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Retail Installment Sales Act

Illinois · Business Transactions · §§ 815-405-1 to 815-405-9 · 60 sections

Overview

The act governs consumer credit sales — transactions in which a retail seller provides goods or services for personal, family, or household use and the buyer pays the price over time under an installment contract or charge agreement. It defines the parties and terms involved, including the deferred payment price and the finance companies that purchase such contracts, and it imposes contract-formation duties on sellers: written agreements containing disclosed terms and charges, delivery of a signed copy to the buyer, and receipts for cash payments. It also limits what sellers and subsequent holders may do, capping or regulating delinquency and other fees, barring arbitrary acceleration of the balance absent default, preserving the buyer's defenses against a holder despite any contrary agreement, and channeling default and repossession into the secured-transactions remedies of the Uniform Commercial Code.

Editorial summary generated from the text of this act. It is not part of the statute — read the sections below for the operative language.

Sections covered

  • 815 ILCS 405/1This Act may be cited as the Retail Installment Sales Act
  • 815 ILCS 405/10Business Transactions › 815 ILCS 405 — Retail Installment Sales Act
  • 815 ILCS 405/11Business Transactions › 815 ILCS 405 — Retail Installment Sales Act
  • 815 ILCS 405/11.1Disclosure of consideration paid to seller
  • 815 ILCS 405/12Delinquency charges
  • 815 ILCS 405/12.1Final installment
  • 815 ILCS 405/13No provision in a retail installment contract under which, in the absence of the buyer's default, the holder may, arbitrarily and without reasonable cause, accelerate the maturity of any part of or all of the amount owing thereunder is enforceable
  • 815 ILCS 405/14The seller shall deliver to the buyer a copy of the retail installment contract signed by the seller
  • 815 ILCS 405/15Business Transactions › 815 ILCS 405 — Retail Installment Sales Act
  • 815 ILCS 405/16The seller or holder of a retail installment contract must give the buyer a written receipt for any payment made in cash
  • 815 ILCS 405/17Business Transactions › 815 ILCS 405 — Retail Installment Sales Act
  • 815 ILCS 405/18All defenses available against a holder in due course of a negotiable instrument under subsection (2) of Section 3-305 of the Uniform Commercial Code are available to a buyer under a retail installment contract notwithstanding any agreement to the contrary
  • 815 ILCS 405/19Business Transactions › 815 ILCS 405 — Retail Installment Sales Act
  • 815 ILCS 405/2For the purposes of this Act, unless the context otherwise requires, the terms specified in the following Sections preceding Section 3 have the meanings ascribed to them in those Sections
  • 815 ILCS 405/20Business Transactions › 815 ILCS 405 — Retail Installment Sales Act
  • 815 ILCS 405/21Business Transactions › 815 ILCS 405 — Retail Installment Sales Act
  • 815 ILCS 405/2.1"Goods" means all goods used or purchased primarily for personal, family, or household purposes
  • 815 ILCS 405/2.10Business Transactions › 815 ILCS 405 — Retail Installment Sales Act
  • 815 ILCS 405/2.11Business Transactions › 815 ILCS 405 — Retail Installment Sales Act
  • 815 ILCS 405/2.12"Deferred payment price" means the total of (1) the cash sale price of the goods or services purchased, (2) all other charges individually itemized which are included in the amount financed but which are not a part of the finance charge, and (3) the finance charge
  • 815 ILCS 405/2.13"Sales finance agency" means a person engaged, in whole or in part, in the business of purchasing or making loans upon the security of retail installment contracts or retail charge agreements
  • 815 ILCS 405/2.14Business Transactions › 815 ILCS 405 — Retail Installment Sales Act
  • 815 ILCS 405/2.15Business Transactions › 815 ILCS 405 — Retail Installment Sales Act
  • 815 ILCS 405/2.16Truth-in Lending Act
  • 815 ILCS 405/2.17Precomputed
  • 815 ILCS 405/22Business Transactions › 815 ILCS 405 — Retail Installment Sales Act
  • 815 ILCS 405/2.2Business Transactions › 815 ILCS 405 — Retail Installment Sales Act
  • 815 ILCS 405/23Business Transactions › 815 ILCS 405 — Retail Installment Sales Act
  • 815 ILCS 405/2.3"Retail buyer" or "buyer" means a person who buys goods or obtains services from a retail seller in a retail installment transaction
