HB2541 99TH GENERAL ASSEMBLY

LRB099 09927 JLS 30143 b

99TH GENERAL ASSEMBLY
State of Illinois
2015 and 2016
HB2541

Introduced 2/18/2015, by Rep. Monique D. Davis

SYNOPSIS AS INTRODUCED:

815 ILCS 140/7.3 new

Amends the Credit Card Issuance Act. Provides that a credit card issuer may not automatically renew a credit card that has not been used to perform a credit card transaction within the 12 months immediately preceding the renewal.

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 Credit Card Issuance Act is amended by adding Section 7.3 as follows:

(815 ILCS 140/7.3 new)

Sec. 7.3. Automatic renewals limited. A credit card issuer may not renew a credit card that has not been used to perform a credit card transaction within the 12 months immediately preceding the renewal without the written consent of the person to whom the credit card is issued.