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Can you summarize 815 ILCS 150?
BUSINESS TRANSACTIONS > Unsolicited Credit Card Act of 1977.
Short Summary
The Unsolicited Credit Card Act of 1977, also known as the Illinois Compiled Statutes 815 ILCS 150/1, defines key terms related to credit cards and establishes regulations for their use. The Act applies to financial institutions, including banks, insurance companies, credit unions, savings and loan associations, investment trusts, and other depositories of money or medium of savings or collective investment. It also applies to cardholders who use credit cards to obtain money, goods, services, or anything else of value on credit or in consideration of an undertaking or guaranty by the issuer of the payment of a check drawn by the cardholder. However, the Act excludes automated cards issued by financial institutions to their customers for specific purposes, as long as they do not allow cash loan advances or overdraft checking services. The Act does not specify any penalties for non-compliance or violations. Overall, the Act aims to regulate the use of credit cards and ensure transparency and fairness in credit transactions.
Whom does it apply to?
The Act applies to financial institutions, including banks, insurance companies, credit unions, savings and loan associations, investment trusts, and other depositories of money or medium of savings or collective investment. It also applies to cardholders who use credit cards to obtain money, goods, services, or anything else of value on credit or in consideration of an undertaking or guaranty by the issuer of the payment of a check drawn by the cardholder.
What does it govern?
The Unsolicited Credit Card Act of 1977 governs the regulations and key terms related to credit cards.
What are exemptions?
The Act excludes automated cards issued by financial institutions to their customers for specific purposes, as long as they do not allow cash loan advances or overdraft checking services.
What are the Penalties?
The Act does not specify any penalties for non-compliance or violations.
Jurisdiction
Illinois