205 ILCS 675/7

(205 ILCS 675/7) (from Ch. 17, par. 7007)

Sec. 7. (a) At or before the date a billing statement is first rendered to the borrower under a revolving credit plan, the financial institution must mail or deliver to the borrower a written description of the conditions under which a charge for interest may be made and the method, including the rate (expressed as an annual percentage rate), of computing these interest charges. If during any billing period any debit or credit entry is made to a borrower's account under a revolving credit plan, and if at the end of that billing period there is an unpaid balance owing to the financial institution from the borrower, the financial institution must give to the borrower the following information within a reasonable time after the end of the billing period:

(1) the unpaid balance at the beginning of the billing period;

(2) the date and amount of all loans or purchases made during the billing period;

(3) the payments by the borrower to the financial institution and any other credits to the borrower's account during the billing period;

(4) the amount of interest and other charges, if any, charged to the borrower's account during the billing period;

(5) the amount which must be currently paid by the borrower and the date on which that amount must be paid in order to avoid delinquency; and

(6) the total amount remaining unpaid at the end of the billing period and the right of the borrower to prepay that amount in full without penalty.

A financial institution which complies with or is exempt from the applicable disclosure requirements of the Truth-in-Lending Act, and regulations promulgated thereunder, as in effect from time to time, shall be deemed to be in compliance or exempt from with all of the provisions of this Section 7.

(b) The financial institution under a revolving credit plan must compute at the end of each calendar year the total amount charged to the borrower's account during such year, including interest and any other charges, and upon request must furnish such information to the borrower within 30 days after the end of the year, or if the account has been terminated during such year, may give such requested information with 30 days after such termination. The financial institution shall annually inform the borrower of the right to obtain such information.

(Source: P.A. 85-1432.)