State of Illinois
92nd General Assembly
Legislation

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92_HB0705eng

 
HB0705 Engrossed                               LRB9202632DHmb

 1        AN ACT concerning credit services organizations.

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

 4        Section  5.   The  Credit  Services  Organizations Act is
 5    amended by changing Section 6 as follows:

 6        (815 ILCS 605/6) (from Ch. 121 1/2, par. 2106)
 7        Sec. 6.  Before the execution of a contract or other form
 8    of  agreement  between  a  buyer  and   a   credit   services
 9    organization  or  before  the  receipt by any credit services
10    such organization of money or other  valuable  consideration,
11    whichever  occurs  first, the such organization shall provide
12    the buyer  with  a  statement,  in  writing,  containing  the
13    following:
14             (1)  a   complete  and  accurate  statement  of  the
15        buyer's right to review any file on the buyer  maintained
16        by  a  consumer  reporting  agency, as provided under the
17        Fair Credit Reporting Act  (15  U.S.C.  Section  1681  et
18        seq.);
19             (2)  a  statement  that  the  buyer  may  review his
20        consumer reporting agency file at no charge if a  request
21        therefor  is  made  to  such  agency within 30 days after
22        receipt by the buyer  of  notice  that  credit  has  been
23        denied  and  if  such  request  is  not  made  within the
24        allotted time, the approximate charge to  the  buyer  for
25        such review;
26             (3)  a   complete  and  accurate  statement  of  the
27        buyer's right to dispute the completeness or accuracy  of
28        any item contained in any file on the buyer maintained by
29        a consumer reporting agency;
30             (4)  a  complete  and  detailed  description  of the
31        services  to  be  performed  by   the   credit   services
 
HB0705 Engrossed            -2-                LRB9202632DHmb
 1        organization  and  the  total  cost to the buyer for such
 2        services;
 3             (5)  a  statement  notifying  the  buyer  that:  (i)
 4        credit reporting agencies have no  obligation  to  remove
 5        information from credit reports unless the information is
 6        erroneous,  cannot  be  verified  or is more than 7 years
 7        old;  and  (ii)  credit  reporting   agencies   have   no
 8        obligation  to remove information concerning bankruptcies
 9        unless such information is more than 10 years old;
10             (6)  a statement  asserting  the  buyer's  right  to
11        proceed  against  the  surety bond required under Section
12        10; and
13             (7)  the name  and  business  address  of  any  such
14        surety  company  together with the name and the number of
15        the account.
16        The credit services organization shall maintain on  file,
17    for  a  period  of  2  years  after the date the statement is
18    provided, an exact copy  of  the  statement,  signed  by  the
19    buyer, acknowledging receipt of the statement.
20    (Source: P.A. 91-357, eff. 7-29-99.)

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