HB 5027

  • Illinois House Bill
  • 96th Regular Session
  • Introduced in House
  • House
  • Senate
  • Governor

Fin Reg-Credit Card Exemption

Abstract

Amends the Credit Card Marketing Act of 2009. Provides that a credit card issuer who complies with or is exempt from the applicable college student credit card marketing requirements of the federal Truth in Lending Act and the regulations promulgated under that Act shall be deemed to be in compliance with or exempt from all of the provisions of the Credit Card Marketing Act of 2009. Amends the Illinois Financial Services Development Act. Provides that a financial institution that complies with or is exempt from the specified federal statutory and regulations standards shall be deemed to be in compliance with or exempt from all of specified provisions of the Act. Amends the Credit Card Issuance Act. Provides that a credit card issuer who complies with or is exempt from the applicable credit card application, solicitation, and periodic statement disclosure requirements of the federal Truth in Lending Act and the regulations promulgated under that Act shall be deemed to be in compliance with or exempt from all of the specified provisions of the Credit Card Issuance Act. Provides that a credit card issuer who complies with or is exempt from the applicable consumer credit card issuance requirements of the federal Truth in Lending Act and the regulations promulgated under that Act pertaining to credit cards issued to persons under the age of 21 shall be deemed to be in compliance with or exempt from all of the specified provisions of the Credit Card Issuance Act. Effective immediately.

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Jan 11, 2011

House

Session Sine Die

Jan 25, 2010

House

First Reading

House

Referred to Rules Committee

Jan 22, 2010

House

Filed with the Clerk by Rep. Joseph M. Lyons

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