101ST GENERAL ASSEMBLY
State of Illinois
2019 and 2020
HB2768

 

Introduced , by Rep. Maurice A. West II

 

SYNOPSIS AS INTRODUCED:
 
815 ILCS 505/2WWW new

    Amends the Consumer Fraud and Deceptive Business Practices Act. Requires a business that extends credit to consumers in the conduct of its business to provide to consumers a document that explains to the consumer the interest rate applied to the transaction, the manner of calculating the interest rate, and the payments required under the terms of the credit extended. Provides that a violation constitutes an unlawful practice within the meaning of the Act.


LRB101 09168 JLS 54262 b

 

 

A BILL FOR

 

HB2768LRB101 09168 JLS 54262 b

1    AN ACT concerning business.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The Consumer Fraud and Deceptive Business
5Practices Act is amended by adding Section 2WWW as follows:
 
6    (815 ILCS 505/2WWW new)
7    Sec. 2WWW. Extension of credit; disclosure. A business or
8other organization, whether operated for profit or not for
9profit, that, in the conduct of its business, extends or offers
10to extend credit to a consumer must provide to the consumer a
11document that explains to the consumer the interest rate
12applied to the transaction, the manner of calculating the
13interest rate, and the actual payments required under the terms
14of the credit extended. A violation of this Section constitutes
15an unlawful practice within the meaning of this Act.