(a) No sales finance agency shall purchase:
         (1) a retail installment contract for the sale of a
    
canine or feline;
        (2) a retail charge agreement for the sale of a
    
canine or feline; or
        (3) the outstanding balance under a retail
    
installment contract or a retail charge agreement for the sale of a canine or feline.
    (b) No sales finance agency shall make a loan secured by:

Terms Used In Illinois Compiled Statutes 205 ILCS 660/10.6

  • Contract: A legal written agreement that becomes binding when signed.
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.

         (1) a retail installment contract for the sale of a
    
canine or feline;
        (2) a retail charge agreement for the sale of a
    
canine or feline; or
        (3) the outstanding balance under a retail
    
installment contract or a retail charge agreements for the sale of a canine or feline.
    (c) Any sales finance agency that purchases a contract or agreement subject to subsection (a) or makes a loan subject to subsection (b) has no right to collect, receive, or retain any principal, interest, or charges related to the contract, agreement, or loan, and any such loan is null and void.
     (d) The changes made to this Section by this amendatory Act of the 103rd General Assembly shall apply prospectively and shall not apply retroactively. This Section shall not impair or affect the obligation of any retail installment transaction or secured loan entered into before the effective date of this amendatory Act of the 103rd General Assembly.
  Previous section
Next section  
 205 ILCS 660 Contents