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Sen. Elgie R. Sims, Jr.
Filed: 3/24/2023
| | 10300SB2121sam001 | | LRB103 28968 BMS 60026 a |
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| 1 | | AMENDMENT TO SENATE BILL 2121
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| 2 | | AMENDMENT NO. ______. Amend Senate Bill 2121 by replacing |
| 3 | | everything after the enacting clause with the following:
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| 4 | | "Section 5. The Consumer Fraud and Deceptive Business |
| 5 | | Practices Act is amended by adding Section 2BBBB as follows:
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| 6 | | (815 ILCS 505/2BBBB new) |
| 7 | | Sec. 2BBBB. Credit account reports. If a financial |
| 8 | | institution is party to a private label credit program as |
| 9 | | defined in Section 48.1 of the Illinois Banking Act and closes |
| 10 | | a customer's credit account due to inactivity, the financial |
| 11 | | institution shall report to the credit reporting agencies and |
| 12 | | to the owner of the account information explaining that the |
| 13 | | account was closed due to inactivity and not due to the |
| 14 | | customer's failure to pay the balance of the credit account. |
| 15 | | Any financial institution that violates this Section commits |
| 16 | | an unlawful practice within the meaning of this Act.".
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