HB3236 EngrossedLRB103 27211 SPS 53581 b HB3236 Engrossed LRB103 27211 SPS 53581 b
HB3236 Engrossed LRB103 27211 SPS 53581 b
1 AN ACT concerning regulation.
2 Be it enacted by the People of the State of Illinois,
3 represented in the General Assembly:
4 Section 5. The Sales Finance Agency Act is amended by
5 changing 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.
HB3236 Engrossed LRB103 27211 SPS 53581 b
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1 (c) Any sales finance agency that purchases a contract or
2 agreement subject to subsection (a) or makes a loan subject to
3 subsection (b) has no right to collect, receive, or retain any
4 principal, interest, or charges related to the contract,
5 agreement, or loan, and any such loan is null and void A
6 licensee shall not finance, enter into a retail installment
7 contract, or make a loan for the purchase of a canine or
8 feline. Notwithstanding any other provision of this Act, if a
9 lender violates this Section, the financing, retail
10 installment contract, or loan shall be null and void and the
11 licensee shall have no right to collect, receive, or retain
12 any principal, interest, or charges related to the loan,
13 retail installment contract, or financing.
14 (Source: P.A. 102-128, eff. 1-1-22.)
15 Section 10. The Predatory Loan Prevention Act is amended
16 by 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
19 felines. No person or entity shall make a secured loan for the
20 purchase of a canine or feline. Any secured loan made for the
21 purchase of a canine or feline is null and void.
22 Section 15. The Retail Installment Sales Act is amended by
23 adding 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
3 for canines and felines. No retail seller shall enter into a
4 retail installment transaction for the purchase of a canine or
5 feline. Any retail seller, including his or her assignee or
6 successor in interest, who enters into a retail installment
7 transaction for a canine or feline has no right to collect,
8 receive, or retain any principal, interest, or charges related
9 to the retail installment transaction and the retail
10 installment transaction is null and void.
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