102ND GENERAL ASSEMBLY
State of Illinois
2021 and 2022
HB3045
 
Introduced 2/19/2021, by Rep. Adam Niemerg
 
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.
  


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FISCAL NOTE ACT MAY APPLY
 
 
A BILL FOR
 

  
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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

14Bureau of 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 
18FEE.  A
DOCUMENTARY FEE IS NOT REQUIRED BY LAW, BUT MAY BE 
19CHARGED TO BUYERS FOR
HANDLING DOCUMENTS AND PERFORMING 
20SERVICES RELATED TO CLOSING OF A SALE.
THE BASE DOCUMENTARY 
21FEE BEGINNING JANUARY 1, 2008, WAS $150.  THE MAXIMUM
AMOUNT 
22THAT MAY BE CHARGED FOR A DOCUMENTARY FEE IS THE BASE 
23DOCUMENTARY FEE
OF $150, WHICH SHALL BE SUBJECT TO AN ANNUAL 
 
 
HB3045- 2 -LRB102 16417 RAM 21808 b

1RATE ADJUSTMENT EQUAL TO THE
PERCENTAGE OF CHANGE IN THE 
2BUREAU OF LABOR STATISTICS CONSUMER PRICE INDEX.
THIS NOTICE 
3IS REQUIRED BY LAW."

4    (b) (Blank). A seller in a retail installment contract may 
5add a "documentary
fee" for processing documents and 
6performing services related to closing of a
sale.  The maximum 
7amount that may be charged by a seller for a documentary fee
is 
8the base documentary fee beginning January 1, 2020, of $300, 
9which shall be
subject to an annual rate adjustment equal to 
10the percentage of change in the
Bureau of Labor Statistics 
11Consumer Price Index.  Every retail installment
contract under 
12this Act shall contain or be accompanied by a notice 
13containing
the following information:
14    "DOCUMENTARY FEE.  A DOCUMENTARY FEE IS NOT AN OFFICIAL 
15FEE.  A
DOCUMENTARY FEE IS NOT REQUIRED BY LAW, BUT MAY BE 
16CHARGED TO BUYERS FOR
HANDLING DOCUMENTS AND PERFORMING 
17SERVICES RELATED TO CLOSING OF A SALE.
THE BASE DOCUMENTARY 
18FEE BEGINNING JANUARY 1, 2020, WAS $300.  THE MAXIMUM
AMOUNT 
19THAT MAY BE CHARGED FOR A DOCUMENTARY FEE IS THE BASE 
20DOCUMENTARY FEE
OF $300, WHICH SHALL BE SUBJECT TO AN ANNUAL 
21RATE ADJUSTMENT EQUAL TO THE
PERCENTAGE OF CHANGE IN THE 
22BUREAU OF LABOR STATISTICS CONSUMER PRICE INDEX.
THIS NOTICE 
23IS REQUIRED BY LAW." 
24(Source: P.A. 101-31, eff. 6-28-19.)

  
 
25    Section 99. Effective date. This Act takes effect upon 
26becoming law.