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| 1 | AN ACT concerning regulation.
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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 Sales Finance Agency Act is amended by | ||||||
| 5 | changing 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. | ||||||
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| 1 | (c) Any sales finance agency that purchases a contract or | ||||||
| 2 | agreement subject to subsection (a) or makes a loan subject to | ||||||
| 3 | subsection (b) has no right to collect, receive, or retain any | ||||||
| 4 | principal, interest, or charges related to the contract, | ||||||
| 5 | agreement, or loan, and any such loan is null and void A | ||||||
| 6 | licensee shall not finance, enter into a retail installment | ||||||
| 7 | contract, or make a loan for the purchase of a canine or | ||||||
| 8 | feline. Notwithstanding any other provision of this Act, if a | ||||||
| 9 | lender violates this Section, the financing, retail | ||||||
| 10 | installment contract, or loan shall be null and void and the | ||||||
| 11 | licensee shall have no right to collect, receive, or retain | ||||||
| 12 | any principal, interest, or charges related to the loan, | ||||||
| 13 | retail installment contract, or financing.
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| 14 | (Source: P.A. 102-128, eff. 1-1-22.) | ||||||
| 15 | Section 10. The Predatory Loan Prevention Act is amended | ||||||
| 16 | by adding Section 15-5-16 as follows: | ||||||
| 17 | (815 ILCS 123/15-5-16 new) | ||||||
| 18 | Sec. 15-5-16. Prohibition on secured loans for canines and | ||||||
| 19 | felines. No person or entity shall make a secured loan for the | ||||||
| 20 | purchase of a canine or feline. Any secured loan made for the | ||||||
| 21 | purchase of a canine or feline is null and void. | ||||||
| 22 | Section 15. The Retail Installment Sales Act is amended by | ||||||
| 23 | adding Section 29.5 as follows: | ||||||
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| 1 | (815 ILCS 405/29.5 new) | ||||||
| 2 | Sec. 29.5. Prohibition on retail installment transactions | ||||||
| 3 | for canines and felines. No retail seller shall enter into a | ||||||
| 4 | retail installment transaction for the purchase of a canine or | ||||||
| 5 | feline. Any retail seller, including his or her assignee or | ||||||
| 6 | successor in interest, who enters into a retail installment | ||||||
| 7 | transaction for a canine or feline has no right to collect, | ||||||
| 8 | receive, or retain any principal, interest, or charges related | ||||||
| 9 | to the retail installment transaction and the retail | ||||||
| 10 | installment transaction is null and void.
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