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95TH GENERAL ASSEMBLY
State of Illinois
2007 and 2008
HB1537
Introduced 2/22/2007, by Rep. Rosemary Mulligan SYNOPSIS AS INTRODUCED:
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815 ILCS 505/2S |
from Ch. 121 1/2, par. 262S |
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Amends the Consumer Fraud and Deceptive Business Practices Act. Makes a technical change in a Section concerning reporting adverse information to a consumer reporting agency or providing information to a collection agency.
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A BILL FOR
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HB1537 |
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LRB095 09665 LCT 29865 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 changing Section 2S as follows:
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| (815 ILCS 505/2S) (from Ch. 121 1/2, par. 262S)
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| Sec. 2S. No person may report adverse information to a |
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| consumer
reporting agency, provide information to a collection |
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| agency or take any
collection action regarding a cosigner of an |
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| obligation unless prior
thereto, such person has notified the
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| the cosigner by first class mail that the
primary obligor has |
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| become delinquent or defaulted on the loan, that the
cosigner |
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| is responsible for the payment of the obligation and that the
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| cosigner must, within 15 days from the date such notice was |
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| sent, either pay
the amount due under the obligation or make |
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| arrangements for payment of the
obligation. In the event that |
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| the cosigner pays or makes arrangements to
pay the obligation, |
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| no adverse information shall be reported regarding the
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| cosigner.
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| Any person violating this Section commits an unlawful |
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| practice within the
meaning of this Act and, in addition, is |
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| liable in a civil action for
actual damages of up to $250 plus |
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| reasonable attorney's fees.
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