|
|
|
95TH GENERAL ASSEMBLY
State of Illinois
2007 and 2008 HB1537
Introduced 2/22/2007, by Rep. Rosemary Mulligan SYNOPSIS AS INTRODUCED: |
|
815 ILCS 505/2S |
from Ch. 121 1/2, par. 262S |
|
Amends the Consumer Fraud and Deceptive Business Practices Act. Makes a technical change in a Section concerning reporting adverse information to a consumer reporting agency or providing information to a collection agency.
|
| |
|
|
A BILL FOR
|
|
|
|
|
HB1537 |
|
LRB095 09665 LCT 29865 b |
|
|
1 |
| AN ACT concerning business.
|
2 |
| Be it enacted by the People of the State of Illinois,
|
3 |
| represented in the General Assembly:
|
4 |
| Section 5. The Consumer Fraud and Deceptive Business |
5 |
| Practices Act is amended by changing Section 2S as follows:
|
6 |
| (815 ILCS 505/2S) (from Ch. 121 1/2, par. 262S)
|
7 |
| Sec. 2S. No person may report adverse information to a |
8 |
| consumer
reporting agency, provide information to a collection |
9 |
| agency or take any
collection action regarding a cosigner of an |
10 |
| obligation unless prior
thereto, such person has notified the
|
11 |
| the cosigner by first class mail that the
primary obligor has |
12 |
| become delinquent or defaulted on the loan, that the
cosigner |
13 |
| is responsible for the payment of the obligation and that the
|
14 |
| cosigner must, within 15 days from the date such notice was |
15 |
| sent, either pay
the amount due under the obligation or make |
16 |
| arrangements for payment of the
obligation. In the event that |
17 |
| the cosigner pays or makes arrangements to
pay the obligation, |
18 |
| no adverse information shall be reported regarding the
|
19 |
| cosigner.
|
20 |
| Any person violating this Section commits an unlawful |
21 |
| practice within the
meaning of this Act and, in addition, is |
22 |
| liable in a civil action for
actual damages of up to $250 plus |
23 |
| reasonable attorney's fees.
|