“Legislation like this that calls for greater transparency and accountability on the part of reloadable card service providers is going to help us realize this much needed change for consumers.” – Sen. Emil Jones III

SPRINGFIELD – State Senator Emil Jones III (D–Chicago) saw his measure aimed toward consumer protection pass the Illinois Senate Friday.

Jones’ legislation subjects prepaid, reloadable credit cards and their providers to substantive disclosure regulations regarding all associated fees and service charges.

“Currently prepaid credit cards and their distributors are not made to adhere to sufficient disclosure stipulations,” Jones said. “They are not being held adequately responsible to clients. Legislation like this that calls for greater transparency and accountability on the part of reloadable card service providers is going to help us realize this much needed change for consumers.”

Reloadable, prepaid credit cards were exempted from the disclosure requirements of 2009’s federal Credit Card Accountability, Responsibility, and Disclosure or “CARD” Act. Senate Bill 1829 establishes a standard set of disclosures for consumers to receive from credit card companies or issuers upon purchase of a prepaid, reloadable credit card.

The disclosure regulations would inform consumers of any maintenance fees accompanying the prepaid credit card and its use, charges associated with receiving cash, reloading fees and costs of establishing service.

Senate Bill 1829 passed the Senate and now moves to and awaits the further consideration of the Illinois House.

“Right now, issuers of these general-use reloadable cards do not have to provide a lot of pertinent information regarding their services that consumers need and deserve. They are not being held responsible to clients.” – Sen. Emil Jones III

SPRINGFIELD – State Senator Emil Jones III (D–Chicago) advanced legislation this week providing reloadable, prepaid general use credit cards be subject to disclosure provisions.

“This is significant because currently, prepaid credit cards and their distributors are not made to adhere to any substantial disclosure regulations,” Jones said. “Right now, issuers of these general-use reloadable cards do not have to provide a lot of pertinent information regarding their services that consumers need and deserve. They are not being held responsible to clients. This needs to change, and legislation like this that calls for greater transparency and accountability on the part of service providers is going to help us realize that change.”

 Reloadable, prepaid credit cards were exempted from the disclosure requirements of 2009’s federal Credit Card Accountability, Responsibility, and Disclosure or “CARD” Act. SB 1829 establishes a standard set of disclosures for consumers to receive from credit card companies or issuers upon purchase of a prepaid, reloadable credit card.

The disclosures would inform consumers of fees accompanying the prepaid credit card and the product’s use, including the total cost of establishing service, maintenance fees, charges associated with receiving cash and reloading fees.

Senate Bill 1829 passed the Senate Financial Institutions Committee with a unanimous favorable vote. 

The legislation now awaits further consideration by the full Senate.

“I recognize that financially money is extremely tight. We must prioritize.” – Sen. Emil Jones III

SPRINGFIELD – State Senator Emil Jones III (D–Chicago) had strong opinions regarding Gov. Pat Quinn’s annual budget address Wednesday.

“I recognize that financially money is extremely tight,” Jones said. “We must prioritize.”

Jones said that among his top priorities for this year’s fiscal plan were education funding, violence prevention and public safety dollars, and human services and health care funding.

“Right now, dollars for education is a big issue, given that 13 schools in the 14th Senate District are now being targeted for potential closing,” Jones said. “About 10 percent of the 129 CPS schools facing threats of closure lie within the boundaries of my district. Education funding right now is critical.”

Jones was disheartened to see, in light of his advocacy for greater education funding, the nearly $400 million in K-12 education cuts in the governor’s budget proposal. “This is disappointing, and I hope going forward we can rectify this because I remain adamant funding for our kids and their education needs to increase,” Jones said.

“We also have to provide for public safety and violence prevention,” Jones said. “It is no secret the 14th District is one of the biggest victims of the gun violence epidemic. We need to address safety in our streets with our final budget plan.”

“Health care is another great concern,” Jones said. “An estimated $1.6 billion in health care funding was slashed with last year’s budget, and that’s simply unacceptable. As someone fighting for increasing health care benefits, I maintain that we need to invest our money in the well-being of our citizens."

The Illinois Senate is now charged with approving and passing a budget plan for Fiscal Year 2014.