Bill Text: IL HB0572 | 2021-2022 | 102nd General Assembly | Enrolled
NOTE: There are more recent revisions of this legislation. Read Latest Draft
Bill Title: Amends the Sales Finance Agency Act to provide that a sales finance agency shall not finance, enter into a retail installment contract, or make a loan for the purchase of a canine or feline. Provides that if a sales finance agency violates the provisions, the financing, retail installment contract, or loan shall be null and void and the sales finance agency shall have no right to collect, receive, or retain any principal, interest, or charges related to the loan, retail installment contract, or financing.
Spectrum: Strong Partisan Bill (Democrat 11-1)
Status: (Passed) 2021-07-23 - Public Act . . . . . . . . . 102-0128 [HB0572 Detail]
Download: Illinois-2021-HB0572-Enrolled.html
Bill Title: Amends the Sales Finance Agency Act to provide that a sales finance agency shall not finance, enter into a retail installment contract, or make a loan for the purchase of a canine or feline. Provides that if a sales finance agency violates the provisions, the financing, retail installment contract, or loan shall be null and void and the sales finance agency shall have no right to collect, receive, or retain any principal, interest, or charges related to the loan, retail installment contract, or financing.
Spectrum: Strong Partisan Bill (Democrat 11-1)
Status: (Passed) 2021-07-23 - Public Act . . . . . . . . . 102-0128 [HB0572 Detail]
Download: Illinois-2021-HB0572-Enrolled.html
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| 1 | AN ACT concerning regulation.
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| 2 | Be it enacted by the People of the State of Illinois,
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| 3 | represented in the General Assembly:
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| 4 | Section 5. The Sales Finance Agency Act is amended by | ||||||
| 5 | adding Section 10.6 as follows:
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| 6 | (205 ILCS 660/10.6 new) | ||||||
| 7 | Sec. 10.6. Companion animals. A licensee shall not | ||||||
| 8 | finance, enter into a retail installment contract, or make a | ||||||
| 9 | loan for the purchase of a canine or feline. Notwithstanding | ||||||
| 10 | any other provision of this Act, if a lender violates this | ||||||
| 11 | Section, the financing, retail installment contract, or loan | ||||||
| 12 | shall be null and void and the licensee shall have no right to | ||||||
| 13 | collect, receive, or retain any principal, interest, or | ||||||
| 14 | charges related to the loan, retail installment contract, or | ||||||
| 15 | financing.
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