Bill Amendment: IL HB4710 | 2017-2018 | 100th General Assembly
NOTE: For additional amemendments please see the Bill Drafting List
Bill Title: HIGHER ED-CREDITCARD MARKETING
Status: 2018-11-28 - Bill Dead - No Positive Action Taken - Amendatory Veto [HB4710 Detail]
Download: Illinois-2017-HB4710-House_Amendment_001.html
Bill Title: HIGHER ED-CREDITCARD MARKETING
Status: 2018-11-28 - Bill Dead - No Positive Action Taken - Amendatory Veto [HB4710 Detail]
Download: Illinois-2017-HB4710-House_Amendment_001.html
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1 | AMENDMENT TO HOUSE BILL 4710
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2 | AMENDMENT NO. ______. Amend House Bill 4710 by replacing | ||||||
3 | everything after the enacting clause with the following:
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4 | "Section 5. The Credit Card Marketing Act of 2009 is | ||||||
5 | amended by adding Section 40 as follows:
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6 | (110 ILCS 26/40 new) | ||||||
7 | Sec. 40. College Student Credit Card Marketing and Debt | ||||||
8 | Task Force. | ||||||
9 | (a) The General Assembly finds the following: | ||||||
10 | (1) This Act was designed, in part, as an adaptation of | ||||||
11 | the federal Credit Card Accountability Responsibility and | ||||||
12 | Disclosure Act 2009. | ||||||
13 | (2) In the intervening years since the adoption of | ||||||
14 | these Acts, it remains an open question as to the extent to | ||||||
15 | which the federal Credit Card Accountability | ||||||
16 | Responsibility and Disclosure Act 2009 has been an |
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1 | effective measure to eliminate issues of student credit | ||||||
2 | card debt. | ||||||
3 | (3) Student credit card debt is an important issue that | ||||||
4 | needs to be examined, with the goal of reducing the amount | ||||||
5 | of credit card debt a student faces after graduating from | ||||||
6 | an institution of higher education. | ||||||
7 | (b) There is created the College Student Credit Card | ||||||
8 | Marketing and Debt Task Force, which shall consist of the | ||||||
9 | following members: | ||||||
10 | (1) a representative of a statewide organization | ||||||
11 | representing credit unions licensed to operate in this | ||||||
12 | State, appointed by the Secretary of Financial and | ||||||
13 | Professional Regulation or his or her designee; | ||||||
14 | (2) a representative of a statewide organization | ||||||
15 | representing community banks licensed to operate in this | ||||||
16 | State, appointed by the Secretary of Financial and | ||||||
17 | Professional Regulation or his or her designee; | ||||||
18 | (3) a representative of a statewide organization | ||||||
19 | representing banks licensed to operate in this State, | ||||||
20 | appointed by the Secretary of Financial and Professional | ||||||
21 | Regulation or his or her designee; | ||||||
22 | (4) a representative of Southern Illinois University, | ||||||
23 | appointed by the president of that university or his or her | ||||||
24 | designee; | ||||||
25 | (5) a representative of the University of Illinois, | ||||||
26 | appointed by the president of that university or his or her |
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1 | designee; | ||||||
2 | (6) a representative of Illinois State University, | ||||||
3 | appointed by the president of that university or his or her | ||||||
4 | designee; | ||||||
5 | (7) a representative of Eastern Illinois University, | ||||||
6 | appointed by the president of that university or his or her | ||||||
7 | designee; and | ||||||
8 | (8) a representative of the Office of the Attorney | ||||||
9 | General, appointed by the Attorney General or his or her | ||||||
10 | designee. | ||||||
11 | (c) The Task Force shall meet initially at the call of the | ||||||
12 | Secretary of Financial and Professional Regulation, upon | ||||||
13 | appointment of a majority of the members, to organize and to | ||||||
14 | select one member as chairperson, who shall be elected by a | ||||||
15 | majority vote of all of the members appointed to the Task | ||||||
16 | Force. The Task Force shall thereafter meet at the call of the | ||||||
17 | chairperson. All members shall serve without compensation, but | ||||||
18 | shall be reimbursed for their reasonable and necessary expenses | ||||||
19 | from funds appropriated for that purpose. | ||||||
