(205 ILCS 660/10.6) (Text of Section before amendment by P.A. 103-339) Sec. 10.6. Companion animals. A licensee shall not finance, enter into a retail installment contract, or make a loan for the purchase of a canine or feline. Notwithstanding any other provision of this Act, if a lender violates this Section, the financing, retail installment contract, or loan shall be null and void and the licensee shall have no right to collect, receive, or retain any principal, interest, or charges related to the loan, retail installment contract, or financing.
(Source: P.A. 102-128, eff. 1-1-22.) (Text of Section after amendment by P.A. 103-339) Sec. 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 |
(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.
(Source: P.A. 102-128, eff. 1-1-22; 103-339, eff. 1-1-24.)
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