101ST GENERAL ASSEMBLY
State of Illinois
2019 and 2020
Introduced , by Rep. Maurice A. West II
SYNOPSIS AS INTRODUCED:
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.
A BILL FOR
|HB2768||LRB101 09168 JLS 54262 b|
AN ACT concerning business.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
The Consumer Fraud and Deceptive Business
Practices Act is amended by adding Section 2WWW as follows:
(815 ILCS 505/2WWW new)
Extension of credit; disclosure.
A business or
other organization, whether operated for profit or not for
profit, that, in the conduct of its business, extends or offers
to extend credit to a consumer must provide to the consumer a
document that explains to the consumer the interest rate
applied to the transaction, the manner of calculating the
interest rate, and the actual payments required under the terms
of the credit extended. A violation of this Section constitutes
an unlawful practice within the meaning of this Act.