(815 ILCS 140/6)
(from Ch. 17, par. 6009)
Disclosure to applicants.
(a) Except as provided in Section 25 of
the Retail Installment Sales Act, relating to sellers or holders under a
retail charge agreement and in subsection (c), a credit card
issuer shall disclose, either on an application
for a credit card or on literature accompanying the application, on or with
any credit card account solicitation, and on each periodic billing
statement mailed to a card
holder, the following:
(1) the annual percentage rate or rates of interest
applicable to the account, or if the rate is variable, that fact, and the rate as of a specified date or the index from which the rate is determined;
(2) the annualized membership and/or participation
(3) the grace period, which is defined as the period
within which any credit extended under such credit plan must be repaid to avoid incurring an interest charge represented in terms of an annual percentage rate of interest, and if no such period is offered such fact shall be clearly stated;
(4) transaction fees, if assessed, for the use of the
credit card account, including, but not limited to a late payment charge, minimum finance charge and over the limit charge.
The term "solicitation" means written material mailed or any other
solicitation in a written form which constitutes an application for, or
a written offer which allows a person to open a credit card account without
completing an application.
Information required to be disclosed under item (2) of subsection
(a) of this Section may be disclosed on literature accompanying the
periodic billing statement.
(c) No application, literature accompanying the application, account
solicitation, periodic billing statement or literature
accompanying the periodic billing statement sent by or on behalf of an
issuer to residents
of this State with respect to charge cards shall be
required to set forth the information specified in items (1) and (3) of
subsection (a) of this Section. As used in this subsection, the term
"charge card" means any card, plate or other credit device pursuant to
which the charge card issuer extends credit which is not subject to a
finance charge and with which the charge card holder cannot automatically
access credit that is repayable in installments.
(Source: P.A. 88-546.)