| 4 | | - | AN ACT concerning regulation. |
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| 5 | | - | Be it enacted by the People of the State of Illinois, |
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| 6 | | - | represented in the General Assembly: |
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| 7 | | - | Section 5. The Sales Finance Agency Act is amended by |
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| 8 | | - | changing Section 10.6 as follows: |
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| 9 | | - | (205 ILCS 660/10.6) |
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| 10 | | - | Sec. 10.6. Companion animals. |
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| 11 | | - | (a) No sales finance agency shall purchase: |
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| 12 | | - | (1) a retail installment contract for the sale of a |
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| 13 | | - | canine or feline; |
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| 14 | | - | (2) a retail charge agreement for the sale of a canine |
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| 15 | | - | or feline; or |
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| 16 | | - | (3) the outstanding balance under a retail installment |
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| 17 | | - | contract or a retail charge agreement for the sale of a |
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| 18 | | - | canine or feline. |
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| 19 | | - | (b) No sales finance agency shall make a loan secured by: |
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| 20 | | - | (1) a retail installment contract for the sale of a |
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| 21 | | - | canine or feline; |
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| 22 | | - | (2) a retail charge agreement for the sale of a canine |
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| 23 | | - | or feline; or |
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| 24 | | - | (3) the outstanding balance under a retail installment |
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| 25 | | - | contract or a retail charge agreements for the sale of a |
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| 26 | | - | canine or feline. |
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| 3 | + | 1 AN ACT concerning regulation. |
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| 4 | + | 2 Be it enacted by the People of the State of Illinois, |
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| 5 | + | 3 represented in the General Assembly: |
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| 6 | + | 4 Section 5. The Sales Finance Agency Act is amended by |
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| 7 | + | 5 changing Section 10.6 as follows: |
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| 8 | + | 6 (205 ILCS 660/10.6) |
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| 9 | + | 7 Sec. 10.6. Companion animals. |
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| 10 | + | 8 (a) No sales finance agency shall purchase: |
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| 11 | + | 9 (1) a retail installment contract for the sale of a |
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| 12 | + | 10 canine or feline; |
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| 13 | + | 11 (2) a retail charge agreement for the sale of a canine |
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| 14 | + | 12 or feline; or |
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| 15 | + | 13 (3) the outstanding balance under a retail installment |
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| 16 | + | 14 contract or a retail charge agreement for the sale of a |
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| 17 | + | 15 canine or feline. |
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| 18 | + | 16 (b) No sales finance agency shall make a loan secured by: |
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| 19 | + | 17 (1) a retail installment contract for the sale of a |
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| 20 | + | 18 canine or feline; |
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| 21 | + | 19 (2) a retail charge agreement for the sale of a canine |
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| 22 | + | 20 or feline; or |
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| 23 | + | 21 (3) the outstanding balance under a retail installment |
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| 24 | + | 22 contract or a retail charge agreements for the sale of a |
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| 25 | + | 23 canine or feline. |
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| 33 | | - | (c) Any sales finance agency that purchases a contract or |
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| 34 | | - | agreement subject to subsection (a) or makes a loan subject to |
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| 35 | | - | subsection (b) has no right to collect, receive, or retain any |
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| 36 | | - | principal, interest, or charges related to the contract, |
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| 37 | | - | agreement, or loan, and any such loan is null and void. |
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| 38 | | - | (d) The changes made to this Section by this amendatory |
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| 39 | | - | Act of the 103rd General Assembly shall apply prospectively |
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| 40 | | - | and shall not apply retroactively. This Section shall not |
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| 41 | | - | impair or affect the obligation of any retail installment |
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| 42 | | - | transaction or secured loan entered into before the effective |
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| 43 | | - | date of this amendatory Act of the 103rd General Assembly A |
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| 44 | | - | licensee shall not finance, enter into a retail installment |
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| 45 | | - | contract, or make a loan for the purchase of a canine or |
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| 46 | | - | feline. Notwithstanding any other provision of this Act, if a |
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| 47 | | - | lender violates this Section, the financing, retail |
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| 48 | | - | installment contract, or loan shall be null and void and the |
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| 49 | | - | licensee shall have no right to collect, receive, or retain |
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| 50 | | - | any principal, interest, or charges related to the loan, |
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| 51 | | - | retail installment contract, or financing. |
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| 52 | | - | (Source: P.A. 102-128, eff. 1-1-22.) |
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| 53 | | - | Section 10. The Predatory Loan Prevention Act is amended |
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| 54 | | - | by adding Section 15-5-16 as follows: |
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| 55 | | - | (815 ILCS 123/15-5-16 new) |
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| 56 | | - | Sec. 15-5-16. Prohibition on secured loans for canines and |
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| 32 | + | HB3236 Enrolled- 2 -LRB103 27211 SPS 53581 b HB3236 Enrolled - 2 - LRB103 27211 SPS 53581 b |
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| 33 | + | HB3236 Enrolled - 2 - LRB103 27211 SPS 53581 b |
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| 34 | + | 1 (c) Any sales finance agency that purchases a contract or |
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| 35 | + | 2 agreement subject to subsection (a) or makes a loan subject to |
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| 36 | + | 3 subsection (b) has no right to collect, receive, or retain any |
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| 37 | + | 4 principal, interest, or charges related to the contract, |
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| 38 | + | 5 agreement, or loan, and any such loan is null and void. |
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| 39 | + | 6 (d) The changes made to this Section by this amendatory |
