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IL SB2121
Bill
AI Summary
- Amends the Consumer Fraud and Deceptive Business Practices Act by adding Section 2BBBB regarding credit account closures.
- Requires merchants to report to credit reporting agencies and account owners when closing a credit account due to business closure, liquidation, or account inactivity.
- Merchants must specify in reports that account closure resulted from merchant-related issues or inactivity, not from customer failure to pay.
- Violations of these reporting requirements constitute unlawful practices under the Consumer Fraud and Deceptive Business Practices Act.
Legislative Description
BUSINESS-CREDIT ACCOUNT REPORT
Last Action
Session Sine Die
1/7/2025
Committee Referrals
Assignments4/28/2023
State Government3/30/2023
Assignments3/30/2023
Financial Institutions3/28/2023
Assignments3/24/2023
Financial Institutions2/28/2023
Assignments2/10/2023
Full Bill Text
No bill text available