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
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
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
LRB104 09584 SPS 19647 b
A BILL FOR
SB1533LRB104 09584 SPS 19647 b SB1533 LRB104 09584 SPS 19647 b
SB1533 LRB104 09584 SPS 19647 b
1 AN ACT concerning business.
2 Be it enacted by the People of the State of Illinois,
3 represented in the General Assembly:
4 Section 5. The Motor Vehicle Retail Installment Sales Act
5 is amended by changing Section 18 as follows:
6 (815 ILCS 375/18) (from Ch. 121 1/2, par. 578)
7 Sec. 18. Each person, other than a seller or holder, who
8 signs a retail installment contract may be held liable only to
9 the extent that he actually receives the motor vehicle
10 described or identified in the contract, except that a parent
11 or spouse or any other person listed as an owner of the motor
12 vehicle on the Certificate of Title issued for the motor
13 vehicle who co-signs such retail installment contract may be
14 held liable to the full extent of the deferred payment price
15 notwithstanding such parent or spouse or any other person
16 listed as an owner has not actually received the motor vehicle
17 described or identified in the contract and except to the
18 extent such person other than a seller or holder, signs in the
19 capacity of a guarantor of collection.
20 The obligation of such guarantor is secondary, and not
21 primary. The obligation arises only after the seller or holder
22 has diligently taken all ordinary legal means to collect the
23 debt from the primary obligor, but has not received full
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
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
LRB104 09584 SPS 19647 b
A BILL FOR
815 ILCS 375/18 from Ch. 121 1/2, par. 578
LRB104 09584 SPS 19647 b
SB1533 LRB104 09584 SPS 19647 b
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SB1533 - 2 - LRB104 09584 SPS 19647 b
1 payment from such primary obligor or obligors, or after the
2 primary obligor has become insolvent, or service of summons
3 cannot be obtained on the primary obligor, or it is otherwise
4 apparent that it is useless to proceed against the primary
5 obligor.
6 No provisions in a retail installment contract obligating
7 such guarantor are valid unless:
8 (1) there appears below the signature space provided
9 for such guarantor the following:
10 "I hereby guarantee the collection of the above
11 described amount upon failure of the seller named herein
12 to collect said amount from the buyer named herein."; and
13 (2) the guarantor, in addition to signing the retail
14 installment contract, signs a separate instrument in the
15 following form:
16 "EXPLANATION OF GUARANTOR'S OBLIGATION
17 You ........... (name of guarantor) by signing the
18 retail installment contract and this document are agreeing
19 that you will pay $......... (total deferred payment
20 price) for the purchase of ........... (description of
21 goods or services) purchased by ............ (name of
22 buyer) from ........... (name of seller).
23 Your obligation arises only after the seller or holder
24 has attempted through the use of the court system to
25 collect this amount from the buyer.
26 If the seller cannot collect this amount from the
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SB1533 - 3 - LRB104 09584 SPS 19647 b
SB1533 - 3 - LRB104 09584 SPS 19647 b