HB1160 94TH GENERAL ASSEMBLY

LRB094 07473 RXD 37636 b

94TH GENERAL ASSEMBLY
State of Illinois
2005 and 2006
HB1160

Introduced 02/08/05, by Rep. Patricia Reid Lindner

SYNOPSIS AS INTRODUCED:

815 ILCS 505/2VV new

Amends the Consumer Fraud and Deceptive Business Practices Act. Requires a credit services organization to send a customer written notification, detailing any charges and fees, other than the total balance owing on the account, the amount of the monthly payment due, the annual percentage rate, and interest charge. Provides that a credit services organization shall not charge any additional fee or charge, without prior notification to the customer and consent by the customer to the additional charges and fees.

A BILL FOR

AN ACT concerning business.

Be it enacted by the People of the State of Illinois, represented in the General Assembly:

Section 5. The Consumer Fraud and Deceptive Business Practices Act is amended by adding Section 2VV as follows:

(815 ILCS 505/2VV new)

Sec. 2VV. Customer charge and fee notification; consent. A credit services organization shall send a customer written notification, detailing any charges and fees, other than the total balance owing on the account, the amount of the monthly payment due, the annual percentage rate, and the interest charge. A credit services organization shall not charge any additional fee or charge, without prior notification to the customer as provided under this Section and consent by the customer to the additional charge or fee.