Chapter 815 — BUSINESS TRANSACTIONS

(815 ILCS 405/2.2) (from Ch. 121 1/2, par. 502.2) Sec. 2.2. "Services" means work, labor or services of any kind rendered or furnished or agreed to be rendered or furnished by a retail seller for a use other than in business (including farming or a profession), but does not inclu…

(815 ILCS 405/2.3) (from Ch. 121 1/2, par. 502.3) Sec. 2.3. "Retail buyer" or "buyer" means a person who buys goods or obtains services from a retail seller in a retail installment transaction. (Source: Laws 1967, p. 2149.)

(815 ILCS 405/2.4) (from Ch. 121 1/2, par. 502.4) Sec. 2.4. "Retail seller" or "seller" means a person regularly engaged in, and whose business consists to a substantial extent of, selling, and who in the ordinary course of business regularly sells or offers to sell goods or serv…

(815 ILCS 405/2.5) (from Ch. 121 1/2, par. 502.5) Sec. 2.5. "Retail installment transaction" means a credit sale of goods or a furnishing or rendering of services by a retail seller to a retail buyer for a deferred payment price payable in one or more installments pursuant to a r…

(815 ILCS 405/2.6) (from Ch. 121 1/2, par. 502.6) Sec. 2.6. "Retail installment contract", "installment contract" or "contract" means an instrument or instruments, other than a retail charge agreement or an instrument reflecting a sale made pursuant thereto, entered into in this …

(815 ILCS 405/2.7) (from Ch. 121 1/2, par. 502.7) Sec. 2.7. "Retail charge agreement" or "charge agreement" means an instrument prescribing the terms of a retail installment transaction which is made pursuant to the instrument, whether secured or unsecured, in which the buyer's t…

(815 ILCS 405/2.8) (from Ch. 121 1/2, par. 502.8) Sec. 2.8. "Cash sale price" means the price stated in a retail installment contract, or in a sales slip or other memorandum furnished by a retail seller to a retail buyer in connection with a retail charge agreement, for which the…

(815 ILCS 405/2.9) (from Ch. 121 1/2, par. 502.9) Sec. 2.9. "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 retained…

(815 ILCS 405/20) (from Ch. 121 1/2, par. 520) Sec. 20. 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 405/21) (from Ch. 121 1/2, par. 521) Sec. 21. If, in a retail installment transaction, a buyer makes any subsequent purchase of goods or services from a seller from whom he has previously purchased goods or services under one or more retail installment contracts, and th…

(815 ILCS 405/22) (from Ch. 121 1/2, par. 522) Sec. 22. When subsequent purchases are made, if the seller has retained or taken a security interest in any of the goods purchased under any one of the contracts included in the consolidation he (1) shall apply the entire amount of a…

(815 ILCS 405/23) (from Ch. 121 1/2, par. 523) Sec. 23. If a retail installment transaction is a sale of goods for a cash sale price of $150 or less where no security interest is retained or taken by the seller, the retail installment contract may consist of an original document …

(815 ILCS 405/23.1) Sec. 23.1. Other fees. The seller may charge a premium for insurance, in lieu of perfecting a security interest, to the extent that the premium does not exceed the fees paid to public officials for determining the existence of or for perfecting or satisfying a…

(815 ILCS 405/24) (from Ch. 121 1/2, par. 524) Sec. 24. Retail installment contracts negotiated and entered into by mail or telephone without personal solicitation by salesmen or other representatives of the seller and based upon a catalog of the seller or other printed solicitat…

(815 ILCS 405/25) (from Ch. 121 1/2, par. 525) Sec. 25. Agreement requirements. (a) A retail charge agreement must be in writing and must be signed by the buyer. If a charge agreement was executed on or after January 1, 1968, the seller must deliver or mail to the buyer a copy of…

(815 ILCS 405/25.1) (from Ch. 121 1/2, par. 525.1) Sec. 25.1. (Repealed). (Source: Repealed by P.A. 88-546.)

(815 ILCS 405/26) (from Ch. 121 1/2, par. 526) Sec. 26. Unless otherwise limited by this Section, the parties shall have the rights and remedies provided in Article 9 of the Uniform Commercial Code with respect to default and disposition of collateral. If the buyer has paid an am…

(815 ILCS 405/26.5) Sec. 26.5. Relief concerning a retail installment contract default for military personnel in military service. (a) In this Section: "Military service" means any full-time training or duty, no matter how described under federal or State law, for which a service…

(815 ILCS 405/27) (from Ch. 121 1/2, par. 527) Sec. 27. The finance charge on any 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 405/28) (from Ch. 121 1/2, par. 528) Sec. 28. The finance charge on any retail charge agreement 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 405/28.1) (from Ch. 121 1/2, par. 528.1) Sec. 28.1. Upon the account holder's request, the total amount of finance charges charged to or paid by the account holder during the year shall be provided to the account holder within 60 days after the end of the year, or if th…

(815 ILCS 405/29) (from Ch. 121 1/2, par. 529) Sec. 29. 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 or interest rates he ch…

(815 ILCS 405/29.1) (from Ch. 121 1/2, par. 529.1) Sec. 29.1. (a) No advertisement to aid, promote, or assist directly or indirectly any extension of consumer credit may state: (1) that a specific periodic consumer credit amount or installment amount can be arranged, unless the c…

(815 ILCS 405/29.2) (from Ch. 121 1/2, par. 529.2) Sec. 29.2. (Repealed). (Source: Repealed by P.A. 88-546.)

