[ Search ] [ Legislation ]
[ Home ] [ Back ] [ Bottom ]
91_HB2702
LRB9105545JSpc
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 charges prohibited. A financial
9 institution may not impose any charges or fees with respect
10 to a revolving credit plan that are based upon the borrower
11 having no outstanding unpaid indebtedness subject to interest
12 charges on the date of the billing statement.
13 Section 99. Effective date. This Act takes effect upon
14 becoming a law.