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Public Act 095-0280
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| HB1657 Enrolled |
LRB095 06229 LCT 26323 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 Motor Vehicle Retail Installment Sales Act |
is amended by changing Section 11.1 as follows:
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(815 ILCS 375/11.1) (from Ch. 121 1/2, par. 571.1)
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Sec. 11.1. A seller in a retail installment contract may |
add a "documentary
fee" for processing documents and performing |
services related to closing of a
sale. The maximum amount that |
may be charged by a seller for a documentary fee
is the base |
documentary fee beginning January 1, 2008
1992, of $150
$40 |
which shall be
subject to an annual rate adjustment equal to |
the percentage of change in the
Bureau of Labor Statistics |
Consumer Price Index. Every retail installment
contract under |
this Act shall contain or be accompanied by a notice containing
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the following information:
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"DOCUMENTARY FEE. A DOCUMENTARY FEE IS NOT AN OFFICIAL FEE. |
A
DOCUMENTARY FEE IS NOT REQUIRED BY LAW, BUT MAY BE CHARGED TO |
BUYERS FOR
HANDLING DOCUMENTS AND PERFORMING SERVICES RELATED |
TO CLOSING OF A SALE.
THE BASE DOCUMENTARY FEE BEGINNING |
JANUARY 1, 2008
1992, WAS $150
$40. THE MAXIMUM
AMOUNT THAT MAY |
BE CHARGED FOR A DOCUMENTARY FEE IS THE BASE DOCUMENTARY FEE
OF |
$150
$40 WHICH SHALL BE SUBJECT TO AN ANNUAL RATE ADJUSTMENT |