HB1657 Enrolled 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

 

 

HB1657 Enrolled - 2 - LRB095 06229 LCT 26323 b

1 EQUAL TO THE PERCENTAGE OF CHANGE IN THE BUREAU OF LABOR
2 STATISTICS CONSUMER PRICE INDEX. THIS NOTICE IS REQUIRED BY
3 LAW."
4 (Source: P.A. 90-519, eff. 6-1-98; 90-655, eff. 7-30-98.)
 
5     Section 99. Effective date. This Act takes effect January
6 1, 2008.