(110 ILCS 26/10)
Sec. 10.
Financial education.
Any institution of higher education that enters into an agreement to market credit cards to students pursuing an undergraduate education, or that allows its student groups, alumni associations, or affiliates to enter into such agreements must make a financial education program available to all students. Additionally, an institution of higher education shall make available to all its students, via posting in a conspicuous location on its web pages, the financial education information required by this Section. The financial education program shall include, at a minimum:
(1) an explanation of the consequences of not paying
| credit card balances in full within the time specified by the billing statement, including an explanation of the methods employed by credit card issuers to compute interest on unpaid balances; | |
(2) an explanation of common industry practices that |
| have a negative impact to consumer credit card holders; current examples include low introductory rates, a description of acts on the part of cardholder that would cause an immediate shift to a higher interest rate, and complex timing calculations which can trigger higher rates; | |
(3) examples illustrating the length of time it will |
| take to pay off various balance amounts if only the minimum monthly payment required under the agreement is paid; | |
(4) an explanation of credit related terms, including |
| but not limited to fixed rates, variable rates, introductory rates, balance transfers, grace periods, and annual fees; | |
(5) information concerning the federal government's |
| opt‑out program to limit credit card solicitations, and how students may participate in it; and | |
(6) an explanation of the impact of and potential |
| consequences that could result from using a debit card for purchases that exceed the deposits in the account tied to the debit card. | |
(Source: P.A. 96‑261, eff. 1‑1‑10.) |
(110 ILCS 26/15)
Sec. 15.
Disclosure of agreements with credit card issuers.
(a) Any institution of higher education, including its agents, employees, or student or alumni organizations, or affiliates that receives any funds or items of value from the distribution of applications for credit cards to students pursuing an undergraduate education, or whose student groups, alumni associations or affiliates, or both, receive funds or items of value from the distribution, must disclose the following:
(1) the name of the credit card issuer that has
| entered into an agreement with the institution of higher education; | |
(2) the nature of the institution of higher |
| education's relationship with the credit card issuer, including the amount of funds or other items of value received from the arrangement; and | |
(3) the way in which those funds were expended during |
| the previous school year. | |
(b) Disclosures must appear in the following locations:
(1) in a conspicuous location on the webpages of the |
| institution of higher education; | |
(2) in an annual report to the Illinois Board of |
|
(3) in any notices mailed to students marketing or |
| promoting the credit card. | |
(c) To the extent that the institution of higher |
| education is a State or government entity receiving public funds and otherwise subject to the Freedom of Information Act, all agreements with credit card issuers shall be subject to disclosure to any requester pursuant to the Freedom of Information Act. | |
(d) This Section applies to all contracts or agreements |
| entered into after the effective date of this Act. Nothing in this Section is intended to or shall impair the obligations, terms, conditions, or value of contracts between credit card issuers and institutions of higher education that were entered into before the effective date of this Act. | |
(Source: P.A. 96‑261, eff. 1‑1‑10.) |
(110 ILCS 26/35)
Sec. 35.
Attorney General; investigations; issuance of subpoenas.
(a) The Attorney General may conduct any investigation deemed necessary regarding possible violations of this Act including, but not limited to, the issuance of subpoenas to:
(1) require the filing of a statement or report or
| answer interrogatories in writing as to all information relevant to the alleged violations; | |
(2) examine under oath any person who possesses |
| knowledge or information directly related to the alleged violations; and | |
(3) examine any record, book, document, account, or |
| paper necessary to investigate the alleged violation. | |
(b) Service by the Attorney General of any notice requiring a person to file a statement or report, or of a subpoena upon any person, shall be made:
(1) personally by delivery of a duly executed copy |
| thereof to the person to be served or, if the person is not a natural person, in the manner provided in the Code of Civil Procedure when a complaint is filed; or | |
(2) by mailing by certified mail a duly executed copy |
| thereof to the person to be served at his or her last known abode or principal place of business within this State. | |
(c) If any person fails or refuses to file any statement or report, or obey any subpoena issued by the Attorney General, then the Attorney General may file a complaint in the circuit court for the:
(1) granting of injunctive relief, restraining the |
| sale or advertisement of any merchandise by such persons, or the conduct of any trade or commerce that is involved; and | |
(2) granting of such other relief as may be required; |
| until the person files the statement or report, or obeys the subpoena. | |
(Source: P.A. 96‑261, eff. 1‑1‑10.) |
(110 ILCS 26/10)
Sec. 10.
