SB0470eng 94TH GENERAL ASSEMBLY



 


 
SB0470 Engrossed LRB094 08451 RXD 38656 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 Automatic Contract Renewal Act is amended by
5 changing Section 20 as follows:
 
6     (815 ILCS 601/20)
7     Sec. 20. Applicability.
8     (a) This Act does not apply to a contract entered into
9 before the effective date of this Act.
10     (b) This amendatory Act of the 93rd General Assembly does
11 not apply to a contract entered into before the effective date
12 of this amendatory Act of the 93rd General Assembly.
13     (c) This Act does not apply to business-to-business
14 contracts.
15     (d) This Act does not apply to banks, trust companies,
16 savings and loan associations, savings banks, or credit unions
17 licensed or organized under the laws of any state or the United
18 States, or any foreign bank maintaining a branch or agency
19 licensed or organized under the laws of any state of the United
20 States, or any subsidiary or affiliate thereof.
21     (e) This Act does not apply to a contract that is extended
22 beyond the original term of the contract as the result of the
23 consumer's initiation of a change in the original contract
24 terms.
25     (f) This Act does not apply to insurance contracts.
26 (Source: P.A. 93-950, eff. 1-1-05.)