Illinois General Assembly - Full Text of HB3913
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Full Text of HB3913  101st General Assembly

HB3913 101ST GENERAL ASSEMBLY

  
  

 


 
101ST GENERAL ASSEMBLY
State of Illinois
2019 and 2020
HB3913

 

Introduced 10/17/2019, by Rep. Allen Skillicorn

 

SYNOPSIS AS INTRODUCED:
 
815 ILCS 375/11.1  from Ch. 121 1/2, par. 571.1

    Amends the Motor Vehicle Retail Installment Sales Act. Provides that the maximum amount of the documentary fee for processing documents and performing services related to closing of a sale is restored to $150 (currently, the fee was increased to $300 on January 1, 2020). Effective immediately.


LRB101 12945 HLH 61781 b

FISCAL NOTE ACT MAY APPLY

 

 

A BILL FOR

 

HB3913LRB101 12945 HLH 61781 b

1    AN ACT concerning business.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The Motor Vehicle Retail Installment Sales Act
5is amended by changing Section 11.1 as follows:
 
6    (815 ILCS 375/11.1)  (from Ch. 121 1/2, par. 571.1)
7    Sec. 11.1. (a) A seller in a retail installment contract
8may add a "documentary fee" for processing documents and
9performing services related to closing of a sale. The maximum
10amount that may be charged by a seller for a documentary fee is
11the base documentary fee beginning January 1, 2008 until
12January 1, 2020, of $150, which shall be subject to an annual
13rate adjustment equal to the percentage of change in the Bureau
14of Labor Statistics Consumer Price Index. Every retail
15installment contract under this Act shall contain or be
16accompanied by a notice containing the following information:
17    "DOCUMENTARY FEE. A DOCUMENTARY FEE IS NOT AN OFFICIAL FEE.
18A DOCUMENTARY FEE IS NOT REQUIRED BY LAW, BUT MAY BE CHARGED TO
19BUYERS FOR HANDLING DOCUMENTS AND PERFORMING SERVICES RELATED
20TO CLOSING OF A SALE. THE BASE DOCUMENTARY FEE BEGINNING
21JANUARY 1, 2008, WAS $150. THE MAXIMUM AMOUNT THAT MAY BE
22CHARGED FOR A DOCUMENTARY FEE IS THE BASE DOCUMENTARY FEE OF
23$150, WHICH SHALL BE SUBJECT TO AN ANNUAL RATE ADJUSTMENT EQUAL

 

 

HB3913- 2 -LRB101 12945 HLH 61781 b

1TO THE PERCENTAGE OF CHANGE IN THE BUREAU OF LABOR STATISTICS
2CONSUMER PRICE INDEX. THIS NOTICE IS REQUIRED BY LAW."
3    (b) (Blank). A seller in a retail installment contract may
4add a "documentary fee" for processing documents and performing
5services related to closing of a sale. The maximum amount that
6may be charged by a seller for a documentary fee is the base
7documentary fee beginning January 1, 2020, of $300, which shall
8be subject to an annual rate adjustment equal to the percentage
9of change in the Bureau of Labor Statistics Consumer Price
10Index. Every retail installment contract under this Act shall
11contain or be accompanied by a notice containing the following
12information:
13    "DOCUMENTARY FEE. A DOCUMENTARY FEE IS NOT AN OFFICIAL FEE.
14A DOCUMENTARY FEE IS NOT REQUIRED BY LAW, BUT MAY BE CHARGED TO
15BUYERS FOR HANDLING DOCUMENTS AND PERFORMING SERVICES RELATED
16TO CLOSING OF A SALE. THE BASE DOCUMENTARY FEE BEGINNING
17JANUARY 1, 2020, WAS $300. THE MAXIMUM AMOUNT THAT MAY BE
18CHARGED FOR A DOCUMENTARY FEE IS THE BASE DOCUMENTARY FEE OF
19$300, WHICH SHALL BE SUBJECT TO AN ANNUAL RATE ADJUSTMENT EQUAL
20TO THE PERCENTAGE OF CHANGE IN THE BUREAU OF LABOR STATISTICS
21CONSUMER PRICE INDEX. THIS NOTICE IS REQUIRED BY LAW."
22(Source: P.A. 101-31, eff. 6-28-19.)
 
23    Section 99. Effective date. This Act takes effect upon
24becoming law.