Sen. Elgie R. Sims, Jr.

SPRINGFIELD – If a store closes due to bankruptcy or other shortcomings, customers who have credit cards with the company would not be negatively impacted under legislation being led by State Senator Elgie R. Sims, Jr.

“A person’s credit score follows them everywhere,” said Sims (D-Chicago). “One credit card mishap can take years to recover from. Consumers must be protected.”

Under Senate Bill 2121, if a customer’s credit account is closed due to the business closing or inactivity on the account, the business must notify credit reporting agencies of the reasoning so it is not assumed the customer failed to pay the balance of the account.

“We must ensure that people’s credit and finances aren’t diminished because of others,” said Sims.

Senate Bill 2121 passed the Senate Financial Institutions Committee. It now heads to the full Senate for further consideration.