102ND GENERAL ASSEMBLY
State of Illinois
2021 and 2022
SB2415
 
Introduced 2/26/2021, by Sen. Napoleon Harris, III
 
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.



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A BILL FOR
 


SB2415LRB102 04900 BMS 14919 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 
8Basic Checking
Account to any  natural person 65 years of age or 
9older who requests such an account.

10    (b) A Basic Checking Account shall be established by 
11either (1) a
minimum initial deposit of $100, or (2) a written 
12agreement with the
the
account holder requiring direct 
13deposits with the financial institution by
a third party of 
14recurring payments due to the account holder on at least a

15monthly basis.  Except as provided in subsection (d) of this 
16Section, no
other minimum balance or minimum deposit 
17requirement may be imposed on 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 
20month, provided that a financial
institution may charge its 
21customary fee for a stop payment order or any
transaction 
22resulting in a check returned due to insufficient funds.

23    (d) A financial institution may offer any person 65 years 
 
 
SB2415- 2 -LRB102 04900 BMS 14919 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.)