Illinois Compiled Statutes 815 Business Transactions: Article -
- Illinois Motor Vehicle Retail Installment Sales Act. - 815 ILCS 375, Section 1
This Act may be cited as the Motor Vehicle Retail Installment Sales Act. (Source: Laws 1967, p. 2163.)
- Illinois Motor Vehicle Retail Installment Sales Act. - 815 ILCS 375, Section 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...
- Illinois Motor Vehicle Retail Installment Sales Act. - 815 ILCS 375, Section 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,...
- Illinois Motor Vehicle Retail Installment Sales Act. - 815 ILCS 375, Section 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...
- Illinois Motor Vehicle Retail Installment Sales Act. - 815 ILCS 375, Section 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...
- Illinois Motor Vehicle Retail Installment Sales Act. - 815 ILCS 375, Section 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...
- Illinois Motor Vehicle Retail Installment Sales Act. - 815 ILCS 375, Section 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...
- Illinois Motor Vehicle Retail Installment Sales Act. - 815 ILCS 375, Section 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...
- Illinois Motor Vehicle Retail Installment Sales Act. - 815 ILCS 375, Section 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...
- Illinois Motor Vehicle Retail Installment Sales Act. - 815 ILCS 375, Section 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,...
- Illinois Motor Vehicle Retail Installment Sales Act. - 815 ILCS 375, Section 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...
- Illinois Motor Vehicle Retail Installment Sales Act. - 815 ILCS 375, Section 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...
- Illinois Motor Vehicle Retail Installment Sales Act. - 815 ILCS 375, Section 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...
- Illinois Motor Vehicle Retail Installment Sales Act. - 815 ILCS 375, Section 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...
- Illinois Motor Vehicle Retail Installment Sales Act. - 815 ILCS 375, Section 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...
- Illinois Motor Vehicle Retail Installment Sales Act. - 815 ILCS 375, Section 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,...
- Illinois Motor Vehicle Retail Installment Sales Act. - 815 ILCS 375, Section 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...
- Illinois Motor Vehicle Retail Installment Sales Act. - 815 ILCS 375, Section 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...
- Illinois Motor Vehicle Retail Installment Sales Act. - 815 ILCS 375, Section 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...
- Illinois Motor Vehicle Retail Installment Sales Act. - 815 ILCS 375, Section 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"....
- Illinois Motor Vehicle Retail Installment Sales Act. - 815 ILCS 375, Section 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...
- Illinois Motor Vehicle Retail Installment Sales Act. - 815 ILCS 375, Section 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,...
- Illinois Motor Vehicle Retail Installment Sales Act. - 815 ILCS 375, Section 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...
- Illinois Motor Vehicle Retail Installment Sales Act. - 815 ILCS 375, Section 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...
- Illinois Motor Vehicle Retail Installment Sales Act. - 815 ILCS 375, Section 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...
- Illinois Motor Vehicle Retail Installment Sales Act. - 815 ILCS 375, Section 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...
- Illinois Motor Vehicle Retail Installment Sales Act. - 815 ILCS 375, Section 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...
- Illinois Motor Vehicle Retail Installment Sales Act. - 815 ILCS 375, Section 10
If any insurance for which an amount is included in the contract is cancelled, any unearned insurance refund exceeding one dollar received or receivable...
- Illinois Motor Vehicle Retail Installment Sales Act. - 815 ILCS 375, Section 11
Delinquency charges. A retail installment contract may provide for a delinquency and collection charge, on each installment in default for a period of not...
- Illinois Motor Vehicle Retail Installment Sales Act. - 815 ILCS 375, Section 11.1
A seller in a retail installment contract may add a "documentary fee" for processing documents and performing services related to closing of a sale. The...
- Illinois Motor Vehicle Retail Installment Sales Act. - 815 ILCS 375, Section 11.2
Final installment. Fifteen days after the final installment is due as originally scheduled or deferred, the holder may compute and charge interest on any...
- Illinois Motor Vehicle Retail Installment Sales Act. - 815 ILCS 375, Section 12
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,...
- Illinois Motor Vehicle Retail Installment Sales Act. - 815 ILCS 375, Section 13
The seller shall deliver to the buyer a copy of the retail installment contract signed by the seller. Any acknowledgment by the buyer of...
- Illinois Motor Vehicle Retail Installment Sales Act. - 815 ILCS 375, Section 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...
- Illinois Motor Vehicle Retail Installment Sales Act. - 815 ILCS 375, Section 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...
- Illinois Motor Vehicle Retail Installment Sales Act. - 815 ILCS 375, Section 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...
- Illinois Motor Vehicle Retail Installment Sales Act. - 815 ILCS 375, Section 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...
- Illinois Motor Vehicle Retail Installment Sales Act. - 815 ILCS 375, Section 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...
- Illinois Motor Vehicle Retail Installment Sales Act. - 815 ILCS 375, Section 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...
- Illinois Motor Vehicle Retail Installment Sales Act. - 815 ILCS 375, Section 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...
- Illinois Motor Vehicle Retail Installment Sales Act. - 815 ILCS 375, Section 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...
- Illinois Motor Vehicle Retail Installment Sales Act. - 815 ILCS 375, Section 21
Notwithstanding the provisions of any other statute, for motor vehicle retail installment contracts executed after September 25, 1981, there shall be no limit on...
- Illinois Motor Vehicle Retail Installment Sales Act. - 815 ILCS 375, Section 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...
- Illinois Motor Vehicle Retail Installment Sales Act. - 815 ILCS 375, Section 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...
- Illinois Motor Vehicle Retail Installment Sales Act. - 815 ILCS 375, Section 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...
- Illinois Motor Vehicle Retail Installment Sales Act. - 815 ILCS 375, Section 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...
- Illinois Motor Vehicle Retail Installment Sales Act. - 815 ILCS 375, Section 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...
- Illinois Motor Vehicle Retail Installment Sales Act. - 815 ILCS 375, Section 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,...
Last modified: February 18, 2015