Public Act 103-0339

HB3236 Enrolled LRB103 27211 SPS 53581 b

AN ACT concerning regulation.

Be it enacted by the People of the State of Illinois,

represented in the General Assembly:

Section 5. The Sales Finance Agency Act is amended by

changing Section 10.6 as follows:

(205 ILCS 660/10.6)

Sec. 10.6. Companion animals.

(a) No sales finance agency shall purchase:

(1) a retail installment contract for the sale of a

canine or feline;

(2) a retail charge agreement for the sale of a canine

or feline; or

(3) the outstanding balance under a retail installment

contract or a retail charge agreement for the sale of a

canine or feline.

(b) No sales finance agency shall make a loan secured by:

(1) a retail installment contract for the sale of a

canine or feline;

(2) a retail charge agreement for the sale of a canine

or feline; or

(3) the outstanding balance under a retail installment

contract or a retail charge agreements for the sale of a

canine or feline.

(c) Any sales finance agency that purchases a contract or

agreement subject to subsection (a) or makes a loan subject to

subsection (b) has no right to collect, receive, or retain any

principal, interest, or charges related to the contract,

agreement, or loan, and any such loan is null and void.

(d) The changes made to this Section by this amendatory

Act of the 103rd General Assembly shall apply prospectively

and shall not apply retroactively. This Section shall not

impair or affect the obligation of any retail installment

transaction or secured loan entered into before the effective

date of this amendatory Act of the 103rd General Assembly A

licensee shall not finance, enter into a retail installment

contract, or make a loan for the purchase of a canine or

feline. Notwithstanding any other provision of this Act, if a

lender violates this Section, the financing, retail

installment contract, or loan shall be null and void and the

licensee shall have no right to collect, receive, or retain

any principal, interest, or charges related to the loan,

retail installment contract, or financing.

(Source: P.A. 102-128, eff. 1-1-22.)

Section 10. The Predatory Loan Prevention Act is amended

by adding Section 15-5-16 as follows:

(815 ILCS 123/15-5-16 new)

Sec. 15-5-16. Prohibition on secured loans for canines and

felines. No person or entity shall make a secured loan for the

purchase of a canine or feline. Any secured loan made for the

purchase of a canine or feline is null and void. This Section

shall apply prospectively and shall not apply retroactively.

This Section shall not impair or affect the obligation of any

lawful secured loan entered into before the effective date of

this amendatory Act of the 103rd General Assembly.

Section 15. The Retail Installment Sales Act is amended by

adding Section 29.5 as follows:

(815 ILCS 405/29.5 new)

Sec. 29.5. Prohibition on retail installment transactions

for canines and felines. No retail seller shall enter into a

retail installment transaction for the purchase of a canine or

feline. Any retail seller, including his or her assignee or

successor in interest, who enters into a retail installment

transaction for a canine or feline has no right to collect,

receive, or retain any principal, interest, or charges related

to the retail installment transaction and the retail

installment transaction is null and void. This Section shall

apply prospectively and shall not apply retroactively. This

Section shall not impair or affect the obligation of any

retail installment transaction entered into before the

effective date of this amendatory Act of the 103rd General

Assembly.