(815 ILCS 505/2C) (from Ch. 121 1/2, par. 262C)
Sec. 2C.
If the furnishing of merchandise, whether under purchase order or
a contract of sale, is conditioned on the consumer's providing credit
references or having a credit rating acceptable to the seller and the
seller rejects the credit application of that consumer, the seller must
return to the consumer any down payment, whether such down payment is in
the form of money, goods, chattels or otherwise, made under that purchase
order or contract and may not retain any part thereof. The retention by the
seller of part or all of the down payment, whether such down payment is in
the form of money, goods, chattels or otherwise, under those circumstances
as a fee for investigating the credit of the consumer or as liquidated
damages to cover depreciation of the merchandise which was the subject of
the purchase order or contract or for any other purpose is an unlawful
practice within the meaning of this Act, whether that fee or those charges
are claimed from the down payment, whether such down payment is in the form
of money, goods, chattels or otherwise, or made as a separate charge to the
consumer.
(Source: Laws 1967, p. 2143.)
|