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Home > Illinois > HB5577
Chief Sponsor:

Tom Cross

Tagged in: Contract, Fee

Latest Update: Thursday, August, 21st 2008

DEBT PROTECTION AGREEMENTS

Amends the Credit Card Issuance Act and the Retail Installment Sales Act. Provides that, for a 3-day period, retail sellers may not solicit credit-card applicants or buyers in a retail installment transaction to enter into a debt protection agreement. Requires the retail sellers to make certain disclosures when soliciting for debt protection agreements after that 3-day period. Provides that the retail seller may not charge any debt-protection-agreement fees to a person's account, or otherwise charge or collect such fees, until that person has signed a separate contract providing all of the terms and conditions of the debt protection agreement. Includes retail sellers within the penalty provisions for violations of the Credit Card Issuance Act. Contains other provisions. Effective immediately.
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Latest Actions
  • 03/14/2008 - Rule 19(a) / Re-referred to Rules Committee
  • 02/20/2008 - Assigned to Consumer Protection Committee
  • 02/15/2008 - First Reading
  • 02/15/2008 - Referred to Rules Committee
  • 02/15/2008 - Filed with the Clerk by Rep. Tom Cross
Bill Text
File name Last Updated
HB5577 Bill Text Introduced PDF02/15/2008