RETAIL INSTALL SALE-OBLIGATION Senate SponsorsSen. Mattie Hunter-James T. Meeks-Iris Y. Martinez-Martin A. Sandoval-Patrick Welch, Jacqueline Y. Collins, Ira I. Silverstein and Barack Obama 1/11/2005SenateSession Sine Die 815 ILCS 375/2.16 new815 ILCS 375/2.17 new815 ILCS 375/5from Ch. 121 1/2, par. 565815 ILCS 375/23from Ch. 121 1/2, par. 583815 ILCS 505/2Zfrom Ch. 121 1/2, par. 262ZAmends the Motor Vehicle Retail Installment Sales Act. Provides that there is an affirmative obligation and 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 that is equal to, in excess of, or less than the amount financed under the contract, (ii) that the assignee may pay the seller all or a portion of the prepaid finance charges and other fees, and (iii) the applicable buy rate, annual percentage rate, and yield spread premium. Deletes a provision concerning a violation of the Act, and adds a provision making a violation of the Act an unfair and deceptive act or practice in violation of the Consumer Fraud and Deceptive Business Practices Act (and amends the Consumer Fraud and Deceptive Business Practices Act accordingly). Makes other changes.Senate Committee Amendment No. 1 Deletes reference to:815 ILCS 375/2.16 new815 ILCS 375/2.17 new815 ILCS 375/5815 ILCS 375/23815 ILCS 505/2ZAdds reference to:815 ILCS 375/1from Ch. 121 1/2, par. 561Deletes everything after the enacting clause. Amends the Motor Vehicle Retail Installment Sales Act. Makes a technical change in the Section concerning the short title. 2/6/2004SenateFiled with Secretary by Sen. Mattie Hunter 2/6/2004SenateChief Co-Sponsor Sen. James T. Meeks 2/6/2004SenateChief Co-Sponsor Sen. Iris Y. Martinez 2/6/2004SenateChief Co-Sponsor Sen. Martin A. Sandoval 2/6/2004SenateChief Co-Sponsor Sen. Patrick Welch 2/6/2004SenateFirst Reading 2/6/2004SenateReferred to Rules 2/9/2004SenateAdded as Co-Sponsor Sen. Jacqueline Y. Collins 2/18/2004SenateAssigned to Executive 2/24/2004SenateAdded as Co-Sponsor Sen. Ira I. Silverstein 2/25/2004SenateSenate Committee Amendment No. 1 Filed with Secretary by Sen. Ira I. Silverstein; -Hunter 2/25/2004SenateSenate Committee Amendment No. 1 Referred to Rules 2/25/2004SenateSenate Committee Amendment No. 1 Rules Refers to Executive 2/25/2004SenateSenate Committee Amendment No. 1 Adopted 2/26/2004SenateDo Pass as Amended Executive; 008-004-000 2/26/2004SenatePlaced on Calendar Order of 2nd Reading March 2, 2004 2/26/2004SenateAdded as Co-Sponsor Sen. Barack Obama 8/24/2004SenatePursuant to Senate Rule 3-9(b) / Referred to Rules 1/11/2005SenateSession Sine Die