(815 ILCS 636/30)
Sec. 30.
Security interest prohibited.
(a) No consumer lease or other document executed by the lessee in
connection therewith shall provide for the creation of a security interest in
any personal or real property of the lessee to secure the payment of the
obligations arising from the consumer lease. This prohibition shall not apply
to (1) the taking of a security deposit, advance lease payment, or other
prepayment by cash, credit card, check, or similar means; (2) the retention or
exercise by a lessor of a right of set off; or (3) the retention of a security
interest in the vehicle or in proceeds, cancellation refunds, or other rights
of
the lessee under the contract issued with respect to the vehicle or lease,
including, without limitation, insurance contracts, gap protection
contracts, repair contracts, and extended warranty or service contracts.
(b) A security interest taken in violation of this Section shall be
void but shall not otherwise affect the validity of a consumer lease.
(Source: P.A. 89-625, eff. 1-1-97.)
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