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| 40 | + | 7 Act of the 103rd General Assembly shall apply prospectively |
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| 41 | + | 8 and shall not apply retroactively. This Section shall not |
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| 42 | + | 9 impair or affect the obligation of any retail installment |
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| 43 | + | 10 transaction or secured loan entered into before the effective |
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| 44 | + | 11 date of this amendatory Act of the 103rd General Assembly A |
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| 45 | + | 12 licensee shall not finance, enter into a retail installment |
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| 46 | + | 13 contract, or make a loan for the purchase of a canine or |
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| 47 | + | 14 feline. Notwithstanding any other provision of this Act, if a |
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| 48 | + | 15 lender violates this Section, the financing, retail |
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| 49 | + | 16 installment contract, or loan shall be null and void and the |
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| 50 | + | 17 licensee shall have no right to collect, receive, or retain |
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| 51 | + | 18 any principal, interest, or charges related to the loan, |
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| 52 | + | 19 retail installment contract, or financing. |
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| 53 | + | 20 (Source: P.A. 102-128, eff. 1-1-22.) |
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| 54 | + | 21 Section 10. The Predatory Loan Prevention Act is amended |
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| 55 | + | 22 by adding Section 15-5-16 as follows: |
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| 56 | + | 23 (815 ILCS 123/15-5-16 new) |
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| 57 | + | 24 Sec. 15-5-16. Prohibition on secured loans for canines and |
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| 59 | | - | felines. No person or entity shall make a secured loan for the |
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| 60 | | - | purchase of a canine or feline. Any secured loan made for the |
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| 61 | | - | purchase of a canine or feline is null and void. This Section |
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| 62 | | - | shall apply prospectively and shall not apply retroactively. |
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| 63 | | - | This Section shall not impair or affect the obligation of any |
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| 64 | | - | lawful secured loan entered into before the effective date of |
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| 65 | | - | this amendatory Act of the 103rd General Assembly. |
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| 66 | | - | Section 15. The Retail Installment Sales Act is amended by |
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| 67 | | - | adding Section 29.5 as follows: |
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| 68 | | - | (815 ILCS 405/29.5 new) |
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| 69 | | - | Sec. 29.5. Prohibition on retail installment transactions |
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| 70 | | - | for canines and felines. No retail seller shall enter into a |
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| 71 | | - | retail installment transaction for the purchase of a canine or |
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| 72 | | - | feline. Any retail seller, including his or her assignee or |
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| 73 | | - | successor in interest, who enters into a retail installment |
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| 74 | | - | transaction for a canine or feline has no right to collect, |
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| 75 | | - | receive, or retain any principal, interest, or charges related |
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| 76 | | - | to the retail installment transaction and the retail |
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| 77 | | - | installment transaction is null and void. This Section shall |
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| 78 | | - | apply prospectively and shall not apply retroactively. This |
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| 79 | | - | Section shall not impair or affect the obligation of any |
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| 80 | | - | retail installment transaction entered into before the |
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| 81 | | - | effective date of this amendatory Act of the 103rd General |
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| 82 | | - | Assembly. |
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| 60 | + | |
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| 61 | + | |
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| 63 | + | HB3236 Enrolled - 2 - LRB103 27211 SPS 53581 b |
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| 66 | + | HB3236 Enrolled- 3 -LRB103 27211 SPS 53581 b HB3236 Enrolled - 3 - LRB103 27211 SPS 53581 b |
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| 67 | + | HB3236 Enrolled - 3 - LRB103 27211 SPS 53581 b |
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| 68 | + | 1 felines. No person or entity shall make a secured loan for the |
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| 69 | + | 2 purchase of a canine or feline. Any secured loan made for the |
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| 70 | + | 3 purchase of a canine or feline is null and void. This Section |
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| 71 | + | 4 shall apply prospectively and shall not apply retroactively. |
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| 72 | + | 5 This Section shall not impair or affect the obligation of any |
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| 73 | + | 6 lawful secured loan entered into before the effective date of |
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| 74 | + | 7 this amendatory Act of the 103rd General Assembly. |
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| 75 | + | 8 Section 15. The Retail Installment Sales Act is amended by |
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| 76 | + | 9 adding Section 29.5 as follows: |
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| 77 | + | 10 (815 ILCS 405/29.5 new) |
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| 78 | + | 11 Sec. 29.5. Prohibition on retail installment transactions |
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| 79 | + | 12 for canines and felines. No retail seller shall enter into a |
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| 80 | + | 13 retail installment transaction for the purchase of a canine or |
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| 81 | + | 14 feline. Any retail seller, including his or her assignee or |
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| 82 | + | 15 successor in interest, who enters into a retail installment |
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| 83 | + | 16 transaction for a canine or feline has no right to collect, |
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| 84 | + | 17 receive, or retain any principal, interest, or charges related |
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| 85 | + | 18 to the retail installment transaction and the retail |
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| 86 | + | 19 installment transaction is null and void. This Section shall |
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| 87 | + | 20 apply prospectively and shall not apply retroactively. This |
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| 88 | + | 21 Section shall not impair or affect the obligation of any |
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| 89 | + | 22 retail installment transaction entered into before the |
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| 90 | + | 23 effective date of this amendatory Act of the 103rd General |
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| 91 | + | 24 Assembly. |
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| 97 | + | HB3236 Enrolled - 3 - LRB103 27211 SPS 53581 b |
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