96TH GENERAL ASSEMBLY
State of Illinois
2009 and 2010
SB0666

 

Introduced 2/6/2009, by Sen. John J. Cullerton

 

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.


LRB096 06726 MJR 16810 b

 

 

A BILL FOR

 

SB0666 LRB096 06726 MJR 16810 b

1     AN ACT concerning regulation.
 
2     Be it enacted by the People of the State of Illinois,
3 represented in the General Assembly:
 
4     Section 5. The Consumer Deposit Account Act is amended by
5 changing Section 4 as follows:
 
6     (205 ILCS 605/4)  (from Ch. 17, par. 504)
7     Sec. 4. (a) Every financial institution shall offer a Basic
8 Checking Account to any natural person 65 years of age or older
9 who requests such an account.
10     (b) A Basic Checking Account shall be established by either
11 (1) a minimum initial deposit of $100, or (2) a written
12 agreement with the the account holder requiring direct deposits
13 with the financial institution by a third party of recurring
14 payments due to the account holder on at least a monthly basis.
15 Except as provided in subsection (d) of this Section, no other
16 minimum balance or minimum deposit requirement may be imposed
17 on a Basic Checking Account.
18     (c) No activity charge may be imposed for the first 10
19 checks drawn on a Basic Checking Account in any calendar month,
20 provided that a financial institution may charge its customary
21 fee for a stop payment order or any transaction resulting in a
22 check returned due to insufficient funds.
23     (d) A financial institution may offer any person 65 years

 

 

SB0666 - 2 - LRB096 06726 MJR 16810 b

1 of age or older a consumer-deposit account with terms that are
2 more favorable to such person than the terms required under
3 this Section and may designate such an account as a Basic
4 Checking Account.
5 (Source: P.A. 84-1036.)