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Rep. Brandon W. Phelps
Filed: 3/22/2013
| | 09800HB0907ham001 | | LRB098 03750 MLW 43261 a |
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| 1 | | AMENDMENT TO HOUSE BILL 907
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| 2 | | AMENDMENT NO. ______. Amend House Bill 907 by replacing |
| 3 | | everything after the enacting clause with the following:
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| 4 | | "Section 5. The Rental-Purchase Agreement Act is amended by |
| 5 | | adding Section 1.5 as follows:
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| 6 | | (815 ILCS 655/1.5 new) |
| 7 | | Sec. 1.5. Construction of Act. A rental-purchase agreement |
| 8 | | shall not be governed by laws relating to, nor construed to be: |
| 9 | | (1) a retail installment transaction, as defined in the |
| 10 | | Retail Installment Sales Act; or |
| 11 | | (2) a lease or agreement that constitutes a security |
| 12 | | interest, as defined in Section 1-201 or 1-203 of the |
| 13 | | Uniform Commercial Code.".
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