Illinois General Assembly - Full Text of SB2415
Illinois General Assembly

  Bills & Resolutions  
  Compiled Statutes  
  Public Acts  
  Legislative Reports  
  IL Constitution  
  Legislative Guide  
  Legislative Glossary  

 Search By Number
 (example: HB0001)
Search Tips

Search By Keyword

Full Text of SB2415  102nd General Assembly



State of Illinois
2021 and 2022


Introduced 2/26/2021, by Sen. Napoleon Harris, III


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





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.)