093_HB1479
LRB093 07395 MBS 07558 b
1 AN ACT concerning credit cards.
2 Be it enacted by the People of the State of Illinois,
3 represented in the General Assembly:
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
8 card issuer that offers to an Illinois resident a credit card
9 with a fixed annual percentage rate may not increase the
10 annual percentage rate or rates of interest applicable to
11 that credit card account, or prematurely remove or increase
12 any introductory annual percentage rate or rates of interest
13 applicable to the account, for reasons other than actions or
14 omissions of the card holder that are directly related to the
15 account and that are clearly and conspicuously described to
16 the card holder at the time the credit card is issued.
17 Section 99. Effective date. This Act takes effect upon
18 becoming law.