Holmes works to end predatory lending in pet stores
SPRINGFIELD –There are 17 pet stores in Illinois that offer installment loans for the purchase of a cat or dog. Bill 572, sponsored by Senator Linda Holmes (D-Aurora) to ban the use of these loans, was passed in the Senate on Friday.
“These are predatory loans with interest rates ranging from 30 to 150 percent and more,” Holmes said. “Most pet stores have problems with their animals coming from unprincipled breeders and puppy mills – some in poor condition – so these consumers can also find themselves in debt and mourning.”
If a sales financing agency violates the law on the sales financing agency, its financing, contracts or loans will be null and void and it will not have the right to raise funds related to the loan. This measure is an initiative of the Humane Society of the United States as part of their campaign to end the sale of pets to puppies. They are working to encourage pet stores to provide adoptable animals to shelters instead and to focus on selling pet food, toys, training aids and pet clothing.
“Pet financing is just another way puppy mills and their outlets sell puppies for thousands of dollars to unsuspecting consumers, many of whom end up with interest rates. extremely high and hidden fees they cannot afford, “said Marc Ayers, Illinois Director for the Humane Society of the US” We commend Senator Holmes and the vast majority of Illinois lawmakers who have supported this bill which helps both pets and families looking to acquire a new dog or cat. “
“Changing their practices can keep pet stores in business, but avoid ridiculous prices and funding for what could be poorly bred animals, and that’s a big incentive for them to change,” Holmes said. “There are so many animals in the shelters that need good homes, and I see this as a victory for the animals and their families.”
HB 572 was passed unanimously in the House on April 16 and has now been passed in the Senate.