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| 1 | AMENDMENT TO SENATE BILL 661
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| 2 | AMENDMENT NO. ______. Amend Senate Bill 661 by replacing | ||||||
| 3 | everything after the enacting clause with the following:
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| 4 | "Section 5. The Illinois Banking Act is amended by adding | ||||||
| 5 | Section 5h as follows: | ||||||
| 6 | (205 ILCS 5/5h new) | ||||||
| 7 | Sec. 5h. Certificates of deposit; disclosure of early | ||||||
| 8 | withdrawal penalty. A bank that issues a certificate of deposit | ||||||
| 9 | must disclose in the account documents that any penalty that | ||||||
| 10 | may be incurred for early withdrawal may result in loss of | ||||||
| 11 | principal in addition to the loss of interest.
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| 12 | Section 10. The Savings Bank Act is amended by adding | ||||||
| 13 | Section 7009 as follows: | ||||||
| 14 | (205 ILCS 205/7009 new) | ||||||
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| 1 | Sec. 7009. Certificates of deposit; disclosure of early | ||||||
| 2 | withdrawal penalty. A savings bank that issues a certificate of | ||||||
| 3 | deposit must disclose in the account documents that any penalty | ||||||
| 4 | that may be incurred for early withdrawal may result in loss of | ||||||
| 5 | principal in addition to the loss of interest. | ||||||
| 6 | Section 15. The Illinois Credit Union Act is amended by | ||||||
| 7 | adding Section 42.8 as follows: | ||||||
| 8 | (205 ILCS 305/42.8 new) | ||||||
| 9 | Sec. 42.8. Certificates of deposit; disclosure of early | ||||||
| 10 | withdrawal penalty. A credit union that issues a certificate of | ||||||
| 11 | deposit must disclose in the account documents that any penalty | ||||||
| 12 | that may be incurred for early withdrawal may result in loss of | ||||||
| 13 | principal in addition to the loss of interest.".
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