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91_HB0853
LRB9102633JSpc
1 AN ACT to amend the Illinois Financial Services
2 Development Act by adding Section 6.5.
3 Be it enacted by the People of the State of Illinois,
4 represented in the General Assembly:
5 Section 5. The Illinois Financial Services Development
6 Act is amended by adding Section 6.5 as follows:
7 (205 ILCS 675/6.5 new)
8 Sec. 6.5. Certain finance charges limited. A financial
9 institution may not charge interest upon a finance charge or
10 interest that has accrued in a cardholder's account if the
11 cardholder has fully paid the balance for the previous
12 billing cycle.