(815 ILCS 140/1) (from Ch. 17, par. 6001)
Sec. 1. As used in this Act: (a) "Credit card" has the meaning set forth in
Section 17-0.5 of the Criminal Code of 2012, but does not
include "debit card" as defined in that Section, which can also be
used to obtain money, goods, services and anything else of value on
credit, nor shall it include any negotiable instrument as defined in the
Uniform Commercial Code, as now or hereafter amended; (b) "Merchant credit
card agreement" means a written agreement between a seller of goods,
services or both, and the issuer of a credit card to any other party,
pursuant to which the seller is obligated to accept credit cards; and (c)
"Credit card transaction" means a purchase and sale of goods, services or
both, in which a seller, pursuant to a merchant credit card agreement, is
obligated to accept a credit card and does accept the credit card in
connection with such purchase and sale.
(Source: P.A. 96-1551, eff. 7-1-11; 97-1150, eff. 1-25-13.)
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(815 ILCS 140/6) (from Ch. 17, par. 6009)
Sec. 6.
Disclosure to applicants.
(a) Except as provided in Section 25 of
the Retail Installment Sales Act, relating to sellers or holders under a
retail charge agreement and in subsection (c), a credit card
issuer shall disclose, either on an application
for a credit card or on literature accompanying the application, on or with
any credit card account solicitation, and on each periodic billing
statement mailed to a card
holder, the following:
(1) the annual percentage rate or rates of interest |
| applicable to the account, or if the rate is variable, that fact, and the rate as of a specified date or the index from which the rate is determined;
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(2) the annualized membership and/or participation
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(3) the grace period, which is defined as the period
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| within which any credit extended under such credit plan must be repaid to avoid incurring an interest charge represented in terms of an annual percentage rate of interest, and if no such period is offered such fact shall be clearly stated;
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(4) transaction fees, if assessed, for the use of the
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| credit card account, including, but not limited to a late payment charge, minimum finance charge and over the limit charge.
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The term "solicitation" means written material mailed or any other
solicitation in a written form which constitutes an application for, or
a written offer which allows a person to open a credit card account without
completing an application.
Information required to be disclosed under item (2) of subsection
(a) of this Section may be disclosed on literature accompanying the
periodic billing statement.
(b) (Blank)
(c) No application, literature accompanying the application, account
solicitation, periodic billing statement or literature
accompanying the periodic billing statement sent by or on behalf of an
issuer to residents
of this State with respect to charge cards shall be
required to set forth the information specified in items (1) and (3) of
subsection (a) of this Section. As used in this subsection, the term
"charge card" means any card, plate or other credit device pursuant to
which the charge card issuer extends credit which is not subject to a
finance charge and with which the charge card holder cannot automatically
access credit that is repayable in installments.
(Source: P.A. 88-546.)
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(815 ILCS 140/7.1) (from Ch. 17, par. 6010.1)
Sec. 7.1.
Certain credit card transaction form required.
(a) Any person, firm, partnership, association or corporation which
issues forms used for credit card transactions between the credit card
holder and seller, shall only issue such credit card forms, except for such
forms utilized for a special purpose incidental but related to the actual
purchase and sale agreement including but not limited to shipping, delivery
or installment of purchased merchandise or special orders, which:
(1) are carbonless; or
(2) are carbonized backed forms that may be retained |
| for recordkeeping purposes of the seller, the seller's agent or sub-contractor, the issuer or the customer; or
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(3) after the transaction is complete, do not render
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| a separate piece of paper, carbon or otherwise, which readily identifies the cardholder by complete name or account number, other than those necessary for use by the seller, the seller's agent or sub-contractor, credit card holder and issuer to complete the credit card transaction; or
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(4) has a perforated or split carbon, half of which
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| is disposable, and upon completion of the transaction the disposable portion of the carbon renders only half of the cardholder's name and account number.
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(b) Any person, firm, partnership, association or corporation which
accepts credit cards used for credit card transactions between the credit
card holder and seller, shall only use credit card forms, except for such
forms utilized for a special purpose incidental but related to the actual
purchase and sale agreement including but not limited to shipping, delivery
or installment of purchased merchandise or special orders, which:
(1) are carbonless; or
(2) are carbonized backed forms that may be retained
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| for recordkeeping purposes of the seller, the seller's agent or sub-contractor, the issuer or the customer; or
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(3) after the transaction is complete, do not render
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| a separate piece of paper, carbon or otherwise, which readily identifies the cardholder by complete name or account number, other than those necessary for use by the seller, the seller's agent or sub-contractor, credit card holder and issuer to complete the credit card transaction; or
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(4) has a perforated or split carbon, half of which
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| is disposable, and upon completion of the transaction the disposable portion of the carbon renders only half of the cardholder's name and account number.
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No person, firm, partnership, association or
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| corporation which accepts credit cards for the transaction of business shall be deemed to have violated the provisions of this subsection, if such person, firm, partnership, association or corporation shows by a preponderance of evidence that the violation was not intentional and resulted from bona fide error made notwithstanding the maintenance of procedures reasonably adopted to avoid such error.
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(c) A violation of subsection (a) of this Section is a business
offense punishable by a fine of not less than $750 nor more than $1,000. A
violation of subsection (b) of this Section constitutes a business offense
punishable by a fine of $501, if a first offense by a person; and punishable
by a fine of not less than $501, nor more than $1,000 if such offense is a
second or subsequent offense by such person.
(Source: P.A. 86-781.)
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(815 ILCS 140/7.2) Sec. 7.2. No credit card issuer shall issue, provide, assign or deliver
in any way a credit card account to and in the name of any person under the age
of 21 unless the person has submitted a written application and the credit card issuer has: (1) financial information that the person has an |
| independent ability to make the required minimum periodic payments on the proposed extension of credit; or
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(2) financial information that a cosigner, guarantor,
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| or joint applicant who is at least 21 years old has an independent ability to make the required minimum periodic payments on the proposed extension of credit, and a signed agreement of the cosigner, guarantor, or joint applicant to be either jointly liable for any debt on the account or secondarily liable for any debt on the account incurred by the person before the person has attained the age of 21.
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Upon delivery of a credit card account to and in the name of any person under
the age of
18, the credit card issuer shall also include a pamphlet which details the
responsible use of a credit card, an explanation of applicable
credit limits, payment requirements and the penalties for the misuse and
fraudulent use of a credit card.
This Section does not apply to a supplementary card issued to a person under
the age of 21 that allows that person to access a credit card account in the
name of a person over the age of 21 if the person over the age of 21 requested
orally or in writing that the supplementary card be issued to the person under
the age of 21.
(Source: P.A. 96-1193, eff. 7-22-10.)
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