Chapter 815 — BUSINESS TRANSACTIONS

(815 ILCS 375/14) (from Ch. 121 1/2, par. 574) Sec. 14. Notwithstanding Sections 4 and 5 and paragraph (a) of Section 3 of this Act, if delivery of the motor vehicle is not made at the time of the execution of the retail installment contract and the contract so provides, the iden…

(815 ILCS 375/15) (from Ch. 121 1/2, par. 575) Sec. 15. The seller or holder of a retail installment contract must give the buyer a written receipt for any payment made in cash. Upon the buyer's written request the holder of a retail installment contract shall give or forward to …

(815 ILCS 375/16) (from Ch. 121 1/2, par. 576) Sec. 16. An agreement by a buyer that he will not assert against the assignee or the holder of a retail installment contract executed by the buyer any claim or defense which he may have against the seller and the rights of a holder i…

(815 ILCS 375/17) (from Ch. 121 1/2, par. 577) Sec. 17. All defenses available against a holder in due course of a negotiable instrument under subsection (2) of Section 3-305 of the Uniform Commercial Code are available to a buyer under a retail installment contract notwithstandi…

(815 ILCS 375/17.1) Sec. 17.1. Seller may not keep keys. For contracts entered into after January 1, 1998, unless otherwise provided for in the retail installment sales contract, a seller or holder cannot take or retain possession of the keys (or copy thereof) to a motor vehicle …

(815 ILCS 375/18) (from Ch. 121 1/2, par. 578) Sec. 18. Each person, other than a seller or holder, who signs a retail installment contract may be held liable only to the extent that he actually receives the motor vehicle described or identified in the contract, except that a par…

(815 ILCS 375/19) (from Ch. 121 1/2, par. 579) Sec. 19. The holder of a contract, upon request by the buyer, may extend the scheduled due date of all or any part of any installment or installments, or renew or restate the unpaid time balance of the contract, the amounts and due d…

(815 ILCS 375/2) (from Ch. 121 1/2, par. 562) Sec. 2. For the purposes of this Act, unless the context otherwise requires, the terms specified in the following Sections preceding Section 3 have the meanings ascribed to them in those Sections. (Source: P.A. 90-437, eff. 1-1-98.)…

(815 ILCS 375/2.1) (from Ch. 121 1/2, par. 562.1) Sec. 2.1. "Motor vehicle" means a motor vehicle as defined in the Illinois Vehicle Code but does not include bicycles, motorcycles, motor scooters, snowmobiles, trailers, farm equipment, and manufactured homes as defined in subdiv…

(815 ILCS 375/2.10) (from Ch. 121 1/2, par. 562.10) Sec. 2.10. "Deferred payment price" means the total of (1) the cash sale price of the motor vehicle purchased, (2) all other charges individually itemized which are included in the amount financed but which are not a part of the…

(815 ILCS 375/2.11) (from Ch. 121 1/2, par. 562.11) Sec. 2.11. "Sales finance agency" means a person engaged, in whole or in part, in the business of purchasing or making loans upon the security of retail installment contracts. The term includes, but is not limited to, banks, tru…

(815 ILCS 375/2.12) (from Ch. 121 1/2, par. 562.12) Sec. 2.12. "Holder" of a retail installment contract means the retail seller of the motor vehicle under the installment contract or sales finance agency or other assignee which purchases or makes a loan upon the security of the …

(815 ILCS 375/2.13) (from Ch. 121 1/2, par. 562.13) Sec. 2.13. "Annual percentage rate" means the nominal annual percentage rate of finance charge determined in accordance with the actuarial method of computation with an accuracy at least to the nearest 1/4 of 1%; or at the optio…

(815 ILCS 375/2.14) Sec. 2.14. Truth-in-Lending Act. "Truth-in-Lending Act" means the federal Truth-in-Lending Act, 15 U.S.C. 1601 et seq., and Regulation Z, 12 C.F.R. Part 226. (Source: P.A. 90-437, eff. 1-1-98.)

(815 ILCS 375/2.15) Sec. 2.15. Precomputed. A contract is "precomputed" if the debt is expressed as the sum of the amount financed plus the amount of the finance charge computed in advance. (Source: P.A. 90-437, eff. 1-1-98.)

(815 ILCS 375/2.2) (from Ch. 121 1/2, par. 562.2) Sec. 2.2. "Retail buyer" or "buyer" means a person who buys a motor vehicle from a retail seller, primarily for personal, family, household or agricultural purposes in a retail installment transaction, but does not include a buyer…

(815 ILCS 375/2.3) (from Ch. 121 1/2, par. 562.3) Sec. 2.3. "Retail seller" or "seller" means a person engaged in the business of selling motor vehicles to retail buyers in retail installment transactions. (Source: Laws 1967, p. 2163.)

