093_SB0448

 
                                     LRB093 10095 MBS 10346 b

 1        AN ACT in relation to business transactions.

 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    changing Section 1 as follows:

 6        (815 ILCS 140/1) (from Ch. 17, par. 6001)
 7        Sec. 1.  Definitions.   As used in this Act:
 8        (a)  "Credit  card"  has the meaning set forth in Section
 9    2.03 of the Illinois Credit Card and Debit Card Act, but does
10    not include "debit card" as defined in Section  2.15  of  the
11    Illinois  Credit  Card  and Debit Card Act, which can also be
12    used to obtain money, goods, services and  anything  else  of
13    value   on  credit,  nor  shall  it  include  any  negotiable
14    instrument as defined in the Uniform Commercial Code, as  now
15    or hereafter amended.;
16        (b)  "Merchant  credit  card  agreement"  means a written
17    agreement between a seller of goods, services  or  both,  and
18    the  issuer of a credit card to any  other party, pursuant to
19    which the seller is obligated to accept credit cards.; and
20        (c)  "Credit card transaction" means a purchase and  sale
21    of  goods, services or both, in which a seller, pursuant to a
22    merchant credit card agreement,  is  obligated  to  accept  a
23    credit  card  and  does  accept the credit card in connection
24    with such purchase and sale.
25    (Source: P.A. 86-427; 86-952.)