Illinois Senate Bill 54 (Prior Session Legislation)

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Completed Legislative Action
Spectrum: Partisan Bill (Democrat 1-0)
Status: Failed on January 8 2013 - 100% progression
Action: 2013-01-08 - Session Sine Die
Text: Latest bill text (Amended) [HTML]

Amends the Rental-Purchase Agreement Act. Requires additional disclosures in a rental-purchase (aka rent to own) agreement clarifying the specific terms of the agreement including cost terms, minimum obligation period, and a notice putting the nature of the agreement in layman's terms. Provides that the rental-purchase agreement must provide that if the merchandise is returned to the merchant during the restatement period, the later of one week or half the number of days in a regular payment period, the consumer shall have the right to reinstate the agreement for a period of not less than one year. Creates an early purchase option where the consumer has the right to acquire ownership of the merchandise at any time during the agreement by paying the merchant a price determined by a multiplier. Provides that the merchant shall reduce the amount of each rental payment when the consumer experiences an interruption or reduction in income of more than 25% due to involuntary job loss/reduction, illness, pregnancy, or disability after at least 1/2 of the amount of the rental payments have been made. Provides that the merchant shall maintain the merchandise in good working order or replace or repair the merchandise without any fee to the consumer. Provides that a consumer has the ability to review a rental-purchase agreement for 48 hours prior to signing and that the consumer has the right to cancel the agreement without penalty before taking possession of the merchandise. Provides that a rental-purchase agreement shall not contain a mandatory arbitration clause. Establishes maximum cash prices for categories of merchandise and mandates the use of a terming matrix to establish a maximum cash price for merchandise on its second or subsequent rental. Provides that an advertisement must state whether its terms are for new or used merchandise. Provides that a merchant may not be held liable for an unintentional action that resulted from a bona fide or clerical error. Provides that an action shall not be brought after the later of 4 years after the occurrence of the act or one year after the last payment. Provides for enforcement by the Attorney General. Amends the Consumer Fraud and Deceptive Practices Act to make a violation of the Rental-Purchase Agreement Act a violation of that Act.

BUSINESS - RENT TO OWN

Sen. Ira Silverstein [D]

Date	Chamber	Action
2013-01-08	Senate	Session Sine Die
2011-07-23	Senate	Senate Floor Amendment No. 1 Re-referred to Assignments; Pursuant to Senate Rule 3-9(b)
2011-07-23	Senate	Pursuant to Senate Rule 3-9(b) / Referred to Assignments
2011-04-12	Senate	Senate Floor Amendment No. 1 Postponed - Commerce
2011-04-06	Senate	Senate Floor Amendment No. 1 Postponed - Commerce
2011-03-31	Senate	Senate Floor Amendment No. 1 Assignments Refers to Commerce
2011-03-30	Senate	Senate Floor Amendment No. 1 Referred to Assignments
2011-03-30	Senate	Senate Floor Amendment No. 1 Filed with Secretary by Sen. Ira I. Silverstein
2011-03-17	Senate	Placed on Calendar Order of 2nd Reading March 17, 2011
2011-03-17	Senate	Do Pass Commerce; 009-000-000
2011-03-10	Senate	Postponed - Commerce
2011-03-03	Senate	Postponed - Commerce
2011-02-09	Senate	Assigned to Commerce
2011-01-27	Senate	Referred to Assignments
2011-01-27	Senate	First Reading
2011-01-27	Senate	Filed with Secretary by Sen. Ira I. Silverstein

Chapter	Article	Section	Citation Type	Statute Text
815	505	2Z	Amended Code	Citation Text
815	655	1	Amended Code	Citation Text
815	655	2	Amended Code	Citation Text
815	655	2.1	New Code	See Bill Text
815	655	2.2	New Code	See Bill Text
815	655	2.3	New Code	See Bill Text
815	655	2.4	New Code	See Bill Text
815	655	2.5	New Code	See Bill Text
815	655	2.6	New Code	See Bill Text
815	655	3	Amended Code	Citation Text
815	655	4	Amended Code	Citation Text
815	655	4.1	New Code	See Bill Text
815	655	5	Amended Code	Citation Text

Type	Source
Summary	https://www.ilga.gov/legislation/BillStatus.asp?DocNum=54&GAID=11&DocTypeID=SB&SessionID=84&GA=97
Text	https://www.ilga.gov/legislation/97/SB/09700SB0054.htm
Text	https://www.ilga.gov/legislation/97/SB/09700SB0054sam001.htm