Replaces everything after the enacting clause. Amends the Illinois Financial Services Development Act. Changes provisions concerning the amendment of agreement governing revolving credit plans other than credit cards. Adds provisions concerning the amendment of agreement governing credit card accounts. Adds provisions concerning the amendment of terms. Provides that an interest rate in credit limited to future transactions. Contains provisions concerning advance notice and right to reject an increase in fees or charges. Provides that an interest rate increase is applicable to current balances. Provides that universal default is prohibited. Provides that any borrower who gives a timely notice rejecting an amendment to increase fees or charges shall be permitted to pay the outstanding unpaid indebtedness in the borrower's credit card account, in accordance with the terms of the agreement governing the credit card account without giving effect to the amendment. Specifies actions that do not constitute an amendment that has the effect of increasing the interest to be paid by the borrower. Amends the Credit Card Issuance Act. Provides that no credit card issuer shall issue, provide, assign or deliver in any way a credit card account to and in the name of any person under the age of 21 unless the person has submitted a written application and the credit card issuer complied with specified requirements. Effective immediately.