Bill Text: IL HB0907 | 2013-2014 | 98th General Assembly | Amended
Bill Title: Amends the Retail Installment Sales Act. Makes a technical change in a Section concerning the short title.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Failed) 2014-12-03 - Session Sine Die [HB0907 Detail]
Download: Illinois-2013-HB0907-Amended.html
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| 1 | AMENDMENT TO HOUSE BILL 907
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| 2 | AMENDMENT NO. ______. Amend House Bill 907 by replacing | ||||||
| 3 | everything after the enacting clause with the following:
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| 4 | "Section 5. The Rental-Purchase Agreement Act is amended by | ||||||
| 5 | adding Section 1.5 as follows:
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| 6 | (815 ILCS 655/1.5 new) | ||||||
| 7 | Sec. 1.5. Construction of Act. A rental-purchase agreement | ||||||
| 8 | shall not be governed by laws relating to, nor construed to be: | ||||||
| 9 | (1) a retail installment transaction, as defined in the | ||||||
| 10 | Retail Installment Sales Act; or | ||||||
| 11 | (2) a lease or agreement that constitutes a security | ||||||
| 12 | interest, as defined in Section 1-201 or 1-203 of the | ||||||
| 13 | Uniform Commercial Code.".
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