(815 ILCS 375/2.4) (from Ch. 121 1/2, par. 562.4) Sec. 2.4. "Retail installment transaction" means a credit sale of a motor vehicle by a retail seller to a retail buyer for a deferred payment price payable in one or more installments. (Source: P.A. 76-1781.)

(815 ILCS 375/2.5) (from Ch. 121 1/2, par. 562.5) Sec. 2.5. "Retail Installment contract", "installment contract" or "contract" means an instrument or instruments prescribing the terms of a retail installment transaction and entered into in this State. (Source: P.A. 90-437, eff. …

(815 ILCS 375/2.6) (from Ch. 121 1/2, par. 562.6) Sec. 2.6. "Cash sale price" means the price stated in a retail installment contract for which the seller in good faith and in the regular course of business would have sold to the buyer, and the buyer would have bought from the se…

(815 ILCS 375/2.7) (from Ch. 121 1/2, par. 562.7) Sec. 2.7. "Official fees" means the taxes and fees prescribed by law that actually are, or will be, paid to public officials for determining the existence of, or for perfecting, releasing, or satisfying a security interest. (Sourc…

(815 ILCS 375/2.8) (from Ch. 121 1/2, par. 562.8) Sec. 2.8. "Amount financed" means the cash sale price of the motor vehicle plus all other charges individually itemized, which are included in the amount financed, including the amount actually paid or to be paid by the seller pur…

(815 ILCS 375/2.9) (from Ch. 121 1/2, par. 562.9) Sec. 2.9. "Finance charge" means the sum of all charges payable, directly or indirectly by the buyer and imposed directly or indirectly by the seller as an incident to or as a condition of the extension of credit, whether payable …

(815 ILCS 375/20) (from Ch. 121 1/2, par. 580) Sec. 20. Unless otherwise limited by this Act, the parties shall have the rights and remedies provided in Article 9 of the Uniform Commercial Code with respect to default and disposition and redemption of collateral. If the holder of…

(815 ILCS 375/21) (from Ch. 121 1/2, par. 581) Sec. 21. The finance charge on any motor vehicle retail installment contract shall be no more than the maximum rate permissible under the Predatory Loan Prevention Act. (Source: P.A. 101-658, eff. 3-23-21.)

(815 ILCS 375/22) (from Ch. 121 1/2, par. 582) Sec. 22. No retail seller whose sales are regulated under this Act may advertise to the public on price tags, on signs, in public media, or in any other manner that indicates or implies that the finance charge, finance or interest ra…

(815 ILCS 375/22.1) (from Ch. 121 1/2, par. 582.1) Sec. 22.1. (a) This Section applies to any advertisement to aid, promote, or assist directly or indirectly any motor vehicle installment sale, or other extension of credit subject to the provisions of this Act. (b) If any adverti…

(815 ILCS 375/23) (from Ch. 121 1/2, par. 583) Sec. 23. The Attorney General or the State's Attorney of any county in this State may bring an action in the name of the State against any person to restrain and prevent any violation of this Act. In the enforcement of this Act the A…

(815 ILCS 375/24) (from Ch. 121 1/2, par. 584) Sec. 24. (a) Any person who knowingly violates this Act is guilty of a Class A misdemeanor. (b) No person who violates this Act, except as a result of an accident or bona fide error of computation, may recover any unpaid finance char…

(815 ILCS 375/25) (from Ch. 121 1/2, par. 585) Sec. 25. If any provision of this Act or the application thereof to any person or circumstances is held invalid, the invalidity shall not affect other provisions or applications of the Act which can be effected without the invalid pr…

(815 ILCS 375/26) (from Ch. 121 1/2, par. 586) Sec. 26. This act does not apply to any contract entered into before January 1, 1968. Contracts entered into before January 1, 1968, and the rights, duties and interests flowing from them, remain valid thereafter and may be satisfied…

(815 ILCS 375/26.1) Sec. 26.1. Rulemaking authority. The Secretary of Financial and Professional Regulation and his or her designees shall have authority to adopt and enforce reasonable rules, directions, orders, decisions, and findings necessary to execute and enforce this Act a…

(815 ILCS 375/3) (from Ch. 121 1/2, par. 563) Sec. 3. (a) Every retail installment contract must be in writing, dated, signed by both the buyer and the seller, and, except as otherwise provided in this Act, completed as to all essential provisions before it is signed by the buyer…

