Full Text of HB3236 103rd General Assembly
HB3236ham001 103RD GENERAL ASSEMBLY | Rep. Jonathan Carroll Filed: 3/21/2023
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| 1 | | AMENDMENT TO HOUSE BILL 3236
| 2 | | AMENDMENT NO. ______. Amend House Bill 3236 by replacing | 3 | | everything after the enacting clause with the following:
| 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: |
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| 1 | | (1) a retail installment contract for the sale of a | 2 | | canine or feline; | 3 | | (2) a retail charge agreement for the sale of a canine | 4 | | or feline; or | 5 | | (3) the outstanding balance under a retail installment | 6 | | contract or a retail charge agreements for the sale of a | 7 | | canine or feline. | 8 | | (c) Any sales finance agency that purchases a contract or | 9 | | agreement subject to subsection (a) or makes a loan subject to | 10 | | subsection (b) has no right to collect, receive, or retain any | 11 | | principal, interest, or charges related to the contract, | 12 | | agreement, or loan, and any such loan is null and void A | 13 | | licensee shall not finance, enter into a retail installment | 14 | | contract, or make a loan for the purchase of a canine or | 15 | | feline. Notwithstanding any other provision of this Act, if a | 16 | | lender violates this Section, the financing, retail | 17 | | installment contract, or loan shall be null and void and the | 18 | | licensee shall have no right to collect, receive, or retain | 19 | | any principal, interest, or charges related to the loan, | 20 | | retail installment contract, or financing .
| 21 | | (Source: P.A. 102-128, eff. 1-1-22 .) | 22 | | Section 10. The Predatory Loan Prevention Act is amended | 23 | | by adding Section 15-5-16 as follows: | 24 | | (815 ILCS 123/15-5-16 new) |
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| 1 | | Sec. 15-5-16. Prohibition on secured loans for canines and | 2 | | felines. No person or entity shall make a secured loan for the | 3 | | purchase of a canine or feline. Any secured loan made for the | 4 | | purchase of a canine or feline is null and void. | 5 | | Section 15. The Retail Installment Sales Act is amended by | 6 | | adding Section 29.5 as follows: | 7 | | (815 ILCS 405/29.5 new) | 8 | | Sec. 29.5. Prohibition on retail installment transactions | 9 | | for canines and felines. No retail seller shall enter into a | 10 | | retail installment transaction for the purchase of a canine or | 11 | | feline. Any retail seller, including his or her assignee or | 12 | | successor in interest, who enters into a retail installment | 13 | | transaction for a canine or feline has no right to collect, | 14 | | receive, or retain any principal, interest, or charges related | 15 | | to the retail installment transaction and the retail | 16 | | installment transaction is null and void. ".
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