093_HB1479ham001

 










                                     LRB093 07395 WGH 12497 a

 1                    AMENDMENT TO HOUSE BILL 1479

 2        AMENDMENT NO.     .  Amend House Bill 1479  by  replacing
 3    everything after the enacting clause with the following:

 4        "Section  5.  The  Credit Card Issuance Act is amended by
 5    adding Section 7.3 as follows:

 6        (815 ILCS 140/7.3 new)
 7        Sec. 7.3. Increase in fixed interest rates. A credit card
 8    issuer that offers to an Illinois resident a credit card with
 9    a fixed annual percentage rate may not  increase  the  annual
10    percentage  rate  or  rates  of  interest  applicable to that
11    credit card account if the increase in rate does not apply to
12    all or a substantial portion of a class of  the  credit  card
13    issuer's  accounts,  or  prematurely  remove  or increase any
14    introductory annual percentage  rate  or  rates  of  interest
15    applicable to the account if the removal or increase does not
16    apply  to  all  or  a  substantial  portion of a class of the
17    credit card issuer's accounts, for reasons other than actions
18    or omissions of the card holder that are directly related  to
19    the   account,  including,  without  limitation,  inactivity,
20    default, or delinquency as to  that  account,  and  that  are
21    clearly and conspicuously described to the card holder at the
22    time the credit card is issued.
 
                            -2-      LRB093 07395 WGH 12497 a
 1        Section  10.  The Tax Refund Anticipation Loan Disclosure
 2    Act is amended by changing Section 10 as follows:

 3        (815 ILCS 177/10)
 4        Sec.  10.  Disclosure  requirements.   At  the   time   a
 5    borrower   applies   for   a   refund  anticipation  loan,  a
 6    facilitator shall disclose to the borrower on a document that
 7    is separate from the loan application:
 8             (1)  the refund anticipation loan fee schedule;
 9             (1.5)  the annual percentage  rate  using  a  10-day
10        time period;
11             (2)  the    estimated    fee   for   preparing   and
12        electronically filing a tax return;
13             (2.5)  the total cost to the borrower  for  using  a
14        refund anticipation loan;
15             (3)  the  estimated date that the loan proceeds will
16        be paid to the borrower if the loan is approved;
17             (4)  that the borrower is responsible for  repayment
18        of  the loan and related fees in the event the tax refund
19        is not paid or not paid in full; and
20             (5)  the availability of electronic filing  for  the
21        income  tax  return  of the borrower and the average time
22        announced by the federal Internal Revenue Service  within
23        which  the borrower can expect to receive a refund if the
24        borrower's  return  is  filed  electronically   and   the
25        borrower does not obtain a refund anticipation loan.
26    (Source: P.A. 92-664, eff. 1-1-03.)

27        Section  99.  Effective  date. This Act takes effect upon
28    becoming law.".