Attorney Published Article
Financing a Designer Puppy in Illinois? Better Act Fast!Read Time: 1 min
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.