|
|
|
|
95TH GENERAL ASSEMBLY
State of Illinois
2007 and 2008
HB1657
Introduced 2/22/2007, by Rep. Daniel J. Burke 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, beginning January 1, 2008, the base documentary fee is raised from $40 to $150. Provides that the maximum fee that may be charged for a documentary fee is the base documentary fee of $150 (instead of $40). Effective January 1, 2008.
|
| |
|
|
|
|
A BILL FOR
|
|
|
|
|
HB1657 |
|
LRB095 06229 LCT 26323 b |
|
|
| 1 |
| AN ACT concerning business.
|
| 2 |
| Be it enacted by the People of the State of Illinois,
|
| 3 |
| represented in the General Assembly:
|
| 4 |
| Section 5. The Motor Vehicle Retail Installment Sales Act |
| 5 |
| is 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 seller in a retail installment contract may |
| 8 |
| add a "documentary
fee" for processing documents and performing |
| 9 |
| services related to closing of a
sale. The maximum amount that |
| 10 |
| may be charged by a seller for a documentary fee
is the base |
| 11 |
| documentary fee beginning January 1, 2008
1992, of $150
$40 |
| 12 |
| which shall be
subject to an annual rate adjustment equal to |
| 13 |
| the percentage of change in the
Bureau of Labor Statistics |
| 14 |
| Consumer Price Index. Every retail installment
contract under |
| 15 |
| this Act shall contain or be accompanied by a notice containing
|
| 16 |
| the following information:
|
| 17 |
| "DOCUMENTARY FEE. A DOCUMENTARY FEE IS NOT AN OFFICIAL FEE. |
| 18 |
| A
DOCUMENTARY FEE IS NOT REQUIRED BY LAW, BUT MAY BE CHARGED TO |
| 19 |
| BUYERS FOR
HANDLING DOCUMENTS AND PERFORMING SERVICES RELATED |
| 20 |
| TO CLOSING OF A SALE.
THE BASE DOCUMENTARY FEE BEGINNING |
| 21 |
| JANUARY 1, 2008
1992, WAS $150
$40. THE MAXIMUM
AMOUNT THAT MAY |
| 22 |
| BE CHARGED FOR A DOCUMENTARY FEE IS THE BASE DOCUMENTARY FEE
OF |
| 23 |
| $150
$40 WHICH SHALL BE SUBJECT TO AN ANNUAL RATE ADJUSTMENT |