SB0661sam001 101ST GENERAL ASSEMBLY

Sen. Julie A. Morrison

Filed: 4/3/2019

10100SB0661sam001 LRB101 04422 JLS 58946 a

AMENDMENT TO SENATE BILL 661

AMENDMENT NO. ______. Amend Senate Bill 661 by replacing everything after the enacting clause with the following:

"Section 5. The Consumer Fraud and Deceptive Business Practices Act is amended by adding Section 2WWW as follows:

(815 ILCS 505/2WWW new)

Sec. 2WWW. Certificates of deposit; disclosure of early withdrawal penalty.

(a) As used in this Section:

"Certificate of deposit" means an instrument containing an acknowledgment by a financial institution that a sum of money has been received by the financial institution and a promise by the financial institution to repay the sum of money.

"Financial institution" means a trust company, a bank, a savings bank, a credit union, an investment bank, a broker, a savings and loan association, or an insurance company.

(b) A financial institution that issues a certificate of deposit must:

(1) disclose in the account documents that any penalty that may be incurred for early withdrawal may result in the loss of principal in addition to the loss of interest; and

(2) require the depositor to sign or initial the section of the account document that discloses the early withdrawal penalty.

(c) A violation of this Section constitutes an unlawful practice within the meaning of this Act.".