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Full Text of SB3549 103rd General Assembly

Introduced
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SB3549 103RD GENERAL ASSEMBLY

103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024
SB3549

Introduced 2/9/2024, by Sen. Elgie R. Sims, Jr.

SYNOPSIS AS INTRODUCED:

205 ILCS 5/48.7 new
205 ILCS 205/4013.5 new
205 ILCS 305/50.5 new
    Amends the Illinois Banking Act, the Savings Bank Act, and the Illinois Credit Union Act. Provides that if a credit card issuer is a party to a private label credit program and closes a customer's credit card due to inactivity, then the financial institution, saving bank, or credit union shall notify the customer and the credit reporting agencies in writing of the closure due to inactivity.

LRB103 38366 RTM 68501 b

A BILL FOR

SB3549 LRB103 38366 RTM 68501 b

1     AN ACT concerning regulation.

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

4     Section 5. The Illinois Banking Act is amended by adding
5 Section 48.7 as follows:

6     (205 ILCS 5/48.7 new)
7     Sec. 48.7. Credit card closure. If a credit card issuer is
8 a party to a private label credit program as defined in Section
9 48.1 of this Act and closes a customer's credit card due to
10 inactivity, then the financial institution shall notify the
11 customer and the credit reporting agencies in writing of the
12 closure due to inactivity.

13     Section 10. The Savings Bank Act is amended by adding
14 Section 4013.5 as follows:

15     (205 ILCS 205/4013.5 new)
16     Sec. 4013.5. Credit card closure. If a credit card issuer
17 is a party to a private label credit program as defined in
18 Section 4013.5 of this Act and closes a customer's credit card
19 due to inactivity, then the savings bank shall notify the
20 customer and the credit reporting agencies in writing of the
21 closure due to inactivity.

SB3549 - 2 - LRB103 38366 RTM 68501 b

1     Section 15. The Illinois Credit Union Act is amended by
2 adding Section 50.5 as follows:

3     (205 ILCS 305/50.5 new)
4     Sec. 50.5. Credit card closure. If a credit card issuer is
5 a party to a private label credit program as defined in Section
6 50.5 of this Act and closes a customer's credit card due to
7 inactivity, then the credit union shall notify the customer
8 and the credit reporting agencies in writing of the closure
9 due to inactivity.

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