Illinois Compiled Statutes 815 Business Transactions: Article -
- Illinois Retail Installment Sales Act. - 815 ILCS 405, Section 1
This Act may be cited as the Retail Installment Sales Act. (Source: Laws 1967, p. 2149.)
- Illinois Retail Installment Sales Act. - 815 ILCS 405, 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 Retail Installment Sales Act. - 815 ILCS 405, Section 2.1
"Goods" means all goods used or purchased primarily for personal, family, or household purposes. "Goods" includes goods purchased primarily for agricultural purposes only for the...
- Illinois Retail Installment Sales Act. - 815 ILCS 405, Section 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...
- Illinois Retail Installment Sales Act. - 815 ILCS 405, Section 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...
- Illinois Retail Installment Sales Act. - 815 ILCS 405, Section 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...
- Illinois Retail Installment Sales Act. - 815 ILCS 405, Section 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...
- Illinois Retail Installment Sales Act. - 815 ILCS 405, Section 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...
- Illinois Retail Installment Sales Act. - 815 ILCS 405, Section 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,...
- Illinois Retail Installment Sales Act. - 815 ILCS 405, Section 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...
- Illinois Retail Installment Sales Act. - 815 ILCS 405, Section 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...
- Illinois Retail Installment Sales Act. - 815 ILCS 405, Section 2.10
"Amount financed" means the cash sale price of the goods or services which are the subject matter of a retail installment contract plus all...
- Illinois Retail Installment Sales Act. - 815 ILCS 405, Section 2.11
"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 Retail Installment Sales Act. - 815 ILCS 405, Section 2.12
"Deferred payment price" means the total of (1) the cash sale price of the goods or services purchased, (2) all other charges individually itemized...
- Illinois Retail Installment Sales Act. - 815 ILCS 405, Section 2.13
"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 Retail Installment Sales Act. - 815 ILCS 405, Section 2.14
"Holder" of a retail installment contract or a retail charge agreement means the retail seller of the goods or services under the installment contract...
- Illinois Retail Installment Sales Act. - 815 ILCS 405, Section 2.15
"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 Retail Installment Sales Act. - 815 ILCS 405, Section 2.16
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....
- Illinois Retail Installment Sales Act. - 815 ILCS 405, Section 2.17
Precomputed. A contract is "precomputed" if the debt is expressed as a sum of the amount financed plus the amount of the finance charge...
- Illinois Retail Installment Sales Act. - 815 ILCS 405, 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 Retail Installment Sales Act. - 815 ILCS 405, 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 Retail Installment Sales Act. - 815 ILCS 405, Section 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...
- Illinois Retail Installment Sales Act. - 815 ILCS 405, Section 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...
- Illinois Retail Installment Sales Act. - 815 ILCS 405, 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 Retail Installment Sales Act. - 815 ILCS 405, Section 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...
- Illinois Retail Installment Sales Act. - 815 ILCS 405, Section 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...
- Illinois Retail Installment Sales Act. - 815 ILCS 405, Section 10
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 Retail Installment Sales Act. - 815 ILCS 405, Section 11
If any insurance for which an amount is included in the contract or charge agreement is cancelled, any unearned insurance refund exceeding one dollar...
- Illinois Retail Installment Sales Act. - 815 ILCS 405, Section 11.1
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 Retail Installment Sales Act. - 815 ILCS 405, Section 12
Delinquency charges. A retail installment contract or a retail charge agreement may provide for a delinquency and collection charge, on each installment in default...
- Illinois Retail Installment Sales Act. - 815 ILCS 405, Section 12.1
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 Retail Installment Sales Act. - 815 ILCS 405, Section 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,...
- Illinois Retail Installment Sales Act. - 815 ILCS 405, Section 14
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 Retail Installment Sales Act. - 815 ILCS 405, Section 15
Notwithstanding Sections 4 and 5 and paragraph (a) of Section 3 of this Act, if delivery of the goods is not made at the...
- Illinois Retail Installment Sales Act. - 815 ILCS 405, Section 16
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 Retail Installment Sales Act. - 815 ILCS 405, Section 17
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 Retail Installment Sales Act. - 815 ILCS 405, Section 18
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 Retail Installment Sales Act. - 815 ILCS 405, Section 19
Each person, other than a seller or holder, who signs a retail installment contract, retail charge agreement, or any other agreement or instrument in...
- Illinois Retail Installment Sales Act. - 815 ILCS 405, Section 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...
- Illinois Retail Installment Sales Act. - 815 ILCS 405, Section 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...
- Illinois Retail Installment Sales Act. - 815 ILCS 405, Section 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...
- Illinois Retail Installment Sales Act. - 815 ILCS 405, Section 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...
- Illinois Retail Installment Sales Act. - 815 ILCS 405, Section 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...
- Illinois Retail Installment Sales Act. - 815 ILCS 405, Section 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...
- Illinois Retail Installment Sales Act. - 815 ILCS 405, Section 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...
- Illinois Retail Installment Sales Act. - 815 ILCS 405, Section 25.1
(Repealed). (Source: Repealed by P.A. 88-546.)
- Illinois Retail Installment Sales Act. - 815 ILCS 405, Section 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...
- Illinois Retail Installment Sales Act. - 815 ILCS 405, Section 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,...
- Illinois Retail Installment Sales Act. - 815 ILCS 405, Section 27
Notwithstanding the provisions of any other statute, retail installment contracts executed after the effective date of this amendatory Act of 1981, there shall be...
- Illinois Retail Installment Sales Act. - 815 ILCS 405, Section 28
Notwithstanding the provisions of any other statute, a retail charge agreement may provide for the charging, collection and receipt of finance charges at any...
- Illinois Retail Installment Sales Act. - 815 ILCS 405, Section 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...
- Illinois Retail Installment Sales Act. - 815 ILCS 405, Section 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...
- Illinois Retail Installment Sales Act. - 815 ILCS 405, Section 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...
- Illinois Retail Installment Sales Act. - 815 ILCS 405, Section 29.2
(Repealed). (Source: Repealed by P.A. 88-546.)
- Illinois Retail Installment Sales Act. - 815 ILCS 405, Section 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...
- Illinois Retail Installment Sales Act. - 815 ILCS 405, Section 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...
- Illinois Retail Installment Sales Act. - 815 ILCS 405, Section 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...
- Illinois Retail Installment Sales Act. - 815 ILCS 405, Section 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...
Last modified: February 18, 2015