SB1524 Summary: Credit Card Marketing Act of 2009

• Prohibits higher education institutions from allowing credit card marketing activities that offer gifts or tangible items to undergraduate students under 21 to induce credit card applications.

• Requires institutions that market credit cards to students to provide comprehensive financial education covering credit terms, interest calculations, consequences of unpaid balances, and federal opt-out programs.

• Mandates disclosure of credit card issuer relationships on institutional websites, annual reports to the Illinois Board of Higher Education, and marketing materials, including amounts received and how funds were spent.

• Prevents institutions from providing student personally identifiable information (name, address, phone, social security number, email) to credit card issuers for marketing purposes unless the student is 21 or older.

• Establishes enforcement authority for the Attorney General to investigate violations and seek penalties up to $1,000 per incident, with provisions for subpoenas and injunctive relief.