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94TH GENERAL ASSEMBLY
State of Illinois
2005 and 2006
HB4140
Introduced 10/25/05, by Rep. Monique D. Davis SYNOPSIS AS INTRODUCED:
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Amends the Consumer Fraud and Deceptive Business Practices Act. Requires a person or entity that offers to a consumer 0% interest financing on a purchase, for a specified period of time, to disclose to that consumer on his or her monthly billing statement the following: (1) the principal owed; (2) the total interest owed; (3) the amount of time at which interest will not accrue; and (4) that if the total amount owed is not paid off in its entirety during the specified period of time, finance charges will be assessed from the date of purchase. Provides that a person that violates this provision commits an unlawful practice within the meaning of the Act.
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A BILL FOR
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HB4140 |
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LRB094 14129 RXD 49028 b |
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| AN ACT concerning business.
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| Be it enacted by the People of the State of Illinois,
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| represented in the General Assembly:
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| Section 5. The Consumer Fraud and Deceptive Business |
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| Practices Act is amended by adding Section 2ZZ as follows:
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| (815 ILCS 505/2ZZ new) |
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| Sec. 2ZZ. Financing disclosure. |
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| (a) A person or entity that offers to a consumer 0% |
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| interest financing on a purchase, for a specified period of |
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| time, must disclose to that consumer on his or her monthly |
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| billing statement the following: (1) the principal owed; (2) |
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| the total interest owed; (3) the amount of time at which |
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| interest will not accrue; and (4) that if the total amount owed |
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| is not paid off in its entirety during the specified period of |
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| time, finance charges will be assessed from the date of |
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| purchase. |
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| (b) A person that violates this Section commits an unlawful |
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| practice within the meaning of this Act.
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