97TH GENERAL ASSEMBLY
State of Illinois
2011 and 2012
HB1980

 

Introduced , by Rep. William Davis

 

SYNOPSIS AS INTRODUCED:
 
205 ILCS 5/40  from Ch. 17, par. 350

    Amends the Illinois Banking Act. Provides that no financial institution shall require a person that does not have an account with the financial institution to pay any charge, fee, penalty, or other amount for the cashing of a check drawn on an account held at the financial institution. Effective immediately.


LRB097 08910 CEL 49042 b

 

 

A BILL FOR

 

HB1980LRB097 08910 CEL 49042 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 Illinois Banking Act is amended by changing
5Section 40 as follows:
 
6    (205 ILCS 5/40)  (from Ch. 17, par. 350)
7    Sec. 40. Prohibited activities.
8    (a) The Commissioner, deputy commissioners, and employees
9of the Office of Banks and Real Estate shall be subject to the
10restrictions provided in Section 2.5 of the Division of Banking
11Act including, without limitation, the restrictions on (i)
12owning shares of stock or holding any other equity interest in
13an entity regulated under this Act or in any corporation or
14company that owns or controls an entity regulated under this
15Act; (ii) being an officer, director, employee, or agent of an
16entity regulated under this Act; and (iii) obtaining a loan or
17accepting a gratuity from an entity regulated under this Act.
18    (b) Notwithstanding any other law, no financial
19institution shall require a person that does not have an
20account with the financial institution to pay any charge, fee,
21penalty, or other amount for the cashing of a check drawn on an
22account held at the financial institution.
23(Source: P.A. 96-1365, eff. 7-28-10.)
 

 

 

HB1980- 2 -LRB097 08910 CEL 49042 b

1    Section 99. Effective date. This Act takes effect upon
2becoming law.