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Illinois Statutes Chapter 205. Financial Regulation § 660/10.6. Companion animals

Current as of January 01, 2025 | Updated by Findlaw Staff

§ 10.6. Companion animals.

(a) No sales finance agency shall purchase:

(1) a retail installment contract for the sale of a canine or feline;

(2) a retail charge agreement for the sale of a canine or feline; or

(3) the outstanding balance under a retail installment contract or a retail charge agreement for the sale of a canine or feline.

(b) No sales finance agency shall make a loan secured by:

(1) a retail installment contract for the sale of a canine or feline;

(2) a retail charge agreement for the sale of a canine or feline; or

(3) the outstanding balance under a retail installment contract or a retail charge agreements for the sale of a canine or feline.

(c) Any sales finance agency that purchases a contract or agreement subject to subsection (a) or makes a loan subject to subsection (b) has no right to collect, receive, or retain any principal, interest, or charges related to the contract, agreement, or loan, and any such loan is null and void.

(d) The changes made to this Section by this amendatory Act of the 103rd General Assembly shall apply prospectively and shall not apply retroactively. This Section shall not impair or affect the obligation of any retail installment transaction or secured loan entered into before the effective date of this amendatory Act of the 103rd General Assembly.

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Cite this article: FindLaw.com - Illinois Statutes Chapter 205. Financial Regulation § 660/10.6. Companion animals - last updated January 01, 2025 | https://codes.findlaw.com/il/chapter-205-financial-regulation/il-st-sect-205-660-10-6/

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