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Financing a Designer Puppy in Illinois? Better Act Fast!

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Effective January 1, 2024, Illinois HB 3236 (the Act) prohibits sales finance agencies from purchasing or making loans secured by either of the following contracts relative to the sale of a canine or feline: (a) a retail installment contract; (b) a retail charge agreement; or (c) the outstanding balance under a retail installment contract or a retail charge agreement. Any sales finance agency that violates the Act has no right to collect, receive, or retain any principal, interest, or charges related to the contract, agreement, or loan, and any such loan will be null and void. Notably, however, these changes only apply to any secured loan or retail installment transaction entered into after the effective date. Therefore, consumers wishing to finance a designer pet in Illinois must do so with haste!

Reprinted with permission from the American Bar Association’s Business Law Today August Month-In-Brief: Business Regulation & Regulated Industries.

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Published Article

Maryland Enacts Student Financing Act

June 1, 2023

On May 8, 2023, Governor Wes Moore of Maryland signed HB 913 into law, creating the Student Financing Act (the Act). Under the Act, “student financing” is defined as an extension of credit to a consumer that is (1) not made, insured, or guaranteed under Title IV of the federal Higher Education Act of 1965, (2) extended to a consumer expressly, in whole or in part, for postsecondary education expenses, regardless of whether it is provided by the institution that the consumer attends, and (3) not a loan secured by real property or a dwelling.

Published Article

The Small Business Truth in Lending Act

April 3, 2023

On February 10, 2023, Illinois State Senator Laura Ellman introduced SB2234, also referred to as the “Small Business Truth in Lending Act” (Act), in the Illinois House of Representatives.