Rep. Anthony DeLuca

Filed: 5/15/2014

 

 


 

 


 
09800SB3397ham001LRB098 18944 HLH 59616 a

1
AMENDMENT TO SENATE BILL 3397

2    AMENDMENT NO. ______. Amend Senate Bill 3397 by replacing
3everything from line 21 on page 7 through line 14 on page 8
4with the following:
5    "(4) The retailer and lender shall maintain adequate books,
6records, or other documentation supporting the charge off of
7the accounts or receivables for which a deduction was taken or
8a refund was claimed under this Section. A retailer claiming a
9deduction or refund for bad debts from a private label credit
10card may not be allowed to meet a lesser standard of
11documentation than a retailer that claims a deduction or refund
12for bad debts that are not from a private label credit card.
13For purposes of computing the deduction or refund, payments on
14the accounts or receivables shall be prorated against the
15amounts outstanding on the account.".