(815 ILCS 405/13) (from Ch. 121 1/2, par. 513)
Sec. 13.
No provision in a retail installment contract under which, in the
absence of the buyer's default, the holder may, arbitrarily and without
reasonable cause, accelerate the maturity of any part of or all of the
amount
owing thereunder is enforceable.
No provision in a retail installment contract under which the holder may
accelerate the maturity of any part or all of the amount owing thereunder
is enforceable, unless prior to such acceleration, the buyer has been in
default for at least 30 days or the buyer has abandoned or destroyed the
property or the holder has reasonable cause to believe that the buyer is
about to leave the state.
No provision in a retail installment contract relieving the seller from
liability for any remedies provided by law which the buyer
may have against the
seller under the contract is enforceable.
No provision in a retail installment contract purporting to waive any of
the provisions of this Act is enforceable.
(Source: P.A. 90-437, eff. 1-1-98.)
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