Bill Text: IL HB2768 | 2019-2020 | 101st General Assembly | Introduced

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Bill Title: Amends the Consumer Fraud and Deceptive Business Practices Act. Requires a business that extends credit to consumers in the conduct of its business to provide to consumers a document that explains to the consumer the interest rate applied to the transaction, the manner of calculating the interest rate, and the payments required under the terms of the credit extended. Provides that a violation constitutes an unlawful practice within the meaning of the Act.

Spectrum: Partisan Bill (Democrat 6-0)

Status: (Introduced - Dead) 2019-03-29 - House Committee Amendment No. 2 Rule 19(c) / Re-referred to Rules Committee [HB2768 Detail]

Download: Illinois-2019-HB2768-Introduced.html

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101ST GENERAL ASSEMBLY State of Illinois 2019 and 2020 HB2768 Introduced , by Rep. Maurice A. West II SYNOPSIS AS INTRODUCED:
815 ILCS 505/2WWW new
Amends the Consumer Fraud and Deceptive Business Practices Act. Requires a business that extends credit to consumers in the conduct of its business to provide to consumers a document that explains to the consumer the interest rate applied to the transaction, the manner of calculating the interest rate, and the payments required under the terms of the credit extended. Provides that a violation constitutes an unlawful practice within the meaning of the Act.
LRB101 09168 JLS 54262 b
A BILL FOR
HB2768 LRB101 09168 JLS 54262 b
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 adding Section 2WWW as follows:
(815 ILCS 505/2WWW new)
Sec. 2WWW. Extension of credit; disclosure. A business or
other organization, whether operated for profit or not for
profit, that, in the conduct of its business, extends or offers
to extend credit to a consumer must provide to the consumer a
document that explains to the consumer the interest rate
applied to the transaction, the manner of calculating the
interest rate, and the actual payments required under the terms
of the credit extended. A violation of this Section constitutes
an unlawful practice within the meaning of this Act.