Illinois General Assembly - Full Text of Public Act 095-0280
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Public Act 095-0280


 

Public Act 0280 95TH GENERAL ASSEMBLY



 


 
Public Act 095-0280
 
HB1657 Enrolled LRB095 06229 LCT 26323 b

    AN ACT concerning business.
 
    Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
 
    Section 5. The Motor Vehicle Retail Installment Sales Act
is amended by changing Section 11.1 as follows:
 
    (815 ILCS 375/11.1)  (from Ch. 121 1/2, par. 571.1)
    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
the following information:
    "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
EQUAL TO THE PERCENTAGE OF CHANGE IN THE BUREAU OF LABOR
STATISTICS CONSUMER PRICE INDEX. THIS NOTICE IS REQUIRED BY
LAW."
(Source: P.A. 90-519, eff. 6-1-98; 90-655, eff. 7-30-98.)
 
    Section 99. Effective date. This Act takes effect January
1, 2008.

Effective Date: 1/1/2008