100TH GENERAL ASSEMBLY
State of Illinois
2017 and 2018
HB1280

 

Introduced , by Rep. Michael J. Madigan

 

SYNOPSIS AS INTRODUCED:
 
205 ILCS 605/4  from Ch. 17, par. 504

    Amends the Consumer Deposit Account Act. Makes a technical change to a Section concerning checking accounts for senior citizens.


LRB100 03013 SMS 13018 b

 

 

A BILL FOR

 

HB1280LRB100 03013 SMS 13018 b

1    AN ACT concerning regulation.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The Consumer Deposit Account Act is amended by
5changing Section 4 as follows:
 
6    (205 ILCS 605/4)  (from Ch. 17, par. 504)
7    Sec. 4. (a) Every financial institution shall offer a Basic
8Checking Account to any natural person 65 years of age or older
9who requests such an account.
10    (b) A Basic Checking Account shall be established by either
11(1) a minimum initial deposit of $100, or (2) a written
12agreement with the the account holder requiring direct deposits
13with the financial institution by a third party of recurring
14payments due to the account holder on at least a monthly basis.
15Except as provided in subsection (d) of this Section, no other
16minimum balance or minimum deposit requirement may be imposed
17on a Basic Checking Account.
18    (c) No activity charge may be imposed for the first 10
19checks drawn on a Basic Checking Account in any calendar month,
20provided that a financial institution may charge its customary
21fee for a stop payment order or any transaction resulting in a
22check returned due to insufficient funds.
23    (d) A financial institution may offer any person 65 years

 

 

HB1280- 2 -LRB100 03013 SMS 13018 b

1of age or older a consumer-deposit account with terms that are
2more favorable to such person than the terms required under
3this Section and may designate such an account as a Basic
4Checking Account.
5(Source: P.A. 84-1036.)