State of Illinois
91st General Assembly
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Public Act 91-0411

HB0429 Enrolled                                LRB9101750KSpc

    AN ACT to amend  the  Motor  Vehicle  Retail  Installment
Sales Act by changing Section 2.8.

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

    Section 5.  The Motor Vehicle  Retail  Installment  Sales
Act is amended by changing Section 2.8 as follows:

    (815 ILCS 375/2.8) (from Ch. 121 1/2, par. 562.8)
    Sec.  2.8. "Amount financed" means the cash sale price of
the  motor  vehicle  plus  all  other  charges   individually
itemized,   which   are  included  in  the  amount  financed,
including the amount actually paid  or  to  be  paid  by  the
seller pursuant to an agreement with the buyer to discharge a
security  interest,  lien  interest, or lease interest on the
property traded in, but which are not a part of  the  finance
charge, minus the amount of the buyer's down payment in money
or goods.
(Source: P.A. 76-1781.)

    Section  99.  Effective date.  This Act takes effect upon
becoming law.

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