BUSINESS - RENT TO OWN Senate SponsorsSen. Ira I. Silverstein 1/8/2013SenateSession Sine Die 815 ILCS 655/1from Ch. 121 1/2, par. 1801815 ILCS 655/2from Ch. 121 1/2, par. 1802815 ILCS 655/2.1 new815 ILCS 655/2.2 new815 ILCS 655/2.3 new815 ILCS 655/2.4 new815 ILCS 655/2.5 new815 ILCS 655/2.6 new815 ILCS 655/3from Ch. 121 1/2, par. 1803815 ILCS 655/4from Ch. 121 1/2, par. 1804815 ILCS 655/4.1 new815 ILCS 655/5from Ch. 121 1/2, par. 1805815 ILCS 505/2Zfrom Ch. 121 1/2, par. 262ZAmends the Rental-Purchase Agreement Act. Requires additional disclosures in a rental-purchase (aka rent to own) agreement clarifying the specific terms of the agreement including cost terms, minimum obligation period, and a notice putting the nature of the agreement in layman's terms. Provides that the rental-purchase agreement must provide that if the merchandise is returned to the merchant during the restatement period, the later of one week or half the number of days in a regular payment period, the consumer shall have the right to reinstate the agreement for a period of not less than one year. Creates an early purchase option where the consumer has the right to acquire ownership of the merchandise at any time during the agreement by paying the merchant a price determined by a multiplier. Provides that the merchant shall reduce the amount of each rental payment when the consumer experiences an interruption or reduction in income of more than 25% due to involuntary job loss/reduction, illness, pregnancy, or disability after at least 1/2 of the amount of the rental payments have been made. Provides that the merchant shall maintain the merchandise in good working order or replace or repair the merchandise without any fee to the consumer. Provides that a consumer has the ability to review a rental-purchase agreement for 48 hours prior to signing and that the consumer has the right to cancel the agreement without penalty before taking possession of the merchandise. Provides that a rental-purchase agreement shall not contain a mandatory arbitration clause. Establishes maximum cash prices for categories of merchandise and mandates the use of a terming matrix to establish a maximum cash price for merchandise on its second or subsequent rental. Provides that an advertisement must state whether its terms are for new or used merchandise. Provides that a merchant may not be held liable for an unintentional action that resulted from a bona fide or clerical error. Provides that an action shall not be brought after the later of 4 years after the occurrence of the act or one year after the last payment. Provides for enforcement by the Attorney General. Amends the Consumer Fraud and Deceptive Practices Act to make a violation of the Rental-Purchase Agreement Act a violation of that Act. 1/27/2011SenateFiled with Secretary by Sen. Ira I. Silverstein 1/27/2011SenateFirst Reading 1/27/2011SenateReferred to Assignments 2/9/2011SenateAssigned to Commerce 3/3/2011SenatePostponed - Commerce 3/10/2011SenatePostponed - Commerce 3/17/2011SenateDo Pass Commerce; 009-000-000 3/17/2011SenatePlaced on Calendar Order of 2nd Reading March 17, 2011 3/30/2011SenateSenate Floor Amendment No. 1 Filed with Secretary by Sen. Ira I. Silverstein 3/30/2011SenateSenate Floor Amendment No. 1 Referred to Assignments 3/31/2011SenateSenate Floor Amendment No. 1 Assignments Refers to Commerce 4/6/2011SenateSenate Floor Amendment No. 1 Postponed - Commerce 4/12/2011SenateSenate Floor Amendment No. 1 Postponed - Commerce 7/23/2011SenatePursuant to Senate Rule 3-9(b) / Referred to Assignments 7/23/2011SenateSenate Floor Amendment No. 1 Re-referred to Assignments; Pursuant to Senate Rule 3-9(b) 1/8/2013SenateSession Sine Die