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| | 103RD GENERAL ASSEMBLY
State of Illinois
2023 and 2024
HB5055 Introduced 2/8/2024, by Rep. Edgar Gonzalez, Jr. SYNOPSIS AS INTRODUCED:
| | | Amends the Illinois Banking Act. Provides that beginning July 1, 2025, digital payment applications and digital wallet applications operating in this State must pay interest to customers that are residents of the State on any financial balance stored in the application greater than $50 and that is stored on the application for more than 10 days. Provides that digital payment applications and digital wallet applications must pay interest equivalent to the national deposit interest rate for interest checking accounts, as calculated on a monthly basis by the Federal Deposit Insurance Corporation. |
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| | A BILL FOR |
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| | HB5055 | | LRB103 38935 RTM 69072 b |
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| 1 | | AN ACT concerning regulation.
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| 2 | | Be it enacted by the People of the State of Illinois, |
| 3 | | represented in the General Assembly:
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| 4 | | Section 5. The Illinois Banking Act is amended by adding |
| 5 | | Section 45.2 as follows:
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| 6 | | (205 ILCS 5/45.2 new) |
| 7 | | Sec. 45.2. Digital wallet applications and digital payment |
| 8 | | applications; interest. |
| 9 | | (a) As used in this Section: |
| 10 | | "Digital payment application" means an electronic |
| 11 | | application with the primary purpose of facilitating |
| 12 | | transactions made with a payment card or by a direct debit |
| 13 | | transaction, processed by a digital dispatch service. |
| 14 | | "Digital wallet application" means an electronic |
| 15 | | application with the primary purpose of allowing customers to |
| 16 | | store a digital version of a payment method provided by a |
| 17 | | financial institution, as defined in Section 2 of this Act. |
| 18 | | (b) Beginning July 1, 2025, digital payment applications |
| 19 | | and digital wallet applications operating in this State must |
| 20 | | pay interest to customers that are residents of the State on |
| 21 | | any financial balance stored in the application greater than |
| 22 | | $50 and that is stored on the application for more than 10 |
| 23 | | days. |