(815 ILCS 375/5)
(from Ch. 121 1/2, par. 565)
Every retail installment contract shall disclose the following
items, as applicable:
(1) The cash price of the motor vehicle, using the term "cash price".
(2) The amount of the down payment itemized, as applicable, as
down payment in money, using the term "cash down payment", down payment in
property, using the term "trade-in" and the sum, using the term "total
(3) The difference between the amounts described in subparagraphs (1)
and (2) of this paragraph, using the term "unpaid balance of cash price".
(4) All other charges, individually itemized, which are included in the
amount financed but which are not part of the finance charge.
(5) The sum of the amounts determined under subparagraphs (3) and (4) of
this paragraph, using the term "unpaid balance".
(6) Any finance charge paid separately, in cash or otherwise, directly
or indirectly to the seller or with the seller's knowledge to another
person, or withheld by the seller from the proceeds of the credit extended
and any deposit balance or any investment which the seller requires the
buyer to make, maintain, or increase in a specified amount or proportion as
a condition to the extension of credit, using as applicable, the terms
"prepaid finance charge" and "required deposit balance", and if both are
applicable, the total of such items using the term "total prepaid finance
charge and required deposit balance".
(7) The difference between the amounts determined under subparagraphs
(5) and (6) of this paragraph, using the term "amount financed".
(8) The total amount of the finance charge, with description of each
amount included, using the term "finance charge".
(9) The sum of the amounts determined under subparagraphs (1), (4), and
(8) of this paragraph, using the term "deferred payment price".
(10) The finance charge expressed as an annual percentage rate, using
the term "annual percentage rate".
(11) The number, amount, and due dates or periods of payments scheduled
to repay the indebtedness and the sum of such payments using the term,
"total of payments". If installment payments are stated in terms of a
series of scheduled amounts and if the amount of the final installment
payment does not exceed the scheduled amount of any preceding installment
payment, the maximum number of payments and the amount and date of each
payment need not be separately stated and the amount of the scheduled final
installment payment may be stated as the remaining unpaid balance. The due
date of the first installment payment may be fixed by a calendar date, by
reference to the date of the contract or by reference to the date of
delivery or installation of the goods.
(12) The amount, or method of computing the amount, of any default,
delinquency, or similar charges payable in the event of late payments.
(13) A description or identification of the type of any security
interest held or to be retained or acquired by the seller in connection
with the extension of credit, and a clear identification of the property to
which the security interest relates.
(14) A description of any penalty charge that may be imposed by the
seller or his assignee for prepayment of the principal of the obligation with an explanation of the method of
computation of such penalty and the conditions under which it may be
(15) Identification of the method of computing any unearned portion of
the finance charge in the event of prepayment of the obligation and a
statement of the amount or method of computation of any charge that may be
deducted from the amount of any rebate of such unearned finance charge that
will be credited to the obligation or refunded to the buyer.
(16) The date on which the finance charge begins to accrue if different
from the date of the transaction.
The disclosures required to be given by this Section shall be made
clearly, conspicuously and in meaningful sequence. Where the terms "finance
charge" and "annual percentage rate" are required to be used, they shall be
printed more conspicuously than other terminology required.
A retail installment contract which complies with the federal Truth in
Lending Act, amendments thereto, and any regulations issued or which may
be issued thereunder, shall be deemed to be in compliance with the provisions
of this Section.
Notwithstanding any other provision of this Act or any other law of this
State, there is no obligation or 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 which is equal to, in excess of, or
less than the amount financed under the contract; or (ii) that the assignee of
the contract or the person who funded it may pay the seller or the person who
originated the contract all or a portion of the prepaid finance charges and
other fees or a portion of the finance charge to be paid by the buyer over the
term of the transaction or any other compensation irrespective of how the
compensation is determined.
(Source: P.A. 90-437, eff. 1-1-98.)