IL SB3549

Amends the Illinois Banking Act, Savings Bank Act, and Illinois Credit Union Act to require written notification when credit card issuers close a customer's private label credit card account due to inactivity.

Financial institutions, savings banks, and credit unions must notify both the customer and credit reporting agencies in writing when closing a private label credit card account due to inactivity.

Applies to credit card issuers that are parties to private label credit programs as defined in the respective acts.