|
Sen. Elgie R. Sims, Jr.
Filed: 3/30/2023
| | 10300SB2121sam003 | | LRB103 28968 BMS 60285 a |
|
|
| 1 | | AMENDMENT TO SENATE BILL 2121
|
| 2 | | AMENDMENT NO. ______. Amend Senate Bill 2121 by replacing |
| 3 | | everything after the enacting clause with the following:
|
| 4 | | "Section 5. The Credit Card Marketing Act of 2009 is |
| 5 | | amended by adding Section 45 as follows:
|
| 6 | | (110 ILCS 26/45 new) |
| 7 | | Sec. 45. Credit card closure. If a credit card issuer is |
| 8 | | party to a private label credit program as defined in Section |
| 9 | | 48.1 of the Illinois Banking Act and closes a customer's |
| 10 | | credit card due to inactivity, the credit card issuer shall |
| 11 | | notify the customer and the credit reporting agencies in |
| 12 | | writing of the closure due to inactivity. This Section applies |
| 13 | | to any credit card issued under a private label credit program |
| 14 | | as defined in Section 48.1 of the Illinois Banking Act and is |
| 15 | | not limited to credit card relationships involving an |
| 16 | | institution of higher education.".
|