(815 ILCS 375/4) (from Ch. 121 1/2, par. 564) Sec. 4. Every retail installment contract must contain the names of the seller and of the buyer, the place of business of the seller, the residence of the buyer as specified by the buyer, and a description of the motor vehicle. The co…

(815 ILCS 375/5) (from Ch. 121 1/2, par. 565) Sec. 5. Every retail installment contract shall disclose the following items, as applicable: (1) The cash price of the motor vehicle, using the term "cash price". (2) The amount of the down payment itemized, as applicable, as down pay…

(815 ILCS 375/6) (from Ch. 121 1/2, par. 566) Sec. 6. (a) Except as provided under subsections (b) and (c), every retail installment contract must provide for a schedule of periodic installment payments from the due date of the first installment payment to the date of the final m…

(815 ILCS 375/7) (from Ch. 121 1/2, par. 567) Sec. 7. Notwithstanding the provisions of any retail installment contract to the contrary, the buyer may prepay the contract in full, whether by payment in cash, extension, renewal or otherwise, at any time before maturity, and if he …

(815 ILCS 375/8) (from Ch. 121 1/2, par. 568) Sec. 8. (a) A seller under a retail installment contract may require insurance against substantial risk of loss of or damage to the motor vehicle, protecting the seller or holder as well as the buyer, and may, if the buyer elects, inc…

(815 ILCS 375/9) (from Ch. 121 1/2, par. 569) Sec. 9. The seller may not decline existing required insurance and must afford the buyer the privilege of purchasing any required insurance from an insurance company authorized to do business in this State, from or through any broker …

(815 ILCS 375/9.01) (from Ch. 121 1/2, par. 569.01) Sec. 9.01. Credit life insurance and credit accident and health insurance issued in connection with a retail installment contract or retail charge agreement and any charge therefor made to the buyer, must comply with Article IX …

(815 ILCS 375/9.02) (from Ch. 121 1/2, par. 569.02) Sec. 9.02. In any situation in which a person has purchased a motor vehicle under an installment sales contract and has purchased credit life or credit disability insurance with such contract, the installment sales contract must…

(815 ILCS 375/9.03) Sec. 9.03. Disclosure of consideration paid to seller. Consideration or another thing of value may be paid to or retained by the seller or holder or an affiliate of the seller or holder in connection with any insurance, debt cancellation contract, or other suc…

(815 ILCS 380/1) (from Ch. 121 1/2, par. 1201) Sec. 1. This Act shall be known and may be cited as the New Vehicle Buyer Protection Act. (Source: P.A. 85-1350.)

(815 ILCS 380/2) (from Ch. 121 1/2, par. 1202) Sec. 2. Definitions. For the purposes of this Act, the following words have the meanings ascribed to them in this Section. (a) "Consumer" means an individual who purchases or leases for a period of at least one year a new vehicle fro…

(815 ILCS 380/3) (from Ch. 121 1/2, par. 1203) Sec. 3. Failure of vehicle to conform; remedies; presumptions. (a) If after a reasonable number of attempts the seller is unable to conform the new vehicle to any of its applicable express warranties, the manufacturer shall either pr…

(815 ILCS 380/4) (from Ch. 121 1/2, par. 1204) Sec. 4. (a) The provisions of subsection (a) of Section 3 shall not apply unless the consumer has first resorted to an informal settlement procedure applicable to disputes to which that subsection would apply where (1) The manufactur…

(815 ILCS 380/5) (from Ch. 121 1/2, par. 1205) Sec. 5. Persons electing to proceed and settle under this Act shall be barred from a separate cause of action under the Uniform Commercial Code. (Source: P.A. 85-1350.)

(815 ILCS 380/6) (from Ch. 121 1/2, par. 1206) Sec. 6. Any action brought under this Act shall be commenced within eighteen months following the date of original delivery of the motor vehicle to the consumer. (Source: P.A. 83-768.)

(815 ILCS 380/7) (from Ch. 121 1/2, par. 1207) Sec. 7. The seller who sells a new vehicle to a consumer, shall, upon delivery of that vehicle to the consumer, provide the consumer with a written statement clearly and conspicuously setting forth in full detail the consumer's right…

(815 ILCS 380/8) (from Ch. 121 1/2, par. 1208) Sec. 8. This Act shall apply to motor vehicles beginning with the model year following the effective date of this Act. (Source: P.A. 83-768.)