Public Act 103-0339
HB3236 EnrolledLRB103 27211 SPS 53581 b HB3236 Enrolled LRB103 27211 SPS 53581 b
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.
HB3236 Enrolled LRB103 27211 SPS 53581 b
(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.