IL HB1581

Creates the College Student Credit Card Marketing and Debt Task Force to examine student credit card debt issues and the effectiveness of federal credit card regulations adopted since 2009.

Task Force consists of 8 members including representatives from credit unions, community banks, banks, four Illinois public universities (Southern Illinois University, University of Illinois, Illinois State University, Eastern Illinois University), and the Office of the Attorney General.

Task Force must conduct a comprehensive study examining 14 specific factors including credit card solicitation methods (mail, online, social media), credit extended to students and 18-21 year-olds, percentage of students carrying balances, fee harvester cards, and reward program details.

Task Force shall submit findings and recommendations to the General Assembly by December 14, 2019, after which the Task Force is dissolved.

Act takes effect upon becoming law and is repealed on November 1, 2020.