State of Illinois
90th General Assembly
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90_HB3702

      205 ILCS 675/6.5 new
          Amends the Illinois Financial Services  Development  Act.
       Prohibits  the imposition of fees or charges with respect to
      a revolving credit plan that are contingent upon the borrower
      having no outstanding unpaid indebtedness subject to interest
      charges on the date  of  the  billing  statement.   Effective
      immediately.
                                                     LRB9011033JSdv
                                               LRB9011033JSdv
 1        AN   ACT   to   amend  the  Illinois  Financial  Services
 2    Development Act by adding Section 6.5.
 3        Be it enacted by the People of  the  State  of  Illinois,
 4    represented in the General Assembly:
 5        Section  5.  The  Illinois Financial Services Development
 6    Act is amended by adding Section 6.5 as follows:
 7        (205 ILCS 675/6.5 new)
 8        Sec.  6.5.  Certain  charges  prohibited.   A   financial
 9    institution  may  not impose any charges or fees with respect
10    to a revolving credit plan that are based upon  the  borrower
11    having no outstanding unpaid indebtedness subject to interest
12    charges on the date of the billing statement.
13        Section  99.  Effective date.  This Act takes effect upon
14    becoming a law.

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