Financial education.
Any institution of higher education that enters into an agreement to market credit cards to students pursuing an undergraduate education, or that allows its student groups, alumni associations, or affiliates to enter into such agreements must make a financial education program available to all students. Additionally, an institution of higher education shall make available to all its students, via posting in a conspicuous location on its web pages, the financial education information required by this Section. The financial education program shall include, at a minimum:
(1) an explanation of the consequences of not paying
| credit card balances in full within the time specified by the billing statement, including an explanation of the methods employed by credit card issuers to compute interest on unpaid balances; | |
(2) an explanation of common industry practices that |
| have a negative impact to consumer credit card holders; current examples include low introductory rates, a description of acts on the part of cardholder that would cause an immediate shift to a higher interest rate, and complex timing calculations which can trigger higher rates; | |
(3) examples illustrating the length of time it will |
| take to pay off various balance amounts if only the minimum monthly payment required under the agreement is paid; | |
(4) an explanation of credit related terms, including |
| but not limited to fixed rates, variable rates, introductory rates, balance transfers, grace periods, and annual fees; | |
(5) information concerning the federal government's |
| opt‑out program to limit credit card solicitations, and how students may participate in it; and | |
(6) an explanation of the impact of and potential |
| consequences that could result from using a debit card for purchases that exceed the deposits in the account tied to the debit card. | |
(Source: P.A. 96‑261, eff. 1‑1‑10.) |
(110 ILCS 26/15)
Sec. 15.
Disclosure of agreements with credit card issuers.
(a) Any institution of higher education, including its agents, employees, or student or alumni organizations, or affiliates that receives any funds or items of value from the distribution of applications for credit cards to students pursuing an undergraduate education, or whose student groups, alumni associations or affiliates, or both, receive funds or items of value from the distribution, must disclose the following:
(1) the name of the credit card issuer that has
| entered into an agreement with the institution of higher education; | |
(2) the nature of the institution of higher |
| education's relationship with the credit card issuer, including the amount of funds or other items of value received from the arrangement; and | |
(3) the way in which those funds were expended during |
| the previous school year. | |
(b) Disclosures must appear in the following locations:
(1) in a conspicuous location on the webpages of the |
| institution of higher education; | |
(2) in an annual report to the Illinois Board of |
|
(3) in any notices mailed to students marketing or |
| promoting the credit card. | |
(c) To the extent that the institution of higher |
| education is a State or government entity receiving public funds and otherwise subject to the Freedom of Information Act, all agreements with credit card issuers shall be subject to disclosure to any requester pursuant to the Freedom of Information Act. | |
(d) This Section applies to all contracts or agreements |
| entered into after the effective date of this Act. Nothing in this Section is intended to or shall impair the obligations, terms, conditions, or value of contracts between credit card issuers and institutions of higher education that were entered into before the effective date of this Act. | |
(Source: P.A. 96‑261, eff. 1‑1‑10.) |
(110 ILCS 26/35)
Sec. 35.
Attorney General; investigations; issuance of subpoenas.
(a) The Attorney General may conduct any investigation deemed necessary regarding possible violations of this Act including, but not limited to, the issuance of subpoenas to:
(1) require the filing of a statement or report or
| answer interrogatories in writing as to all information relevant to the alleged violations; | |
(2) examine under oath any person who possesses |
| knowledge or information directly related to the alleged violations; and | |
(3) examine any record, book, document, account, or |
| paper necessary to investigate the alleged violation. | |
(b) Service by the Attorney General of any notice requiring a person to file a statement or report, or of a subpoena upon any person, shall be made:
(1) personally by delivery of a duly executed copy |
| thereof to the person to be served or, if the person is not a natural person, in the manner provided in the Code of Civil Procedure when a complaint is filed; or | |
(2) by mailing by certified mail a duly executed copy |
| thereof to the person to be served at his or her last known abode or principal place of business within this State. | |
(c) If any person fails or refuses to file any statement or report, or obey any subpoena issued by the Attorney General, then the Attorney General may file a complaint in the circuit court for the:
(1) granting of injunctive relief, restraining the |
| sale or advertisement of any merchandise by such persons, or the conduct of any trade or commerce that is involved; and | |
(2) granting of such other relief as may be required; |
| until the person files the statement or report, or obeys the subpoena. | |
(Source: P.A. 96‑261, eff. 1‑1‑10.) |