HB3415 98TH GENERAL ASSEMBLY

LRB098 06998 JLS 37056 b

98TH GENERAL ASSEMBLY
State of Illinois
2013 and 2014
HB3415

Introduced , by Rep. Brandon W. Phelps

SYNOPSIS AS INTRODUCED:

815 ILCS 655/1.5 new

Amends the Rental-Purchase Agreement Act. Provides that a rental-purchase agreement shall not be construed to be or governed by laws relating to a retail installment transaction, as defined under the Retail Installment Sales Act, or construed to be or governed by laws relating to a lease or agreement that constitutes a security interest, as defined in specified provisions of the Uniform Commercial Code.

A BILL FOR

AN ACT concerning business.

Be it enacted by the People of the State of Illinois, represented in the General Assembly:

Section 5. The Rental-Purchase Agreement Act is amended by adding Section 1.5 as follows:

(815 ILCS 655/1.5 new)

Sec. 1.5. Construction of Act. A rental-purchase agreement shall not be governed by laws relating to, nor construed to be:

(1) a retail installment transaction, as defined in the Retail Installment Sales Act; or

(2) a lease or agreement that constitutes a security interest, as defined in Section 1-201 or 1-203 of the Uniform Commercial Code.