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Can you summarize 815 ILCS 130?
BUSINESS TRANSACTIONS > Revolving Charge Billing Act.
Short Summary
The Revolving Charge Billing Act, also known as the Illinois Compiled Statutes 130/0.01, regulates the billing practices for retail customers who have made a purchase under a revolving charge account. According to Section 1 of the Act, any bill, memorandum, or statement of account sent to a retail customer must prominently display both the total balance owing on the account and the monthly payment due. It should also include the annual percentage rate of the total finance charge, interest charge, and other charges, as well as the payment due date or period to avoid additional interest charges or other fees. Failure to comply with these requirements, as stated in Section 2, prohibits the charging or collection of any interest, service charge, carrying charge, or any amount other than the cash price or balance for the goods or services. The Act does not mention any specific exemptions or penalties for non-compliance.
Whom does it apply to?
The Act applies to retail customers who have made a purchase under a revolving charge account.
What does it govern?
The Revolving Charge Billing Act governs the billing practices for retail customers who have made a purchase under a revolving charge account.
What are exemptions?
No exemptions are mentioned in the Act.
What are the Penalties?
If a bill, memorandum, or other statement of account does not comply with the Act's requirements, no interest, service charge, carrying charge, or any amount other than the cash price or balance thereof for the goods or services may be charged to or collected from the customer.
Jurisdiction
Illinois