Full Text of HB3236 103rd General Assembly
HB3236enr 103RD GENERAL ASSEMBLY |
| | HB3236 Enrolled | | LRB103 27211 SPS 53581 b |
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| 1 | | AN ACT concerning regulation.
| 2 | | Be it enacted by the People of the State of Illinois,
| 3 | | represented in the General Assembly:
| 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. | 6 | | (d) The changes made to this Section by this amendatory | 7 | | Act of the 103rd General Assembly shall apply prospectively | 8 | | and shall not apply retroactively. This Section shall not | 9 | | impair or affect the obligation of any retail installment | 10 | | transaction or secured loan entered into before the effective | 11 | | date of this amendatory Act of the 103rd General Assembly A | 12 | | licensee shall not finance, enter into a retail installment | 13 | | contract, or make a loan for the purchase of a canine or | 14 | | feline. Notwithstanding any other provision of this Act, if a | 15 | | lender violates this Section, the financing, retail | 16 | | installment contract, or loan shall be null and void and the | 17 | | licensee shall have no right to collect, receive, or retain | 18 | | any principal, interest, or charges related to the loan, | 19 | | retail installment contract, or financing .
| 20 | | (Source: P.A. 102-128, eff. 1-1-22 .) | 21 | | Section 10. The Predatory Loan Prevention Act is amended | 22 | | by 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 |
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| 1 | | felines. No person or entity shall make a secured loan for the | 2 | | purchase of a canine or feline. Any secured loan made for the | 3 | | purchase of a canine or feline is null and void. This Section | 4 | | shall apply prospectively and shall not apply retroactively. | 5 | | This Section shall not impair or affect the obligation of any | 6 | | lawful secured loan entered into before the effective date of | 7 | | this amendatory Act of the 103rd General Assembly. | 8 | | Section 15. The Retail Installment Sales Act is amended by | 9 | | adding Section 29.5 as follows: | 10 | | (815 ILCS 405/29.5 new) | 11 | | Sec. 29.5. Prohibition on retail installment transactions | 12 | | for canines and felines. No retail seller shall enter into a | 13 | | retail installment transaction for the purchase of a canine or | 14 | | feline. Any retail seller, including his or her assignee or | 15 | | successor in interest, who enters into a retail installment | 16 | | transaction for a canine or feline has no right to collect, | 17 | | receive, or retain any principal, interest, or charges related | 18 | | to the retail installment transaction and the retail | 19 | | installment transaction is null and void. This Section shall | 20 | | apply prospectively and shall not apply retroactively. This | 21 | | Section shall not impair or affect the obligation of any | 22 | | retail installment transaction entered into before the | 23 | | effective date of this amendatory Act of the 103rd General | 24 | | Assembly.
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