Illinois General Assembly - Bill Status for SB1141

Amends the Consumer Fraud and Deceptive Business Practices Act. In the case of a sale of merchandise to a consumer involving $25 or more, enables the consumer to avoid the transaction by notifying the seller within 5 full business days after the date of the sale (rather than 3) if the consumer is 65 years of age or older. Requires the seller to furnish the consumer with a receipt or contract that contains a "Notice of Cancellation" informing the consumer of his or her right to cancel the transaction at any time within 5 days (rather than 3) if the consumer is 65 years of age or older. Provides that the 5-day period for a consumer age 65 or older does not commence until the consumer is furnished with a "Notice of Cancellation." Excludes from the application of the 5-day cooling-off period requirement a transaction initiated by a consumer age 65 or older who seeks goods or services to meet his or her bona fide personal emergency and waives the 5-day cooling-off period in a handwritten statement. Effective immediately.

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