SB0028 95TH GENERAL ASSEMBLY

LRB095 03631 MJR 23654 b

95TH GENERAL ASSEMBLY
State of Illinois
2007 and 2008
SB0028

Introduced 1/31/2007, by Sen. Jacqueline Y. Collins

SYNOPSIS AS INTRODUCED:

New Act
815 ILCS 505/2Z	from Ch. 121 1/2, par. 262Z

Creates the Automated Teller Machine Overdraft Disclosure Act. Requires operators of automated teller machines to provide customers with a full and complete disclosure of overdraft fees and penalties if the customer completes a transaction that causes the associated account to be overdrawn. Makes a violation of the Automated Teller Machine Overdraft Disclosure Act an unlawful practice within the meaning of the Consumer Fraud and Deceptive Business Practices Act. Provides that the Department of Financial and Professional Regulation may adopt any rules that it deems necessary to implement the Act. Amends the Consumer Fraud and Deceptive Business Practices Act to include a violation of the Automated Teller Machine Overdraft Disclosure Act as a violation of the Consumer Fraud and Deceptive Business Practices Act.

FISCAL NOTE ACT MAY APPLY

A BILL FOR

AN ACT concerning regulation.

Be it enacted by the People of the State of Illinois, represented in the General Assembly:

Section 1. Short title. This Act may be cited as the Automated Teller Machine Overdraft Disclosure Act.

Section 5. Definitions. In this Act, "automated teller machine", "customer", and "operator" have the same meanings found in the Automated Teller Machine Security Act.

Section 10. Full disclosure by operators of automated teller machines of overdrafts by customers. Operators of automated teller machines must provide customers with a full and complete disclosure of overdraft fees and penalties if the customer completes a transaction that causes the associated account to be overdrawn.

Section 15. Violation of Act. Any operator of an automated teller machine who knowingly violates this Act commits an unlawful practice within the meaning of the Consumer Fraud and Deceptive Business Practices Act.

Section 20. Rules. The Department of Financial and Professional Regulation may adopt any rules that it deems necessary to implement this Act.

Section 90. The Consumer Fraud and Deceptive Business Practices Act is amended by changing Section 2Z as follows:

(815 ILCS 505/2Z) (from Ch. 121 1/2, par. 262Z)

Sec. 2Z. Violations of other Acts. Any person who knowingly violates the Automotive Repair Act, the Automotive Collision Repair Act, the Home Repair and Remodeling Act, the Dance Studio Act, the Physical Fitness Services Act, the Hearing Instrument Consumer Protection Act, the Illinois Union Label Act, the Job Referral and Job Listing Services Consumer Protection Act, the Travel Promotion Consumer Protection Act, the Credit Services Organizations Act, the Automatic Telephone Dialers Act, the Pay-Per-Call Services Consumer Protection Act, the Telephone Solicitations Act, the Illinois Funeral or Burial Funds Act, the Cemetery Care Act, the Safe and Hygienic Bed Act, the Pre-Need Cemetery Sales Act, the High Risk Home Loan Act, the Payday Loan Reform Act, the Mortgage Rescue Fraud Act, subsection (a) or (b) of Section 3-10 of the Cigarette Tax Act, the Payday Loan Reform Act, subsection (a) or (b) of Section 3-10 of the Cigarette Use Tax Act, the Electronic Mail Act, paragraph (6) of subsection (k) of Section 6-305 of the Illinois Vehicle Code, Article 3 of the Residential Real Property Disclosure Act, the Automatic Contract Renewal Act, the Automated Teller Machine Overdraft Disclosure Act, or the Personal Information Protection Act commits an unlawful practice within the meaning of this Act.

(Source: P.A. 93-561, eff. 1-1-04; 93-950, eff. 1-1-05; 94-13, eff. 12-6-05; 94-36, eff. 1-1-06; 94-280, eff. 1-1-06; 94-292, eff. 1-1-06; 94-822, eff. 1-1-07.)