Synopsis As Introduced Amends various Acts relating to the governance of public universities and community colleges in Illinois. Provides that the Board of Trustees of a public university or community college district in this State may not enter into an agreement or allow any person or group affiliated with the university or district to enter into an agreement with a credit card issuer to allow the credit card issuer to market credit cards to students. Defines terms. Repeals the Credit Card Marketing Act of 2009. Makes conforming changes in the Freedom of Information Act.
Replaces everything after the enacting clause. Amends the Credit Card Marketing Act of 2009. Creates the College Student Credit Card Marketing and Debt Task Force. Provides legislative findings. Provides for the membership of the Task Force. Provides that the Department of Financial and Professional Regulation shall provide technical and administrative support and any other necessary assistance to the Task Force and shall be responsible for administering its operations and ensuring that the requirements of the provisions are met. Provides that the Task Force shall conduct a study on student credit card debt; specifies study requirements. Provides that the Task Force shall report the findings of the study conducted and any recommendations to the General Assembly on or before December 14, 2018, at which time the Task Force shall be dissolved. Repeals these provisions on November 1, 2019. Effective immediately.
Governor Amendatory Veto Message Recommends the following changes to provisions added to the Credit Card Marketing Act of 2009: Expands the list of legislative findings to include a finding that there is value to the citizens of Illinois in investigating the availability and accessibility of information provided by credit card issuers to better understand factors in the accumulation of student credit card debt and factors mitigating the amount of credit card debt a student faces after graduating. Expands the membership of the College Student Credit Card Marketing and Debt Task Force to include a representative of a credit card issuer. Requires the Task Force to conduct a study that may examine any of the listed factors as determined to be necessary and available by the Task Force (rather than requiring the Task Force to conduct a study that specifically examines all of the listed factors). Expands the list of factors the Task Force may examine to include the following: (i) agreements between credit card issuers and higher education institutions or organizations affiliated with the institutions; (ii) evaluation of the effectiveness of the Credit Card Marketing Act of 2009; (iii) other state actions taken to address the marketing of credit cards to students and the accumulation of student credit card debt ; and (iv) other factors the Task Force deems relevant regarding student credit card debt within the consumer credit card market. Requires the Task Force to report its findings on or before December 14, 2019, at which time the Task Force shall be dissolved (rather than on or before December 14, 2018, at which time the Task Force shall be dissolved). Recommends changing the repeal date for all of the added provisions to January 1, 2020 (rather than November 1, 2019).