(815 ILCS 405/29.5) Sec. 29.5. Prohibition on retail installment transactions for canines and felines. No retail seller shall enter into a retail installment transaction for the purchase of a canine or feline. Any retail seller, including his or her assignee or successor in inter…

(815 ILCS 405/3) (from Ch. 121 1/2, par. 503) 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 buye…

(815 ILCS 405/30) (from Ch. 121 1/2, par. 530) Sec. 30. 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 …

(815 ILCS 405/31) (from Ch. 121 1/2, par. 531) Sec. 31. (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 finance charge, any…

(815 ILCS 405/32) (from Ch. 121 1/2, par. 532) Sec. 32. 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 this Act which can be effected without the invalid p…

(815 ILCS 405/33) (from Ch. 121 1/2, par. 533) Sec. 33. The Retail Installment Sales Act, approved June 17, 1957, as amended, is repealed. Transactions entered into before January 1, 1968 and the rights, duties and interests flowing from them remain valid thereafter and may be sa…

(815 ILCS 405/33.1) Sec. 33.1. 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 405/4) (from Ch. 121 1/2, par. 504) 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 or identification of the goo…

(815 ILCS 405/5) (from Ch. 121 1/2, par. 505) Sec. 5. Every retail installment contract shall disclose the following items, as applicable: (1) The cash price of the property or service purchased, using the term "cash price". (2) The amount of the down payment itemized, as applica…

(815 ILCS 405/6) (from Ch. 121 1/2, par. 506) Sec. 6. (a) 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 maturity of the contract. (b) Retail installment co…

(815 ILCS 405/7) (from Ch. 121 1/2, par. 507) 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 405/8) (from Ch. 121 1/2, par. 508) Sec. 8. (a) A seller under a retail installment contract or retail charge agreement may require insurance against substantial risk of loss of or damage to the goods protecting the seller or holder, as well as the buyer, and may, if th…

(815 ILCS 405/9) (from Ch. 121 1/2, par. 509) Sec. 9. The seller may not decline existing insurance written by an insurance company authorized to do business in this State and must afford the buyer the privilege of purchasing any required insurance from or through an insurance co…

(815 ILCS 406/1) (was 720 ILCS 668/1) Sec. 1. Short title. This Act may be cited as the Retail Sale and Distribution of Novelty Lighters Prohibition Act. (Source: P.A. 96-1174, eff. 7-22-10.)

(815 ILCS 406/10) (was 720 ILCS 668/10) Sec. 10. Definition. For the purposes of this Act, "novelty lighter" means a mechanical or electrical device typically used for lighting cigarettes, cigars, or pipes that is designed to resemble a cartoon character, toy, gun, watch, musical…

(815 ILCS 406/15) (was 720 ILCS 668/15) Sec. 15. Prohibition against novelty lighters. A person may not sell at retail or distribute for retail sale in this State a novelty lighter. The prohibition specified in this Section does not apply to the transportation of novelty lighters…

(815 ILCS 406/20) (was 720 ILCS 668/20) Sec. 20. Violation. A violation of Section 15 is a petty offense, for which a fine not to exceed $500 for each offense may be imposed. Each day that a person violates Section 15 is a separate offense. A person who is employed as a clerk by …

(815 ILCS 406/25) (was 720 ILCS 668/25) Sec. 25. Enforcement. This Act may be enforced by the Office of the State Fire Marshal, by a State, county, or municipal law enforcement officer, or by a municipal code enforcement officer. (Source: P.A. 96-1174, eff. 7-22-10.)

(815 ILCS 406/5) (was 720 ILCS 668/5) Sec. 5. Findings. The General Assembly finds that novelty lighters have features that are attractive to children, including visual effects, flashing lights, musical sounds, and toy-like designs. Thousands of novelty lighters have been recalle…

(815 ILCS 406/99) (was 720 ILCS 668/99) Sec. 99. Effective date. This Act takes effect upon becoming law. (Source: P.A. 96-1174, eff. 7-22-10.)

(815 ILCS 407/0.01) (was 720 ILCS 345/0.01) Sec. 0.01. Short title. This Act may be cited as the Sale or Pledge of Goods by Minors Act. (Source: P.A. 86-1324.)

(815 ILCS 407/1) (was 720 ILCS 345/1) Sec. 1. It shall be unlawful for any junk dealer, pawn broker, or any second hand dealer, either directly or indirectly, to purchase or receive by way of barter or exchange, or otherwise, anything of value, or to receive on deposit or pledge …

(815 ILCS 407/2) (was 720 ILCS 345/2) Sec. 2. Any person violating the provisions of section 1 of this act shall, upon conviction, be guilty of a petty offense. (Source: P.A. 77-2352.)

(815 ILCS 408/0.01) (was 720 ILCS 350/0.01) Sec. 0.01. Short title. This Act may be cited as the Sale Price Ad Act. (Source: P.A. 86-1324.)

(815 ILCS 408/1) (was 720 ILCS 350/1) Sec. 1. As used in this Act: "Seller" means any person or legal entity that is in the business of selling consumer goods to the public. "Consumer goods" means any machine, appliance, clothing, or like product bought for personal, family or ho…

(815 ILCS 408/2) (was 720 ILCS 350/2) Sec. 2. Whenever a seller advertises that consumer goods are for sale and that advertisement states the price of the consumer goods, the stated price must include all services incidental to the proper use of the goods by the purchaser, or the…