Bill Text: IL HB3236 | 2023-2024 | 103rd General Assembly | Engrossed

NOTE: There are more recent revisions of this legislation. Read Latest Draft
Bill Title: Reinserts the provisions of the engrossed bill with the following changes: Provides that the provisions apply to loans and retail installment transactions entered into on or after the effective date of the amendatory Act and shall not be construed to apply to loans and retail installment transactions entered into before the effective date of the amendatory Act.

Spectrum: Partisan Bill (Democrat 4-0)

Status: (Passed) 2023-07-28 - Public Act . . . . . . . . . 103-0339 [HB3236 Detail]

Download: Illinois-2023-HB3236-Engrossed.html



HB3236 EngrossedLRB103 27211 SPS 53581 b
1 AN ACT concerning regulation.
2 Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
4 Section 5. The Sales Finance Agency Act is amended by
5changing Section 10.6 as follows:
6 (205 ILCS 660/10.6)
7 Sec. 10.6. Companion animals.
8 (a) No sales finance agency shall purchase:
9 (1) a retail installment contract for the sale of a
10 canine or feline;
11 (2) a retail charge agreement for the sale of a canine
12 or feline; or
13 (3) the outstanding balance under a retail installment
14 contract or a retail charge agreement for the sale of a
15 canine or feline.
16 (b) No sales finance agency shall make a loan secured by:
17 (1) a retail installment contract for the sale of a
18 canine or feline;
19 (2) a retail charge agreement for the sale of a canine
20 or feline; or
21 (3) the outstanding balance under a retail installment
22 contract or a retail charge agreements for the sale of a
23 canine or feline.

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1 (c) Any sales finance agency that purchases a contract or
2agreement subject to subsection (a) or makes a loan subject to
3subsection (b) has no right to collect, receive, or retain any
4principal, interest, or charges related to the contract,
5agreement, or loan, and any such loan is null and void A
6licensee shall not finance, enter into a retail installment
7contract, or make a loan for the purchase of a canine or
8feline. Notwithstanding any other provision of this Act, if a
9lender violates this Section, the financing, retail
10installment contract, or loan shall be null and void and the
11licensee shall have no right to collect, receive, or retain
12any principal, interest, or charges related to the loan,
13retail installment contract, or financing.
14(Source: P.A. 102-128, eff. 1-1-22.)
15 Section 10. The Predatory Loan Prevention Act is amended
16by adding Section 15-5-16 as follows:
17 (815 ILCS 123/15-5-16 new)
18 Sec. 15-5-16. Prohibition on secured loans for canines and
19felines. No person or entity shall make a secured loan for the
20purchase of a canine or feline. Any secured loan made for the
21purchase of a canine or feline is null and void.
22 Section 15. The Retail Installment Sales Act is amended by
23adding Section 29.5 as follows:

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1 (815 ILCS 405/29.5 new)
2 Sec. 29.5. Prohibition on retail installment transactions
3for canines and felines. No retail seller shall enter into a
4retail installment transaction for the purchase of a canine or
5feline. Any retail seller, including his or her assignee or
6successor in interest, who enters into a retail installment
7transaction for a canine or feline has no right to collect,
8receive, or retain any principal, interest, or charges related
9to the retail installment transaction and the retail
10installment transaction is null and void.
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