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| | 98TH GENERAL ASSEMBLY
State of Illinois
2013 and 2014
HB3415 Introduced , by Rep. Brandon W. Phelps SYNOPSIS AS INTRODUCED:
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Amends the Rental-Purchase Agreement Act. Provides that a rental-purchase agreement shall not be construed to be or governed by laws relating to a retail installment transaction, as defined under the Retail Installment Sales Act, or construed to be or governed by laws relating to a lease or agreement that constitutes a security interest, as defined in specified provisions of the Uniform Commercial Code.
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| | A BILL FOR |
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| | HB3415 | | LRB098 06998 JLS 37056 b |
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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 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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