SB1589 96TH GENERAL ASSEMBLY

LRB096 10913 KTG 21161 b

96TH GENERAL ASSEMBLY
State of Illinois
2009 and 2010
SB1589

Introduced 2/19/2009, by Sen. Dale E. Risinger

SYNOPSIS AS INTRODUCED:

815 ILCS 505/2DDD new

Amends the Consumer Fraud and Deceptive Business Practices Act. Provides that the billing date of a periodic statement with respect to a credit card account shall not be less than 30 calendar days before the due date identified in the statement for the next payment on the outstanding balance on the account. Provides that a violation is an unlawful practice within the meaning of the Act. Effective January 1, 2010.

FISCAL NOTE ACT MAY APPLY

A BILL FOR

AN ACT concerning business.

Be it enacted by the People of the State of Illinois, represented in the General Assembly:

Section 5. The Consumer Fraud and Deceptive Business Practices Act is amended by adding Section 2DDD as follows:

(815 ILCS 505/2DDD new)

Sec. 2DDD. Credit card statements.

(a) As used in this Section:

"Billing date" means the date on which a periodic statement is issued by an issuer.

"Credit card" means any general-purpose card or other device issued or approved for use by a financial institution allowing a consumer to obtain goods or services on credit on terms specified by that financial institution.

"Due date" means the date by which the savings association requires the consumer to make the required minimum periodic payment in order to avoid being treated as late.

"Issuer" means a financial institution that issues credit cards for use in an electronic payment system.

(b) The billing date of a periodic statement with respect to a credit card account shall not be less than 30 calendar days before the due date identified in the statement for the next payment on the outstanding balance on the account.

(c) An issuer that violates this Section commits an unlawful practice within the meaning of this Act.

Section 99. Effective date. This Act takes effect January 1, 2010.