Holmes Act ends predatory lending practices at pet stores

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Holmes Petloan 072621SPRINGFIELD –There are 17 pet stores in Illinois that offer contract loans for the purchase of a cat or dog. House Bill 572, sponsored by Senator Linda Holmes (Democracy from Aurora), banning the use of these loans, was signed Friday.

“It’s not just stores that offer payday loans, they get away with it with predatory loan interest rates of 30% to 150% and higher,” Holmes said. “Most pet stores have problems with animals coming from unscrupulous breeders and puppy factories – some in poor condition – so these consumers can be in debt and grieve.”

If a sales finance agency violates the Sales Finance Agency Act, their funding, contracts or loans will be invalid and they will not be eligible to collect any funds related to the loan. This measure is an initiative of the United States Humane Society in line with their campaign to end the sale of pets to puppies. They are working to instead offer adapted animals from shelters in pet stores and focus on selling pet food, toys, training aids, and pet clothing.

“Pet funding is just another way that puppy factories and their retail outlets get away with selling puppies for thousands of dollars to unsuspecting consumers, many of whom end up with extremely high interest rates and hidden fees they don’t can afford it, ”said Mark Ayers. Illinois Director of the US Animal Welfare Society “We applaud Senator Holmes and the vast majority of Illinois lawmakers who supported this bill, which helps both animals and families looking for a new dog or cat.”

“Changing their practices could save the pet store business, but avoid ridiculous prices and funding for what might be poorly bred animals,” Holmes said. “It will be even more significant if House 1711’s bill banning pet stores from buying animals from puppy farms also becomes law. There are so many animals in shelters that need good homes, and I see this as a benefit for the animals and their families. ”

HB 572 was signed by Gov. JB Pritzker on Friday. It will enter into force on January 1, 2022.

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