Illinois § 15

§ 15.

Disclosure of agreements with credit card issuers. (a) Any institution of higher education, including its agents, employees, or student or alumni organizations, or affiliates that receives any funds or items of value from the distribution of applications for credit cards to students pursuing an undergraduate education, or whose student groups, alumni associations or affiliates, or both, receive funds or items of value from the distribution, must disclose the following: (1) the name of the credit card issuer that has entered into an agreement with the institution of higher education; (2) the nature of the institution of higher education's relationship with the credit card issuer, including the amount of funds or other items of value received from the arrangement; and (3) the way in which those funds were expended during the previous school year. (b) Disclosures must appear in the following locations: (1) in a conspicuous location on the webpages of the institution of higher education; (2) in an annual report to the Illinois Board of Higher Education; and (3) in any notices mailed to students marketing or promoting the credit card. (c) To the extent that the institution of higher education is a State or government entity receiving public funds and otherwise subject to the Freedom of Information Act, all agreements with credit card issuers shall be subject to disclosure to any requester pursuant to the Freedom of Information Act. (d) This Section applies to all contracts or agreements entered into after the effective date of this Act. Nothing in this Section is intended to or shall impair the obligations, terms, conditions, or value of contracts between credit card issuers and institutions of higher education that were entered into before the effective date of this Act. (Source: P.A. 96-261, eff. 1-1-10.)