101ST GENERAL ASSEMBLY
State of Illinois
2019 and 2020
HB3913
 
Introduced 10/17/2019, by Rep. Allen Skillicorn
 
SYNOPSIS AS INTRODUCED:
 

 



815 ILCS 375/11.1  from Ch. 121 1/2, par. 571.1

     Amends the Motor Vehicle Retail Installment Sales Act. Provides that the maximum amount of the documentary fee for processing documents and performing services related to closing of a
sale is restored to $150 (currently, the fee was increased to $300 on January 1, 2020). Effective immediately.
  


LRB101 12945 HLH 61781 b

FISCAL NOTE ACT MAY APPLY
 
 
A BILL FOR
 

  
HB3913LRB101 12945 HLH 61781 b


  
1    AN ACT concerning business.
  
 
2    Be it enacted by the People of the State of Illinois,
 
3represented in the General Assembly:
  
 
 
4    Section 5. The Motor Vehicle Retail Installment Sales Act 
5is amended  by changing Section 11.1 as follows:
 



6    (815 ILCS 375/11.1)  (from Ch. 121 1/2, par. 571.1)



7    Sec. 11.1. (a) A seller in a retail installment contract 
8may add a "documentary
fee" for processing documents and 
9performing services related to closing of a
sale.  The maximum 
10amount that may be charged by a seller for a documentary fee
is 
11the base documentary fee beginning January 1, 2008 until 
12January 1, 2020, of $150, which shall be
subject to an annual 
13rate adjustment equal to the percentage of change in the
Bureau 
14of Labor Statistics Consumer Price Index.  Every retail 
15installment
contract under this Act shall contain or be 
16accompanied by a notice containing
the following information:

17    "DOCUMENTARY FEE.  A DOCUMENTARY FEE IS NOT AN OFFICIAL FEE.  
18A
DOCUMENTARY FEE IS NOT REQUIRED BY LAW, BUT MAY BE CHARGED TO 
19BUYERS FOR
HANDLING DOCUMENTS AND PERFORMING SERVICES RELATED 
20TO CLOSING OF A SALE.
THE BASE DOCUMENTARY FEE BEGINNING 
21JANUARY 1, 2008, WAS $150.  THE MAXIMUM
AMOUNT THAT MAY BE 
22CHARGED FOR A DOCUMENTARY FEE IS THE BASE DOCUMENTARY FEE
OF 
23$150, WHICH SHALL BE SUBJECT TO AN ANNUAL RATE ADJUSTMENT EQUAL 
 
 
HB3913- 2 -LRB101 12945 HLH 61781 b

1TO THE
PERCENTAGE OF CHANGE IN THE BUREAU OF LABOR STATISTICS 
2CONSUMER PRICE INDEX.
THIS NOTICE IS REQUIRED BY LAW."

3    (b) (Blank). A seller in a retail installment contract may 
4add a "documentary
fee" for processing documents and performing 
5services related to closing of a
sale.  The maximum amount that 
6may be charged by a seller for a documentary fee
is the base 
7documentary fee beginning January 1, 2020, of $300, which shall 
8be
subject to an annual rate adjustment equal to the percentage 
9of change in the
Bureau of Labor Statistics Consumer Price 
10Index.  Every retail installment
contract under this Act shall 
11contain or be accompanied by a notice containing
the following 
12information:
13    "DOCUMENTARY FEE.  A DOCUMENTARY FEE IS NOT AN OFFICIAL FEE.  
14A
DOCUMENTARY FEE IS NOT REQUIRED BY LAW, BUT MAY BE CHARGED TO 
15BUYERS FOR
HANDLING DOCUMENTS AND PERFORMING SERVICES RELATED 
16TO CLOSING OF A SALE.
THE BASE DOCUMENTARY FEE BEGINNING 
17JANUARY 1, 2020, WAS $300.  THE MAXIMUM
AMOUNT THAT MAY BE 
18CHARGED FOR A DOCUMENTARY FEE IS THE BASE DOCUMENTARY FEE
OF 
19$300, WHICH SHALL BE SUBJECT TO AN ANNUAL RATE ADJUSTMENT EQUAL 
20TO THE
PERCENTAGE OF CHANGE IN THE BUREAU OF LABOR STATISTICS 
21CONSUMER PRICE INDEX.
THIS NOTICE IS REQUIRED BY LAW." 
22(Source: P.A. 101-31, eff. 6-28-19.)

  
 
23    Section 99. Effective date. This Act takes effect upon 
24becoming law.