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SB0470 Engrossed |
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LRB094 08451 RXD 38656 b |
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| AN ACT concerning business.
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| Be it enacted by the People of the State of Illinois,
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| represented in the General Assembly:
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| Section 5. The Automatic Contract Renewal Act is amended by |
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| changing Section 20 as follows:
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| (815 ILCS 601/20)
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| Sec. 20. Applicability. |
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| (a) This Act does not apply to a contract
entered into |
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| before the effective date of this Act.
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| (b) This amendatory Act of the 93rd General Assembly does |
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| not apply to a contract entered into before the effective date |
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| of this amendatory Act of the 93rd General Assembly.
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| (c) This Act does not apply to business-to-business |
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| contracts.
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| (d) This Act does not apply to banks, trust companies, |
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| savings and loan associations, savings banks, or credit unions |
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| licensed or organized under the laws of any state or the United |
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| States, or any foreign bank maintaining a branch or agency |
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| licensed or organized under the laws of any state of the United |
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| States, or any subsidiary or affiliate thereof.
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| (e) This Act does not apply to a contract that is extended |
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| beyond the original term of the contract as the result of the |
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| consumer's initiation of a change in the original contract |
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| terms.
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| (f) This Act does not apply to insurance contracts.
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| (Source: P.A. 93-950, eff. 1-1-05.)
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