103RD GENERAL ASSEMBLY
State of Illinois
2023 and 2024
SB3549
 
Introduced 2/9/2024, by Sen. Elgie R. Sims, Jr.
 
SYNOPSIS AS INTRODUCED:
 
205 ILCS 5/48.7 new
205 ILCS 205/4013.5 new
205 ILCS 305/50.5 new
    Amends the Illinois Banking Act, the Savings Bank Act, and the Illinois Credit Union Act. Provides that if a credit card issuer is a party to a private label credit program and closes a customer's credit card due to inactivity, then the financial institution, saving bank, or credit union shall notify the customer and the credit reporting agencies in writing of the closure due to inactivity.


LRB103 38366 RTM 68501 b

 
 
A BILL FOR
 
SB3549LRB103 38366 RTM 68501 b

1    AN ACT concerning regulation.
 
2    Be it enacted by the People of the State of Illinois, 
3represented in the General Assembly:
 
4    Section 5. The Illinois Banking Act is amended by adding 
5Section 48.7 as follows:
 
6    (205 ILCS 5/48.7 new)
7    Sec. 48.7. Credit card closure. If a credit card issuer is 
8a party to a private label credit program as defined in Section 
948.1 of this Act and closes a customer's credit card due to 
10inactivity, then the financial institution shall notify the 
11customer and the credit reporting agencies in writing of the 
12closure due to inactivity.
 
13    Section 10. The Savings Bank Act is amended by adding 
14Section 4013.5 as follows:
 
15    (205 ILCS 205/4013.5 new)
16    Sec. 4013.5. Credit card closure. If a credit card issuer 
17is a party to a private label credit program as defined in 
18Section 4013.5 of this Act and closes a customer's credit card 
19due to inactivity, then the savings bank shall notify the 
20customer and the credit reporting agencies in writing of the 
21closure due to inactivity.
 
 
 
SB3549- 2 -LRB103 38366 RTM 68501 b

1    Section 15. The Illinois Credit Union Act is amended by 
2adding Section 50.5 as follows:
 
3    (205 ILCS 305/50.5 new)
4    Sec. 50.5. Credit card closure. If a credit card issuer is 
5a party to a private label credit program as defined in Section 
650.5 of this Act and closes a customer's credit card due to 
7inactivity, then the credit union shall notify the customer 
8and the credit reporting agencies in writing of the closure 
9due to inactivity.