Illinois General Assembly - Full Text of SB2415
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Full Text of SB2415  102nd General Assembly

SB2415 102ND GENERAL ASSEMBLY


 


 
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.


LRB102 04900 BMS 14919 b

 

 

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.)