Revolving Charge Billing Act (815 ILCS 130/)

Chapter 815 — Business Transactions

Loans and Credit

This text is maintained by the Legislative Reference Bureau for legislative drafting purposes and is NOT the official text of the Illinois Compiled Statutes; the only official copy is the printed copy maintained by the Secretary of State.

Sec. 0.01. Short title

This Act may be cited as the Revolving Charge Billing Act.

(Source: P.A. 86-1324.)

Sec. 1.

Any bill, memorandum or other statement of account sent to a retail customer who has made a purchase under a revolving charge account where the consideration may be paid either in gross or in a series of monthly installments must set out side by side and with equal prominence both the amount of the total balance owing on the account as well as the amount of the monthly payment due on the account, the annual percentage rate of the total finance charge, interest charge and other charges; and the date by which, or the period (if any) within which, payment must be made in order to avoid additional interest charges or other charges.

(Source: P.A. 76-1776.)

Sec. 2.

If a bill, memorandum or other statement of account does not comply with Section 1, no interest, service charge, carrying charge or any amount other than the cash price, or balance thereof, for the goods or services giving rise to the account may be charged to or collected from the customer.

(Source: Laws 1967, p. 2173.)