LAW® Alert - Illinois

Illinois

October 9, 2026

Please note that there has been a revision made to the LAW^®553-IL(4P)8/22 and LAW®553-IL-ARB8/22 contracts. The new form numbers are LAW^®553-IL(4P)12/26 and LAW®553-IL-ARB12/26.

We made the following changes to the contracts, among others, based on user requests and to continually improve our contract acceptance:

Updated the Itemization of Amount Financed to allow
for two trade-in vehicles and separate payoff amounts
Added an Electronic Tracking Access Authorization
disclosure with signatures
Added and revised language within the Arbitration Provision

New programming may be required for the new revision. The standard and ARB versions will not line up the same as each other for programming purposes.

Inventory for the new product will be available by October 23, 2026. Dealers should begin using the new contract by December 1, 2026.

The electronic and laser versions (e, ea, eps and eps-14) of the IL contracts will also be revised to reflect the same changes and should be used by December 1.

The LAW-ARB (stand-alone arbitration agreement) has been revised to correspond with the changes in the 553-IL-ARB Arbitration Provision. If you utilize the LAW-ARB form, you should now order the 10/26 revision for use in Illinois.

The Bankers Systems^®brand Motor Vehicle Retail Installment Sale Contracts will also be revised and announced in a separate message.

Office

937.485.2000

Document Sales

800.344.0996

One Reynolds Way

Dayton, Ohio 45430

The BANKERS SYSTEMS® mark is owned by Wolters Kluwer Financial Services, Inc. and is used with permission by license. Wolters Kluwer Financial Services, Inc. bears no responsibility or liability with respect to the forms provided.