HB1537 95TH GENERAL ASSEMBLY

LRB095 09665 LCT 29865 b

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

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 changing Section 2S as follows:

(815 ILCS 505/2S) (from Ch. 121 1/2, par. 262S)

Sec. 2S. No person may report adverse information to a consumer reporting agency, provide information to a collection agency or take any collection action regarding a cosigner of an obligation unless prior thereto, such person has notified the the cosigner by first class mail that the primary obligor has become delinquent or defaulted on the loan, that the cosigner is responsible for the payment of the obligation and that the cosigner must, within 15 days from the date such notice was sent, either pay the amount due under the obligation or make arrangements for payment of the obligation. In the event that the cosigner pays or makes arrangements to pay the obligation, no adverse information shall be reported regarding the cosigner.

Any person violating this Section commits an unlawful practice within the meaning of this Act and, in addition, is liable in a civil action for actual damages of up to $250 plus reasonable attorney's fees.

(Source: P.A. 85-1209)