093_SB1116

 
                                     LRB093 11060 MBS 11764 b

 1        AN ACT concerning credit cards.

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

 4        Section 5.  The Credit Card Issuance Act  is  amended  by
 5    adding Section 7.3 as follows:

 6        (815 ILCS 140/7.3 new)
 7        Sec.  7.3.  Increase  in  fixed  interest rates. A credit
 8    card issuer that offers to an Illinois resident a credit card
 9    with a fixed annual percentage  rate  may  not  increase  the
10    annual  percentage  rate  or  rates of interest applicable to
11    that credit card account, or prematurely remove  or  increase
12    any  introductory annual percentage rate or rates of interest
13    applicable to the account, for reasons other than actions  or
14    omissions of the card holder that are directly related to the
15    account  and  that are clearly and conspicuously described to
16    the card holder at the time the credit card is issued.

17        Section 99.  Effective date.  This Act takes effect  upon
18    becoming law.