Illinois Compiled Statutes 815 ILCS 636/70 – Preservation of claims and defenses
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Terms Used In Illinois Compiled Statutes 815 ILCS 636/70
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
No lessor shall take or receive a consumer lease which fails to contain the following provision in at least 10-point, bold-faced type:
“NOTICE
ANY HOLDER OF THIS CONSUMER LEASE IS SUBJECT TO ALL
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CLAIMS AND DEFENSES WHICH (1) THE LESSEE COULD ASSERT AGAINST THE LESSOR OF THE VEHICLE LEASED PURSUANT HERETO AND (2) ARE APPARENT ON THE FACE OF THE CONSUMER LEASE. RECOVERY BY THE LESSEE SHALL NOT EXCEED AMOUNTS PAID BY THE LESSEE HEREUNDER.”
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