HB 4573

Abstract

Amends the Consumer Fraud and Deceptive Business Practices Act. Makes it an unlawful practice for any lender under a revolving credit arrangement to charge a late fee on that account if: (i) the lender provides the debtor with a statement that contains a due date; (ii) the lender has an automated payment system; and (iii) the debtor pays the bill at any time before midnight central time on the due date listed on the statement using the automated payment system. Makes it an unlawful practice for any lender under a revolving credit arrangement to report a late payment of a debtor to any credit reporting agencies if the debtor has paid the bill at any time before midnight central time on the due date listed on the statement using the automated payment system. Effective immediately.