CONSUMER FRAUD-MOTOR VEHICLES Senate SponsorsSen. Iris Y. Martinez, Don Harmon-John J. Millner and Ira I. Silverstein-Jacqueline Y. Collins House Sponsors(Rep. Robert S. Molaro-Marlow H. Colvin) 8/23/2007SenatePublic Act . . . . . . . . . 95-0393 815 ILCS 505/2ZZ new Amends the Consumer Fraud and Deceptive Business Practices Act. Requires a motor vehicle dealer, who enters into a retail transaction where a consumer trades in or sells a vehicle that is subject to a lien to a dealer, to: (i) within 7 calendar days of the date of sale, give written notice to the lien holder of the traded-in or sold vehicle that the vehicle has been traded in or sold to the motor vehicle dealer; (ii) within 14 calendar days of the date of sale or within 10 calendar days of receiving payment in full for the motor vehicle sold to the consumer, whichever date is earlier, remit payment to the lien holder to pay off the lien on the traded-in or sold motor vehicle, unless the underlying contract has been rescinded before expiration of 14 calender days; (iii) within 5 calendar days of rescission of a contract give written notice to the lien holder that the contract has been rescinded and that the motor vehicle originally traded in or sold has been returned to the consumer, if the underlying contract entered into between the motor vehicle dealer and the consumer has been rescinded for any reason before the expiration of 14 days; and (iv) fully comply with the certain provisions of the Act if the contract entered into between the motor vehicle dealer and the consumer is rescinded for any reason. Provides that a motor vehicle dealer who violates these provisions commits an unlawful practice within the meaning of the Act.Senate Committee Amendment No. 1 Replaces everything after the enacting clause. Reinserts the provisions of the original bill with the following changes. Provides that when a motor vehicle dealer enters into a retail transaction where a consumer trades in or sells a vehicle that is subject to a lien, the dealer shall: (1) within 21 (instead of 14) calendar days of the date of sale remit payment to the lien holder to pay off the lien on the traded-in or sold motor vehicle, unless the underlying contract has been rescinded before expiration of 21 (instead of 14) calendar days; and (2) fully comply with the Section of the Act concerning the return of the consumer's down payment when the seller rejects the credit application of that consumer and the sale is conditioned on the consumer having an acceptable credit rating. Removes the requirements that a motor vehicle dealer give written notice to the lien holder of a traded-in or sold vehicle or of the rescission of a contract for the trade-in or sale of the vehicle. 2/8/2007SenateFiled with Secretary by Sen. Iris Y. Martinez 2/8/2007SenateFirst Reading 2/8/2007SenateReferred to Rules 2/21/2007SenateAssigned to Judiciary Civil Law 3/1/2007SenateHeld in Judiciary Civil Law 3/8/2007SenateHeld in Judiciary Civil Law 3/8/2007SenateSenate Committee Amendment No. 1 Filed with Secretary by Sen. Iris Y. Martinez 3/8/2007SenateSenate Committee Amendment No. 1 Referred to Rules 3/13/2007SenateAdded as Co-Sponsor Sen. Don Harmon 3/13/2007SenateAdded as Chief Co-Sponsor Sen. John J. Millner 3/13/2007SenateSenate Committee Amendment No. 1 Rules Refers to Judiciary Civil Law 3/13/2007SenateAdded as Co-Sponsor Sen. Ira I. Silverstein 3/13/2007SenateSenate Committee Amendment No. 1 Adopted 3/14/2007SenateDo Pass as Amended Judiciary Civil Law; 009-000-000 3/14/2007SenatePlaced on Calendar Order of 2nd Reading March 15, 2007 3/20/2007SenateAdded as Chief Co-Sponsor Sen. Jacqueline Y. Collins 3/22/2007SenateSecond Reading 3/22/2007SenatePlaced on Calendar Order of 3rd Reading March 27, 2007 3/30/2007SenateThird Reading - Passed; 056-000-000 3/30/2007HouseArrived in House 3/30/2007HouseChief House Sponsor Rep. Robert S. Molaro 3/30/2007HousePlaced on Calendar Order of First Reading 4/9/2007HouseFirst Reading 4/9/2007HouseReferred to Rules Committee 4/20/2007HouseAdded Alternate Chief Co-Sponsor Rep. Marlow H. Colvin 4/30/2007HouseAssigned to Judiciary I - Civil Law Committee 5/8/2007HouseDo Pass / Short Debate Judiciary I - Civil Law Committee; 011-000-000 5/9/2007HousePlaced on Calendar 2nd Reading - Short Debate 5/24/2007HouseSecond Reading - Short Debate 5/24/2007HousePlaced on Calendar Order of 3rd Reading - Short Debate 5/29/2007HouseThird Reading - Short Debate - Passed 116-000-000 5/29/2007SenatePassed Both Houses 6/27/2007SenateSent to the Governor 8/23/2007SenateGovernor Approved 8/23/2007SenateEffective Date January 1, 2008 8/23/2007SenatePublic Act . . . . . . . . . 95-0393