HB1566 100TH GENERAL ASSEMBLY

LRB100 03440 JLS 13445 b

100TH GENERAL ASSEMBLY
State of Illinois
2017 and 2018
HB1566

Introduced , by Rep. Michael J. Madigan

SYNOPSIS AS INTRODUCED:

815 ILCS 140/1

from Ch. 17, par. 6001

Amends the Credit Card Issuance Act. Makes a technical change in a Section concerning definitions.

A BILL FOR

AN ACT concerning business.

Be it enacted by the People of the State of Illinois, represented in the General Assembly:

Section 5. The Credit Card Issuance Act is amended by changing Section 1 as follows:

(815 ILCS 140/1) (from Ch. 17, par. 6001)

Sec. 1. As used in this Act:

(a) "Credit card" has the the meaning set forth in Section 17-0.5 of the Criminal Code of 2012, but does not include "debit card" as defined in that Section, which can also be used to obtain money, goods, services and anything else of value on credit, nor shall it include any negotiable instrument as defined in the Uniform Commercial Code, as now or hereafter amended;

(b) "Merchant credit card agreement" means a written agreement between a seller of goods, services or both, and the issuer of a credit card to any other party, pursuant to which the seller is obligated to accept credit cards; and

(c) "Credit card transaction" means a purchase and sale of goods, services or both, in which a seller, pursuant to a merchant credit card agreement, is obligated to accept a credit card and does accept the credit card in connection with such purchase and sale.

(Source: P.A. 96-1551, eff. 7-1-11; 97-1150, eff. 1-25-13.)