IMGCAP(1)]
Illinois is joining a growing number of states seeking to curb credit card issuer gift giveaways on college campuses. Earlier this month, State Treasurer Alexi Giannoulias drafted legislation that would crack down on gifts issuers give students for signing up for a credit card and restrict access to student information that card marketers can use to market to students directly by mail, phone or e-mail. In recent years, 18 states, including California and Texas, have passed laws restricting credit card marketing on college campuses (CardLine 9/15). The Illinois legislation would ban issuers from offering gifts when marketing credit cards on campuses; prohibit colleges, universities, foundations and alumni associations from selling or transferring student names and personal information to card issuers; require those institutions to disclose marketing agreements with banks that target students; and force schools that allow credit card marketing or advertising to undergraduates to provide financial-literacy education to freshmen. Giannoulias will introduce the bill to the General Assembly in January, according to a spokesperson.
