REGULATION-TECH House SponsorsRep. Joseph M. Lyons-Bill Mitchell-Thomas Holbrook-Jim Watson-Michael K. Smith, Eddie Lee Jackson, Sr., Daniel V. Beiser, Elizabeth Coulson, Dan Reitz, John D'Amico, Monique D. Davis, Michael J. Zalewski, Luis Arroyo, Maria Antonia Berrios and Daniel J. Burke Senate Sponsors(Sen. David Koehler-Linda Holmes) 7/22/2010HousePublic Act . . . . . . . . . 96-1193 205 ILCS 5/1from Ch. 17, par. 301 Amends the Illinois Banking Act. Makes a technical change in a Section concerning the short title.House Floor Amendment No. 1 Deletes reference to:205 ILCS 5/1Adds reference to:205 ILCS 675/3from Ch. 17, par. 7003205 ILCS 675/8from Ch. 17, par. 7008205 ILCS 675/8.5 new815 ILCS 140/7.2Replaces everything after the enacting clause. Amends the Illinois Financial Services Development Act. Changes provisions concerning the amendment of agreement governing revolving credit plans other than credit cards. Adds provisions concerning the amendment of agreement governing credit card accounts. Adds provisions concerning the amendment of terms. Provides that an interest rate in credit limited to future transactions. Contains provisions concerning advance notice and right to reject an increase in fees or charges. Provides that an interest rate increase is applicable to current balances. Provides that universal default is prohibited. Provides that any borrower who gives a timely notice rejecting an amendment to increase fees or charges shall be permitted to pay the outstanding unpaid indebtedness in the borrower's credit card account, in accordance with the terms of the agreement governing the credit card account without giving effect to the amendment. Specifies actions that do not constitute an amendment that has the effect of increasing the interest to be paid by the borrower. Amends the Credit Card Issuance Act. Provides that no credit card issuer shall issue, provide, assign or deliver in any way a credit card account to and in the name of any person under the age of 21 unless the person has submitted a written application and the credit card issuer complied with specified requirements. Effective immediately. 2/18/2010HouseFiled with the Clerk by Rep. Michael J. Madigan 2/18/2010HouseChief Co-Sponsor Rep. Barbara Flynn Currie 2/18/2010HouseFirst Reading 2/18/2010HouseReferred to Rules Committee 2/22/2010HouseAssigned to Executive Committee 3/10/2010HouseDo Pass / Short Debate Executive Committee; 011-000-000 3/10/2010HousePlaced on Calendar 2nd Reading - Short Debate 3/18/2010HouseHouse Floor Amendment No. 1 Filed with Clerk by Rep. Joseph M. Lyons 3/18/2010HouseHouse Floor Amendment No. 1 Referred to Rules Committee 3/22/2010HouseChief Sponsor Changed to Rep. Joseph M. Lyons 3/22/2010HouseRemove Chief Co-Sponsor Rep. Barbara Flynn Currie 3/22/2010HouseHouse Floor Amendment No. 1 Rules Refers to Financial Institutions Committee 3/23/2010HouseHouse Floor Amendment No. 1 Recommends Be Adopted Financial Institutions Committee; 018-000-000 3/24/2010HouseAdded Chief Co-Sponsor Rep. Bill Mitchell 3/24/2010HouseAdded Chief Co-Sponsor Rep. Thomas Holbrook 3/24/2010HouseAdded Chief Co-Sponsor Rep. Jim Watson 3/24/2010HouseAdded Chief Co-Sponsor Rep. Michael K. Smith 3/24/2010HouseAdded Co-Sponsor Rep. Eddie Lee Jackson, Sr. 3/24/2010HouseAdded Co-Sponsor Rep. Daniel V. Beiser 3/24/2010HouseAdded Co-Sponsor Rep. Elizabeth Coulson 3/24/2010HouseAdded Co-Sponsor Rep. Dan Reitz 3/24/2010HouseAdded Co-Sponsor Rep. John D'Amico 3/24/2010HouseSecond Reading - Short Debate 3/24/2010HouseHouse Floor Amendment No. 1 Adopted by Voice Vote 3/24/2010HousePlaced on Calendar Order of 3rd Reading - Short Debate 3/25/2010HouseThird Reading - Short Debate - Passed 112-000-000 3/25/2010HouseAdded Co-Sponsor Rep. Monique D. Davis 3/25/2010HouseAdded Co-Sponsor Rep. Michael J. Zalewski 3/25/2010HouseAdded Co-Sponsor Rep. Luis Arroyo 3/25/2010HouseAdded Co-Sponsor Rep. Maria Antonia Berrios 3/25/2010HouseAdded Co-Sponsor Rep. Daniel J. Burke 4/6/2010SenateArrive in Senate 4/6/2010SenatePlaced on Calendar Order of First Reading 4/6/2010SenateChief Senate Sponsor Sen. David Koehler 4/6/2010SenateFirst Reading 4/6/2010SenateReferred to Assignments 4/6/2010SenateAssigned to Consumer Protection 4/14/2010SenateAdded as Alternate Chief Co-Sponsor Sen. Linda Holmes 4/15/2010SenateDo Pass Consumer Protection; 006-000-000 4/15/2010SenatePlaced on Calendar Order of 2nd Reading April 20, 2010 4/22/2010SenateSecond Reading 4/22/2010SenatePlaced on Calendar Order of 3rd Reading April 23, 2010 4/29/2010SenateThird Reading - Passed; 053-000-000 4/29/2010HousePassed Both Houses 5/28/2010HouseSent to the Governor 7/22/2010HouseGovernor Approved 7/22/2010HouseEffective Date July 22, 2010 7/22/2010HousePublic Act . . . . . . . . . 96-1193