Loading chat...
IL SB3283
Bill
AI Summary
- Amends the Motor Vehicle Retail Installment Sales Act to limit liability of co-signers who do not actually receive the motor vehicle to the extent they received it
- Parents, spouses, or other co-signers may be held liable for the full deferred payment price regardless of whether they received the vehicle
- Co-signers acting as guarantors of collection have secondary liability that only arises after the seller or holder has diligently pursued collection from the primary obligor through legal means
- Guarantor provisions in retail installment contracts are valid only if the guarantor's signature space includes specific language stating they guarantee collection upon buyer's failure to pay
- Guarantors must sign both the retail installment contract and a separate "Explanation of Guarantor's Obligation" document detailing the total deferred payment price and that their obligation is secondary to the buyer's
Legislative Description
MOTOR VEHICLE SALES-LIABILITY
Last Action
Session Sine Die
1/7/2025
Committee Referrals
Assignments2/7/2024
Full Bill Text
No bill text available