Bill Text: IL SB2121 | 2023-2024 | 103rd General Assembly | Introduced
Bill Title: Amends the Consumer Fraud and Deceptive Business Practices Act. Provides that if a merchant closes a customer's credit account because the merchant's business is closing or being liquidated, or due to inactivity on the credit account by its owner, the merchant shall report to the credit reporting agencies and to the owner of the account information explaining that the account was closed due to issues related to the merchant or inactivity and not the customer's failure to pay the balance of the credit account. Provides that any person who violates the provisions commits an unlawful practice.
Spectrum: Partisan Bill (Democrat 4-0)
Status: (Introduced) 2023-06-26 - Senate Floor Amendment No. 1 Pursuant to Senate Rule 3-9(b) / Referred to Assignments [SB2121 Detail]
Download: Illinois-2023-SB2121-Introduced.html
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1 | AN ACT concerning business.
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2 | Be it enacted by the People of the State of Illinois,
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3 | represented in the General Assembly:
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4 | Section 5. The Consumer Fraud and Deceptive Business | |||||||||||||||||||
5 | Practices Act is amended by adding Section 2BBBB as follows:
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6 | (815 ILCS 505/2BBBB new) | |||||||||||||||||||
7 | Sec. 2BBBB. Credit account reports. If a merchant closes a | |||||||||||||||||||
8 | customer's credit account because the merchant's business is | |||||||||||||||||||
9 | closing or being liquidated or due to inactivity on the credit | |||||||||||||||||||
10 | account by its owner, then the merchant shall report to the | |||||||||||||||||||
11 | credit reporting agencies and to the owner of the account | |||||||||||||||||||
12 | information explaining that the account was closed due to | |||||||||||||||||||
13 | issues related to the merchant or inactivity and not the | |||||||||||||||||||
14 | customer's failure to pay the balance of the credit account. | |||||||||||||||||||
15 | Any person who violates this Section commits an unlawful | |||||||||||||||||||
16 | practice within the meaning of this Act.
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