Illinois General Assembly - Bill Status for SB3148

Synopsis As Introduced
Amends the Motor Vehicle Retail Installment Sales Act. Provides that there is an affirmative obligation and duty to disclose to an obligor under a retail installment contract: (i) any agreement to sell, assign, or otherwise transfer the contract to a third party for an amount that is equal to, in excess of, or less than the amount financed under the contract, (ii) that the assignee may pay the seller all or a portion of the prepaid finance charges and other fees, and (iii) the applicable buy rate, annual percentage rate, and yield spread premium. Deletes a provision concerning a violation of the Act, and adds a provision making a violation of the Act an unfair and deceptive act or practice in violation of the Consumer Fraud and Deceptive Business Practices Act (and amends the Consumer Fraud and Deceptive Business Practices Act accordingly). Makes other changes.

Senate Committee Amendment No. 1

	Deletes reference to:
	815 ILCS 375/2.16 new

815 ILCS 375/2.17 new

815 ILCS 375/5

815 ILCS 375/23

815 ILCS 505/2Z

	Adds reference to:
	815 ILCS 375/1	from Ch. 121 1/2, par. 561

Deletes everything after the enacting clause. Amends the Motor Vehicle Retail Installment Sales Act. Makes a technical change in the Section concerning the short title.

Actions

Date	Chamber	Action
2/6/2004	Senate	Filed with Secretary by Sen. Mattie Hunter
2/6/2004	Senate	Chief Co-Sponsor Sen. James T. Meeks
2/6/2004	Senate	Chief Co-Sponsor Sen. Iris Y. Martinez
2/6/2004	Senate	Chief Co-Sponsor Sen. Martin A. Sandoval
2/6/2004	Senate	Chief Co-Sponsor Sen. Patrick Welch
2/6/2004	Senate	First Reading
2/6/2004	Senate	Referred to Rules
2/9/2004	Senate	Added as Co-Sponsor Sen. Jacqueline Y. Collins
2/18/2004	Senate	Assigned to Executive
2/24/2004	Senate	Added as Co-Sponsor Sen. Ira I. Silverstein
2/25/2004	Senate	Senate Committee Amendment No. 1 Filed with Secretary by Sen. Ira I. Silverstein; -Hunter
2/25/2004	Senate	Senate Committee Amendment No. 1 Referred to Rules
2/25/2004	Senate	Senate Committee Amendment No. 1 Rules Refers to Executive
2/25/2004	Senate	Senate Committee Amendment No. 1 Adopted
2/26/2004	Senate	Do Pass as Amended Executive; 008-004-000
2/26/2004	Senate	Placed on Calendar Order of 2nd Reading March 2, 2004
2/26/2004	Senate	Added as Co-Sponsor Sen. Barack Obama
8/24/2004	Senate	Pursuant to Senate Rule 3-9(b) / Referred to Rules
1/11/2005	Senate	Session Sine Die