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| Public Act 103-0339 | ||||
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AN ACT concerning regulation.
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Be it enacted by the People of the State of Illinois,
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represented in the General Assembly:
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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.
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(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.
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