Back in September, we noted that Treasurer Alexi Giannoulias was looking to put a stop to multi-million dollar marketing schemes between universities and credit card companies targeting students. By rolling out the Credit Card Marketing Act of 2009, he’s delivering this week.

The measure (being introduced by Sen. Donnie Trotter and Rep. Kevin Joyce) would put an end to deals that involve alumni associations or other university affiliates peddling students’ private data and force college to disclose their relationships. Those companies would also be barred from offering students under the age of 21 gifts (sandwiches, t-shirts, etc.) in exchange for filling out credit card applications (many of them with high-interest rates and never-ending fees). Failure to comply would cost $1,000 per incident.

When we caught up with Giannoulous spokeswoman Kati Phillips today, she said colleges and universities are lining up behind the new rules. “A lot of them are in a bind,” she explained. “The credit card companies are offering them big bucks but they know it’s not quite right. Now they can say that they have to abide by the law.”

Not right? More like downright unscrupulous. The University of Illinois alumni association, for example, collected $3.2 million off such deals in 2007 alone. And while special interests continue to cash in, students face double-digit interest rates and credit card debt—$2,600 a piece, on average—on top of student loans.

It’s encouraging to see Giannoulias and various legislators attempting to rein in these unfair lending practices. And his ideas are catching on. The New Jersey legislature is now considering a similar measure and Phillips says she’s fielding calls from lawmakers from other states too.

You can read a draft of the bill below (click on the upper right-hand button to expand):