Illinois 2025-2026 Regular Session

Illinois Senate Bill SB1533 Compare Versions

Only one version of the bill is available at this time.

Old	New	Differences
1	1	104TH GENERAL ASSEMBLY State of Illinois 2025 and 2026 SB1533 Introduced 2/4/2025, by Sen. Patrick J. Joyce SYNOPSIS AS INTRODUCED: 815 ILCS 375/18 from Ch. 121 1/2, par. 578 Amends the Motor Vehicle Retail Installment Sales Act. Provides that each person, other than a seller or holder, who signs a retail installment contract may be held liable only to the extent that he actually receives the motor vehicle described or identified in the contract, except that a parent or spouse or any other person who co-signs such retail installment contract (rather than any other person listed as an owner of the motor vehicle on the Certificate of Title issued for the motor vehicle who co-signs such retail installment contract) may be held liable to the full extent of the deferred payment price notwithstanding such parent or spouse or any other person listed as an owner has not actually received the motor vehicle described or identified in the contract and except to the extent such person other than a seller or holder, signs in the capacity of a guarantor of collection. LRB104 09584 SPS 19647 b A BILL FOR 104TH GENERAL ASSEMBLY State of Illinois 2025 and 2026 SB1533 Introduced 2/4/2025, by Sen. Patrick J. Joyce SYNOPSIS AS INTRODUCED: 815 ILCS 375/18 from Ch. 121 1/2, par. 578 815 ILCS 375/18 from Ch. 121 1/2, par. 578 Amends the Motor Vehicle Retail Installment Sales Act. Provides that each person, other than a seller or holder, who signs a retail installment contract may be held liable only to the extent that he actually receives the motor vehicle described or identified in the contract, except that a parent or spouse or any other person who co-signs such retail installment contract (rather than any other person listed as an owner of the motor vehicle on the Certificate of Title issued for the motor vehicle who co-signs such retail installment contract) may be held liable to the full extent of the deferred payment price notwithstanding such parent or spouse or any other person listed as an owner has not actually received the motor vehicle described or identified in the contract and except to the extent such person other than a seller or holder, signs in the capacity of a guarantor of collection. LRB104 09584 SPS 19647 b LRB104 09584 SPS 19647 b A BILL FOR
2	2	104TH GENERAL ASSEMBLY State of Illinois 2025 and 2026 SB1533 Introduced 2/4/2025, by Sen. Patrick J. Joyce SYNOPSIS AS INTRODUCED:
3	3	815 ILCS 375/18 from Ch. 121 1/2, par. 578 815 ILCS 375/18 from Ch. 121 1/2, par. 578
4	4	815 ILCS 375/18 from Ch. 121 1/2, par. 578
5	5	Amends the Motor Vehicle Retail Installment Sales Act. Provides that each person, other than a seller or holder, who signs a retail installment contract may be held liable only to the extent that he actually receives the motor vehicle described or identified in the contract, except that a parent or spouse or any other person who co-signs such retail installment contract (rather than any other person listed as an owner of the motor vehicle on the Certificate of Title issued for the motor vehicle who co-signs such retail installment contract) may be held liable to the full extent of the deferred payment price notwithstanding such parent or spouse or any other person listed as an owner has not actually received the motor vehicle described or identified in the contract and except to the extent such person other than a seller or holder, signs in the capacity of a guarantor of collection.
6	6	LRB104 09584 SPS 19647 b LRB104 09584 SPS 19647 b
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8	8	A BILL FOR
9	9	SB1533LRB104 09584 SPS 19647 b SB1533 LRB104 09584 SPS 19647 b
10	10	SB1533 LRB104 09584 SPS 19647 b
11	11	1 AN ACT concerning business.
12	12	2 Be it enacted by the People of the State of Illinois,
13	13	3 represented in the General Assembly:
14	14	4 Section 5. The Motor Vehicle Retail Installment Sales Act
15	15	5 is amended by changing Section 18 as follows:
16	16	6 (815 ILCS 375/18) (from Ch. 121 1/2, par. 578)