20 | (d) The Department of Financial and Professional | ||||||
21 | Regulation shall provide technical and administrative support | ||||||
22 | and any other necessary assistance to the Task Force and shall | ||||||
23 | be responsible for administering the Task Force's operations | ||||||
24 | and ensuring that the requirements of this Section are met. | ||||||
25 | (e) The Task Force shall conduct a study that specifically | ||||||
26 | examines all of the following factors: |
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1 | (1) The total cost of credit to credit card issuers for | ||||||
2 | students, as a percentage of the credit card's average | ||||||
3 | cycle-ending balance. | ||||||
4 | (2) The percentage of Illinois students who pay off | ||||||
5 | their credit card balances in full for at least 2 | ||||||
6 | consecutive months. | ||||||
7 | (3) The percentage of Illinois students who carry | ||||||
8 | balances on their credit cards all or most of the time. | ||||||
9 | (4) The total amount of credit extended to individuals | ||||||
10 | between the ages of 18 and 21 in Illinois. | ||||||
11 | (5) The total amount of credit extended to students | ||||||
12 | pursing an undergraduate education in Illinois. | ||||||
13 | (6) The average number of new credit card accounts | ||||||
14 | opened by a student pursing an undergraduate education per | ||||||
15 | 5-year increments, beginning with the 2005-2006 academic | ||||||
16 | year. | ||||||
17 | (7) The total number of annual mail solicitations of | ||||||
18 | pre-approved credit card offers targeted to individuals | ||||||
19 | who are between the ages of 18 and 21 years old, and the | ||||||
20 | annual percentage rates for those cards. | ||||||
21 | (8) The total number of online solicitations of | ||||||
22 | pre-approved credit card offers targeted to individuals | ||||||
23 | who are between the ages of 18 and 21 years old, and the | ||||||
24 | annual percentage rates for those cards. | ||||||
25 | (9) The total number of social media solicitations for | ||||||
26 | pre-approved credit card offers targeted to individuals |
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1 | who are between the ages of 18 and 21 years old, and the | ||||||
2 | annual percentage rates for those cards. | ||||||
3 | (10) A list of individuals who are between the ages of | ||||||
4 | 18 and 21 years old in this State who are targeted for | ||||||
5 | pre-screened credit card offers, categorized by the | ||||||
6 | percentage of students who are classified as Prime Plus, | ||||||
7 | Prime, Non-Prime, and High-Risk. | ||||||
8 | (11) The total number of credit cards issued to | ||||||
9 | students with the following add-ons: (i) debt protection, | ||||||
10 | (ii) identity or theft protection, and (iii) credit score | ||||||
11 | monitoring. | ||||||
12 | (12) The number of fee harvester credit cards marketed | ||||||
13 | annually to students, including a credit card that charges | ||||||
14 | a fee that exceeds 25% of the card's credit limit. | ||||||
15 | (13) The number of students who pay their monthly bill | ||||||
16 | solely through an on-line portal. | ||||||
17 | (14) The number of student accounts with reward | ||||||
18 | products providing points, including the value of the | ||||||
19 | points, the rate at which points are earned, and the rules | ||||||
20 | governing forfeiture of points. | ||||||
21 | The Task Force may consult with any persons or entities it | ||||||
22 | deems necessary to carry out the study under this subsection | ||||||
23 | (e). | ||||||
24 | (f) The Task Force shall report the findings of the study | ||||||
25 | conducted under subsection (e) of this Section and any | ||||||
26 | recommendations to the General Assembly on or before December |
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1 | 14, 2018, at which time the Task Force shall be dissolved. The | ||||||
2 | report shall be filed with the Clerk of the House of | ||||||
3 | Representatives and the Secretary of the Senate in electronic | ||||||
4 | form only, in the manner that the Clerk and the Secretary shall | ||||||
5 | direct. | ||||||
6 | (g) This Section is repealed on November 1, 2019.
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7 | Section 99. Effective date. This Act takes effect upon | ||||||
8 | becoming law.".
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