102ND GENERAL ASSEMBLY
State of Illinois
2021 and 2022
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
concerning checking accounts for senior citizens.
A BILL FOR
|SB2415||LRB102 04900 BMS 14919 b|
AN ACT concerning regulation.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
The Consumer Deposit Account Act is amended by
changing Section 4 as follows:
(205 ILCS 605/4)
(from Ch. 17, par. 504)
(a) Every financial institution shall offer a
Account to any natural person 65 years of age or
older who requests such an account.
(b) A Basic Checking Account shall be established by
either (1) a
minimum initial deposit of $100, or (2) a written
account holder requiring direct
deposits with the financial institution by
a third party of
recurring payments due to the account holder on at least a
monthly basis. Except as provided in subsection (d) of this
other minimum balance or minimum deposit
requirement may be imposed on a
Basic Checking Account.
(c) No activity charge may be imposed for the first 10
checks drawn on a
Basic Checking Account in any calendar
month, provided that a financial
institution may charge its
customary fee for a stop payment order or any
resulting in a check returned due to insufficient funds.
(d) A financial institution may offer any person 65 years