 
4shall apply prospectively and shall not apply retroactively. 
5This Section shall not impair or affect the obligation of any 
6lawful secured loan entered into before the effective date of 
7this amendatory Act of the 103rd General Assembly.
 
8    Section 15. The Retail Installment Sales Act is amended  by 
9adding Section 29.5 as follows:
 
10    (815 ILCS 405/29.5 new)
11    Sec. 29.5. Prohibition on retail installment transactions 
12for canines and felines. No retail seller shall enter into a 
13retail installment transaction for the purchase of a canine or 
14feline. Any retail seller, including his or her assignee or 
15successor in interest, who enters into a retail installment 
16transaction for a canine or feline has no right to collect, 
17receive, or retain any principal, interest, or charges related 
18to the retail installment transaction and the retail 
19installment transaction is null and void. This Section shall 
20apply prospectively and shall not apply retroactively. This 
21Section shall not impair or affect the obligation of any 
22retail installment transaction entered into before the 
23effective date of this amendatory Act of the 103rd General 
24Assembly.