HB3236 EngrossedLRB103 27211 SPS 53581 b


  
1    AN ACT concerning regulation.
  
 
2    Be it enacted by the People of the State of Illinois,
 
3represented in the General Assembly:
  


 
 
4    Section 5. The Sales Finance Agency Act is amended by 
5changing Section 10.6 as follows:
 
6    (205 ILCS 660/10.6)
7    Sec. 10.6. Companion animals.  
8    (a) No sales finance agency shall purchase:
9        (1) a retail installment contract for the sale of a 
10    canine or feline;
11        (2) a retail charge agreement for the sale of a canine 
12    or feline; or
13        (3) the outstanding balance under a retail installment 
14    contract or a retail charge agreement for the sale of a 
15    canine or feline.
16    (b) No sales finance agency shall make a loan secured by: 
17        (1) a retail installment contract for the sale of a 
18    canine or feline;
19        (2) a retail charge agreement for the sale of a canine 
20    or feline; or
21        (3) the outstanding balance under a retail installment 
22    contract or a retail charge agreements for the sale of a 
23    canine or feline.
 
 
HB3236 Engrossed- 2 -LRB103 27211 SPS 53581 b

1    (c) Any sales finance agency that purchases a contract or 
2agreement subject to subsection (a) or makes a loan subject to 
3subsection (b) has no right to collect, receive, or retain any 
4principal, interest, or charges related to the contract, 
5agreement, or loan, and any such loan is null and void A 
6licensee shall not finance, enter into a retail installment 
7contract, or make a loan for the purchase of a canine or 
8feline. Notwithstanding any other provision of this Act, if a 
9lender violates this Section, the financing, retail 
10installment contract, or loan shall be null and void and the 
11licensee shall have no right to collect, receive, or retain 
12any principal, interest, or charges related to the loan, 
13retail installment contract, or financing.

14(Source: P.A. 102-128, eff. 1-1-22.)
 
15    Section 10. The Predatory Loan Prevention Act is amended 
16by adding Section 15-5-16 as follows:
 
17    (815 ILCS 123/15-5-16 new)
18    Sec. 15-5-16. Prohibition on secured loans for canines and 
19felines. No person or entity shall make a secured loan for the 
20purchase of a canine or feline. Any secured loan made for the 
21purchase of a canine or feline is null and void.
 
22    Section 15. The Retail Installment Sales Act is amended  by 
23adding Section 29.5 as follows:
 
 
 
HB3236 Engrossed- 3 -LRB103 27211 SPS 53581 b

1    (815 ILCS 405/29.5 new)
2    Sec. 29.5. Prohibition on retail installment transactions 
3for canines and felines. No retail seller shall enter into a 
4retail installment transaction for the purchase of a canine or 
5feline. Any retail seller, including his or her assignee or 
6successor in interest, who enters into a retail installment 
7transaction for a canine or feline has no right to collect, 
8receive, or retain any principal, interest, or charges related 
9to the retail installment transaction and the retail 
10installment transaction is null and void.