Ask Reggi Your Question Now
Can you summarize 815 ILCS 140?
BUSINESS TRANSACTIONS > Credit Card Issuance Act.
Short Summary
The Credit Card Issuance Act, outlined in the Illinois Compiled Statutes, regulates the use and acceptance of credit cards in purchase and sale transactions. It defines a credit card as a card that can be used to obtain money, goods, services, or anything else of value on credit. The Act specifically excludes debit cards and negotiable instruments as defined in the Uniform Commercial Code. It also defines a merchant credit card agreement as a written agreement between a seller and the issuer of a credit card, which obligates the seller to accept credit cards. A credit card transaction refers to a purchase and sale of goods or services in which a seller, under a merchant credit card agreement, accepts a credit card. The Act does not specify any penalties for non-compliance or violations. Overall, the Credit Card Issuance Act governs the use and acceptance of credit cards in business transactions.
Whom does it apply to?
The Credit Card Issuance Act applies to sellers, issuers of credit cards, and applicants for credit cards.
What does it govern?
The Credit Card Issuance Act governs the use and acceptance of credit cards in purchase and sale transactions.
What are exemptions?
The Credit Card Issuance Act specifically excludes debit cards and negotiable instruments as defined in the Uniform Commercial Code.
What are the Penalties?
The Credit Card Issuance Act does not specify any penalties for non-compliance or violations.
Jurisdiction
Illinois