Sen. Michael W. Halpin

Filed: 3/26/2024

 

 


 

 


 
10300SB3696sam001LRB103 37687 SPS 71094 a

1
AMENDMENT TO SENATE BILL 3696

2    AMENDMENT NO. ______. Amend Senate Bill 3696 by deleting
3line 4 on page 1 through line 15 on page 4; and
 
4on page 4, line 23, after "9-105,", by inserting "9-201,"; and
 
5on page 113, immediately below line 16, by inserting the
6following:
 
7    "(810 ILCS 5/9-201)  (from Ch. 26, par. 9-201)
8    Sec. 9-201. General effectiveness of security agreement.
9    (a) General effectiveness. Except as otherwise provided in
10the Uniform Commercial Code, a security agreement is effective
11according to its terms between the parties, against purchasers
12of the collateral, and against creditors.
13    (b) Applicable consumer laws and other law. A transaction
14subject to this Article is subject to any applicable rule of
15law, statute, or regulation which establishes a different rule

 

 

10300SB3696sam001- 2 -LRB103 37687 SPS 71094 a

1for consumers, including, without limitation:
2        (1) the Retail Installment Sales Act;
3        (2) the Motor Vehicle Retail Installment Sales Act;
4        (3) Article II of Chapter 3 of the Illinois Vehicle
5    Code;
6        (4) Article IIIB of the Boat Registration and Safety
7    Act;
8        (5) the Pawnbroker Regulation Act;
9        (6) the Motor Vehicle Leasing Act;
10        (7) the Consumer Installment Loan Act; and
11        (8) the Consumer Deposit Security Act of 1987; .
12        (9) the Predatory Loan Prevention Act;
13        (10) the Consumer Fraud and Deceptive Business
14    Practices Act;
15        (11) any other statute or regulation that regulates
16    the rates, charges, agreements, and practices for loans,
17    credit sales, or other extensions of credit; and
18        (12) any consumer protection statute or regulation.
19    (c) Other applicable law controls. In case of conflict
20between this Article and a rule of law, statute, or regulation
21described in subsection (b), the rule of law, statute, or
22regulation controls. Failure to comply with a rule of law,
23statute, or regulation described in subsection (b) has only
24the effect such rule of law, statute, or regulation specifies.
25    (d) Further deference to other applicable law. This
26Article does not:

 

 

10300SB3696sam001- 3 -LRB103 37687 SPS 71094 a

1        (1) validate any rate, charge, agreement, or practice
2    that violates a rule of law, statute, or regulation
3    described in subsection (b); or
4        (2) extend the application of the rule of law,
5    statute, or regulation to a transaction not otherwise
6    subject to it.
7(Source: P.A. 91-893, eff. 7-1-01.)"; and
 
8on page 222, by replacing lines 10 through 15 with the
9following:
10    "(b) Applicable consumer law and other laws. A transaction
11subject to this Article is subject to any applicable rule of
12law, statute, or regulation which establishes a different rule
13for consumers including, without limitation, the Consumer
14Installment Loan Act, the Predatory Loan Prevention Act, the
15Consumer Fraud and Deceptive Business Practices Act, any other
16statute or regulation that regulates the rates, charges,
17agreements, and practices for loans, credit sales, or other
18extensions of credit, and any consumer protection statute or
19regulation.".