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| | 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. | |
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| | A BILL FOR |
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| | SB3549 | | LRB103 38366 RTM 68501 b |
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| 1 | | AN ACT concerning regulation.
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| 2 | | Be it enacted by the People of the State of Illinois, |
| 3 | | represented in the General Assembly:
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| 4 | | Section 5. The Illinois Banking Act is amended by adding |
| 5 | | Section 48.7 as follows:
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| 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.
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| 13 | | Section 10. The Savings Bank Act is amended by adding |
| 14 | | Section 4013.5 as follows:
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| 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.
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