Illinois 94th Regular Session Status: In Committee

HB 4140 — CONS FRAUD ACT-INTEREST NOTICE

Last action — Tabled By Sponsor Rep. Monique D. Davis

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  1. ✓
    Introduced
  2. 2
    In Committee
  3. 3
    Passed House
  4. 4
    Passed Senate
  5. 5
    To Executive
  6. 6
    Enacted

This bill died with 94th Regular Session. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.

This bill is no longer active — its legislative session has ended, so there is no live prognosis. It would have to be reintroduced in the current session to move again.

Summary

Amends the Consumer Fraud and Deceptive Business Practices Act. Requires a person or entity that offers to a consumer 0% interest financing on a purchase, for a specified period of time, to disclose to that consumer on his or her monthly billing statement the following: (1) the principal owed; (2) the total interest owed; (3) the amount of time at which interest will not accrue; and (4) that if the total amount owed is not paid off in its entirety during the specified period of time, finance charges will be assessed from the date of purchase. Provides that a person that violates this provision commits an unlawful practice within the meaning of the Act.

Bill Text

Action History

  1. Tabled By Sponsor Rep. Monique D. Davis

  2. Added Co-Sponsor Rep. Robert Rita

  3. Assigned to Consumer Protection Committee

  4. Referred to Rules Committee

  5. First Reading

  6. Filed with the Clerk by Rep. Monique D. Davis

Sponsors

  • Monique D. Davis · Cosponsor

Sponsorship breakdown

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0 sponsors · 1 co-sponsors · 182 not signed on

Sponsors (0)

None.

Co-sponsors (1)

  • Monique D. Davis

Not signed on (182)

182 members have not signed on to this bill.

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"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

Whip count is in markup. Polling the chamber and every recorded vote this session. Only the first open is slow. It’s instant for you after this. Calling the roll · Tallying · Engrossing

Subjects

finance
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Frequently asked questions

What does HB 4140 do?
Amends the Consumer Fraud and Deceptive Business Practices Act. Requires a person or entity that offers to a consumer 0% interest financing on a purchase, for a specified period of time, to disclose to that consumer on his or her monthly billing statement the following: (1) the principal owed; (2) the total interest owed; (3) the amount of time at which interest will not accrue; and (4) that if the total amount owed is not paid off in its entirety during the specified period of time, finance charges will be assessed from the date of purchase. Provides that a person that violates this provision commits an unlawful practice within the meaning of the Act.
Who sponsors HB 4140?
HB 4140 is sponsored by Monique D. Davis.
What is the current status of HB 4140?
This bill died with 94th Regular Session. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
Where can I track HB 4140?
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Last checked for changes 3 months ago · updated continuously

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