815 ILCS 655/0.01
Short title
Short title. This Act may be cited as the Rental-Purchase Agreement Act. (Source: P.A. 86-1324.)
Illinois Compiled Statutes 815 ILCS 655 — Rental-Purchase Agreement Act.
Illinois · statute · 815 ILCS 655 · 6 active provisions
815 ILCS 655/1
Definitions
Definitions. In this Act: (1) "Advertisement" means a commercial message in any medium that directly or indirectly promotes or assists a rental-purchase agreement. (2) "Cash price" means the price for which the merchant would have sold the merchandise to the consumer for cash on the date of the rental-purchase agreemen…
815 ILCS 655/2
Form
Form. (a) A rental-purchase agreement must be written in plain English and clearly and simply in any other language used by the merchant in any oral or written advertisement related to the rental-purchase agreement. Numerical amounts must be stated in figures. (b) Disclosures required by this Act must be printed or typ…
815 ILCS 655/3
Advertisement
Advertisement. (a) An advertisement for a rental-purchase agreement that refers to or states the amount of a payment or the right to acquire ownership of any one particular item under the agreement must clearly and conspicuously state: (1) that the transaction advertised is a rental-purchase agreement; (2) the total am…
815 ILCS 655/4
Enforcement
Enforcement. (a) A consumer damaged by a violation of this Act by a merchant is entitled to recover from the merchant: (1) actual damages; (2) 25% of an amount equal to the total amount of payments required to obtain ownership of the merchandise involved, except that the amount recovered under this item (2) may not be…
815 ILCS 655/5
Penalty
Penalty. Any person intentionally violating this Act shall be guilty of a petty offense and fined not more than $500. (Source: P.A. 85-957.)