Gov. Pat Quinn has signed a law that will clamp down on credit card marketing on college campuses.
At the bill signing Tuesday, Quinn said the legislation won't ban credit card companies from marketing on campus, but it will help ensure they act in a responsible manner.
Under the law, credit card companies wouldn't be able to give out T-shirts, gift cards or other freebies to entice students into signing up.
The legislation says cash-strapped college students are vulnerable to predatory lenders and lawmakers don't want students to be burdened by credit card debt.
Any Illinois college or university that enters into an agreement to market credit cards to students will also have to offer a financial education program so students understand the consequences of obtaining credit cards.
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Copyright 2009 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
At the bill signing Tuesday, Quinn said the legislation won't ban credit card companies from marketing on campus, but it will help ensure they act in a responsible manner.
Under the law, credit card companies wouldn't be able to give out T-shirts, gift cards or other freebies to entice students into signing up.
The legislation says cash-strapped college students are vulnerable to predatory lenders and lawmakers don't want students to be burdened by credit card debt.
Any Illinois college or university that enters into an agreement to market credit cards to students will also have to offer a financial education program so students understand the consequences of obtaining credit cards.
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Copyright 2009 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
