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| | 101ST GENERAL ASSEMBLY
State of Illinois
2019 and 2020
HB2768 Introduced , by Rep. Maurice A. West II SYNOPSIS AS INTRODUCED:
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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.
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| | A BILL FOR |
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| | HB2768 | | LRB101 09168 JLS 54262 b |
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| 1 | | AN ACT concerning business.
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| 2 | | Be it enacted by the People of the State of Illinois,
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| 3 | | represented in the General Assembly:
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| 4 | | Section 5. The Consumer Fraud and Deceptive Business |
| 5 | | Practices Act is amended by adding Section 2WWW as follows:
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| 6 | | (815 ILCS 505/2WWW new) |
| 7 | | Sec. 2WWW. Extension of credit; disclosure. A business or |
| 8 | | other organization, whether operated for profit or not for |
| 9 | | profit, that, in the conduct of its business, extends or offers |
| 10 | | to extend credit to a consumer must provide to the consumer a |
| 11 | | document that explains to the consumer the interest rate |
| 12 | | applied to the transaction, the manner of calculating the |
| 13 | | interest rate, and the actual payments required under the terms |
| 14 | | of the credit extended. A violation of this Section constitutes |
| 15 | | an unlawful practice within the meaning of this Act.
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