IL HB4724

Amends the University Credit and Retail Sales Act to permit State institutions of higher learning to extend credit to students for the purchase of course materials, notwithstanding other provisions of the Act.

Maintains existing prohibition on State institutions operating retail stores that compete with private merchants in the community, with limited exceptions for items unavailable in sufficient quantities or sold by the institution before January 1, 1980.

Continues restrictions on institutions making credit sales using their own credit, but allows credit through independent credit organizations such as bank cards or debit cards if private retailers have reasonable opportunity to participate.

Permits credit sales of textbooks, food, beverages, and educational items required for classroom activities to students receiving financial assistance, provided private merchants can participate through appropriate agreements.

Takes effect upon becoming law.