SB3696sam001 103RD GENERAL ASSEMBLY

Sen. Michael W. Halpin

Filed: 3/26/2024

10300SB3696sam001 LRB103 37687 SPS 71094 a

AMENDMENT TO SENATE BILL 3696

AMENDMENT NO. ______. Amend Senate Bill 3696 by deleting line 4 on page 1 through line 15 on page 4; and

on page 4, line 23, after "9-105,", by inserting "9-201,"; and

on page 113, immediately below line 16, by inserting the following:

"(810 ILCS 5/9-201) (from Ch. 26, par. 9-201)

Sec. 9-201. General effectiveness of security agreement.

(a) General effectiveness. Except as otherwise provided in the Uniform Commercial Code, a security agreement is effective according to its terms between the parties, against purchasers of the collateral, and against creditors.

(b) Applicable consumer laws and other law. A transaction subject to this Article is subject to any applicable rule of law, statute, or regulation which establishes a different rule for consumers, including, without limitation:

(1) the Retail Installment Sales Act;

(2) the Motor Vehicle Retail Installment Sales Act;

(3) Article II of Chapter 3 of the Illinois Vehicle Code;

(4) Article IIIB of the Boat Registration and Safety Act;

(5) the Pawnbroker Regulation Act;

(6) the Motor Vehicle Leasing Act;

(7) the Consumer Installment Loan Act; and

(8) the Consumer Deposit Security Act of 1987; .

(9) the Predatory Loan Prevention Act;

(10) the Consumer Fraud and Deceptive Business Practices Act;

(11) any other statute or regulation that regulates the rates, charges, agreements, and practices for loans, credit sales, or other extensions of credit; and

(12) any consumer protection statute or regulation.

(c) Other applicable law controls. In case of conflict between this Article and a rule of law, statute, or regulation described in subsection (b), the rule of law, statute, or regulation controls. Failure to comply with a rule of law, statute, or regulation described in subsection (b) has only the effect such rule of law, statute, or regulation specifies.

(d) Further deference to other applicable law. This Article does not:

(1) validate any rate, charge, agreement, or practice that violates a rule of law, statute, or regulation described in subsection (b); or

(2) extend the application of the rule of law, statute, or regulation to a transaction not otherwise subject to it.

(Source: P.A. 91-893, eff. 7-1-01.)"; and

on page 222, by replacing lines 10 through 15 with the following:

"(b) Applicable consumer law and other laws. A transaction subject to this Article is subject to any applicable rule of law, statute, or regulation which establishes a different rule for consumers including, without limitation, the Consumer Installment Loan Act, the Predatory Loan Prevention Act, the Consumer Fraud and Deceptive Business Practices Act, any other statute or regulation that regulates the rates, charges, agreements, and practices for loans, credit sales, or other extensions of credit, and any consumer protection statute or regulation.".