17	17	7 Sec. 18. Each person, other than a seller or holder, who
18	18	8 signs a retail installment contract may be held liable only to
19	19	9 the extent that he actually receives the motor vehicle
20	20	10 described or identified in the contract, except that a parent
21	21	11 or spouse or any other person listed as an owner of the motor
22	22	12 vehicle on the Certificate of Title issued for the motor
23	23	13 vehicle who co-signs such retail installment contract may be
24	24	14 held liable to the full extent of the deferred payment price
25	25	15 notwithstanding such parent or spouse or any other person
26	26	16 listed as an owner has not actually received the motor vehicle
27	27	17 described or identified in the contract and except to the
28	28	18 extent such person other than a seller or holder, signs in the
29	29	19 capacity of a guarantor of collection.
30	30	20 The obligation of such guarantor is secondary, and not
31	31	21 primary. The obligation arises only after the seller or holder
32	32	22 has diligently taken all ordinary legal means to collect the
33	33	23 debt from the primary obligor, but has not received full
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37	37	104TH GENERAL ASSEMBLY State of Illinois 2025 and 2026 SB1533 Introduced 2/4/2025, by Sen. Patrick J. Joyce SYNOPSIS AS INTRODUCED:
38	38	815 ILCS 375/18 from Ch. 121 1/2, par. 578 815 ILCS 375/18 from Ch. 121 1/2, par. 578
39	39	815 ILCS 375/18 from Ch. 121 1/2, par. 578
40	40	Amends the Motor Vehicle Retail Installment Sales Act. Provides that each person, other than a seller or holder, who signs a retail installment contract may be held liable only to the extent that he actually receives the motor vehicle described or identified in the contract, except that a parent or spouse or any other person who co-signs such retail installment contract (rather than any other person listed as an owner of the motor vehicle on the Certificate of Title issued for the motor vehicle who co-signs such retail installment contract) may be held liable to the full extent of the deferred payment price notwithstanding such parent or spouse or any other person listed as an owner has not actually received the motor vehicle described or identified in the contract and except to the extent such person other than a seller or holder, signs in the capacity of a guarantor of collection.
41	41	LRB104 09584 SPS 19647 b LRB104 09584 SPS 19647 b
42	42	LRB104 09584 SPS 19647 b
43	43	A BILL FOR
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49	49	815 ILCS 375/18 from Ch. 121 1/2, par. 578
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68	68	1 payment from such primary obligor or obligors, or after the
69	69	2 primary obligor has become insolvent, or service of summons
70	70	3 cannot be obtained on the primary obligor, or it is otherwise
71	71	4 apparent that it is useless to proceed against the primary
72	72	5 obligor.
73	73	6 No provisions in a retail installment contract obligating
74	74	7 such guarantor are valid unless:
75	75	8 (1) there appears below the signature space provided
76	76	9 for such guarantor the following:
77	77	10 "I hereby guarantee the collection of the above
78	78	11 described amount upon failure of the seller named herein
79	79	12 to collect said amount from the buyer named herein."; and
80	80	13 (2) the guarantor, in addition to signing the retail
81	81	14 installment contract, signs a separate instrument in the
82	82	15 following form:
83	83	16 "EXPLANATION OF GUARANTOR'S OBLIGATION
84	84	17 You ........... (name of guarantor) by signing the
85	85	18 retail installment contract and this document are agreeing
86	86	19 that you will pay $......... (total deferred payment
87	87	20 price) for the purchase of ........... (description of
88	88	21 goods or services) purchased by ............ (name of
89	89	22 buyer) from ........... (name of seller).
90	90	23 Your obligation arises only after the seller or holder
91	91	24 has attempted through the use of the court system to
92	92	25 collect this amount from the buyer.
93	93	26 If the seller cannot collect this amount from the
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