LOPEZ-ACEVEDO-HOWARD-SMITH,MICHAEL-FLOWERS AND BOLAND.
CNSMR FRAUD-HOME SOLICIT
Synopsis of Bill as introduced:
Amends the Consumer Fraud and Deceptive Business Practices Act.
Provides that where a sale of merchandise is made to a consumer by a
seller pursuant to a home solicitation sale (now a seller who is
physically present at the consumer's residence), the consumer may
avoid the contract or transaction by notifying the seller within 3
full business days. Defines "home solicitation sale".
HOUSING AFFORDABILITY NOTE
No direct impact on the cost of a single-family residence.
SENATE AMENDMENT NO. 1.
Deletes reference to:
815 ILCS 505/1
Adds reference to:
815 ILCS 505/2B from Ch. 121 1/2, par. 262B
Deletes everything. Amends the Consumer Fraud and Deceptive
Business Practices Act. Provides that the provisions of the Act
concerning the sale of merchandise do not apply to a transaction
between a consumer and a loan broker licensed under the Residential
Mortgage License Act of 1987 when (i) the transaction involves
obtaining a mortgage loan on real estate and (ii) the first contact
respecting the transaction is initiated by the consumer or by another
person at the request of the consumer.
Last action on Bill: PUBLIC ACT.............................. 90-0764
Last action date: 98-08-14
Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 0 SENATE - 1
END OF INQUIRY
Full Text Bill Status