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Use caution in ads to bankrupts

November 24, 2010
Dealers and their advertisers should be aware that a single violation of one Illinois law could bring a fine of $1,000. Multiple offenses that could result from a mass-mailing campaign could push fines through the roof. The public act referred to as the Loan Advertising to Bankrupts Act states: "No person engaged in the business of making loans or of selling any property or services under installment contracts or charge agreements may include in any solicitation of or advertisement for such business any language stating or implying that a loan or extension of credit will be made to a person who has been adjudged a bankrupt."
 

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