  • 815 ILCS 405/23.1Other fees
  • 815 ILCS 405/24Business Transactions › 815 ILCS 405 — Retail Installment Sales Act
  • 815 ILCS 405/2.4"Retail seller" or "seller" means a person regularly engaged in, and whose business consists to a substantial extent of, selling, and who in the ordinary course of business regularly sells or offers to sell goods or services to retail buyers
  • 815 ILCS 405/25Agreement requirements
  • 815 ILCS 405/2.5"Retail installment transaction" means a credit sale of goods or a furnishing or rendering of services by a retail seller to a retail buyer for a deferred payment price payable in one or more installments pursuant to a retail installment contract or a retail charge agreement
  • 815 ILCS 405/25.1(Repealed)
  • 815 ILCS 405/26Unless otherwise limited by this Section, the parties shall have the rights and remedies provided in Article 9 of the Uniform Commercial Code with respect to default and disposition of collateral
  • 815 ILCS 405/2.6"Retail installment contract", "installment contract" or "contract" means an instrument or instruments, other than a retail charge agreement or an instrument reflecting a sale made pursuant thereto, entered into in this State and prescribing the terms of a retail installment transaction
  • 815 ILCS 405/26.5Relief concerning a retail installment contract default for military personnel in military service
  • 815 ILCS 405/27The finance charge on any retail installment contract shall be no more than the maximum rate permissible under the Predatory Loan Prevention Act
  • 815 ILCS 405/2.7Business Transactions › 815 ILCS 405 — Retail Installment Sales Act
  • 815 ILCS 405/28The finance charge on any retail charge agreement shall be no more than the maximum rate permissible under the Predatory Loan Prevention Act
  • 815 ILCS 405/2.8Business Transactions › 815 ILCS 405 — Retail Installment Sales Act
  • 815 ILCS 405/28.1Business Transactions › 815 ILCS 405 — Retail Installment Sales Act
  • 815 ILCS 405/29Business Transactions › 815 ILCS 405 — Retail Installment Sales Act
  • 815 ILCS 405/2.9"Official fees" means the taxes and fees prescribed by law that actually are, or will be, paid to public officials for determining the existence of, or for perfecting, releasing or satisfying a security interest retained by a seller under a retail installment transaction
  • 815 ILCS 405/29.1Business Transactions › 815 ILCS 405 — Retail Installment Sales Act
  • 815 ILCS 405/29.2(Repealed)
  • 815 ILCS 405/29.5Prohibition on retail installment transactions for canines and felines
  • 815 ILCS 405/3(a) Every retail installment contract must be in writing, dated, signed by both the buyer and the seller, and, except as otherwise provided in this Act, completed as to all essential provisions, before it is signed by the buyer
  • 815 ILCS 405/30The Attorney General or the State's Attorney of any county in this State may bring an action in the name of the State against any person to restrain and prevent any violation of this Act
  • 815 ILCS 405/31(a) Any person who knowingly violates this Act is guilty of a Class A misdemeanor
  • 815 ILCS 405/32Business Transactions › 815 ILCS 405 — Retail Installment Sales Act
  • 815 ILCS 405/33The Retail Installment Sales Act, approved June 17, 1957, as amended, is repealed
  • 815 ILCS 405/33.1Rulemaking authority
  • 815 ILCS 405/4Business Transactions › 815 ILCS 405 — Retail Installment Sales Act
  • 815 ILCS 405/5Every retail installment contract shall disclose the following items, as applicable: (1) The cash price of the property or service purchased, using the term "cash price"
  • 815 ILCS 405/6(a) Every retail installment contract must provide for a schedule of periodic installment payments from the due date of the first installment payment to the date of the final maturity of the contract
  • 815 ILCS 405/7Notwithstanding the provisions of any retail installment contract to the contrary, the buyer may prepay the contract in full, whether by payment in cash, extension, renewal or otherwise, at any time before maturity, and if he does so, shall receive a refund credit thereon for that prepayment
  • 815 ILCS 405/8Business Transactions › 815 ILCS 405 — Retail Installment Sales Act
  • 815 ILCS 405/9Business Transactions › 815 ILCS 405 — Retail Installment Sales Act

Enacted in other states

Alaska, Montana, Tennessee

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