SB2121 103RD GENERAL ASSEMBLY

LRB103 28968 BMS 55354 b

103RD GENERAL ASSEMBLY
State of Illinois
2023 and 2024
SB2121

Introduced 2/10/2023, by Sen. Elgie R. Sims, Jr.

SYNOPSIS AS INTRODUCED:

815 ILCS 505/2BBBB new

Amends the Consumer Fraud and Deceptive Business Practices Act. Provides that if a merchant closes a customer's credit account because the merchant's business is closing or being liquidated, or due to inactivity on the credit account by its owner, the merchant shall report to the credit reporting agencies and to the owner of the account information explaining that the account was closed due to issues related to the merchant or inactivity and not the customer's failure to pay the balance of the credit account. Provides that any person who violates the provisions commits an unlawful practice.

A BILL FOR

AN ACT concerning business.

Be it enacted by the People of the State of Illinois, represented in the General Assembly:

Section 5. The Consumer Fraud and Deceptive Business Practices Act is amended by adding Section 2BBBB as follows:

(815 ILCS 505/2BBBB new)

Sec. 2BBBB. Credit account reports. If a merchant closes a customer's credit account because the merchant's business is closing or being liquidated or due to inactivity on the credit account by its owner, then the merchant shall report to the credit reporting agencies and to the owner of the account information explaining that the account was closed due to issues related to the merchant or inactivity and not the customer's failure to pay the balance of the credit account. Any person who violates this Section commits an unlawful practice within the meaning of this Act.