SB3029enr 98TH GENERAL ASSEMBLY

SB3029 Enrolled LRB098 17405 ZMM 52505 b

AN ACT concerning regulation.

Be it enacted by the People of the State of Illinois, represented in the General Assembly:

Section 5. The Consumer Deposit Account Act is amended by changing Section 2 as follows:

(205 ILCS 605/2) (from Ch. 17, par. 502)

Sec. 2. Identification and numbering of consumer - deposit account. All financial institutions that provide checks, drafts, or similar orders of withdrawal, which are drawn against funds held by those financial institutions in a consumer-deposit account opened subsequent to January 1, 1982, shall cause the month and year in which the account was opened to be displayed clearly on the face of each check, draft, or order. For all consumer-deposit accounts opened after January 1, 1982, all new checks, drafts, or orders drawn on financial institution accounts shall clearly display on the face of each check, draft, or order a number. Each , commencing with number 101, with each check, draft, or similar order shall thereafter provided to be numbered consecutively; except that when a consumer-deposit account at any financial institution in Illinois has been voluntarily closed by the customer, the number displayed on the checks, drafts, or orders for a new consumer-deposit account opened within 30 days thereafter, titled in the same manner as, and with same owners as the closed account may commence with a number that is not greater than the next consecutive number higher than the highest consecutive number displayed on a check, draft, or order processed through the closed account. This Section shall not apply to temporary checks, drafts, or orders of withdrawal provided by financial institutions upon the opening of a consumer deposit account.

No liability or penalty shall be imposed on any financial institution or printer for an unintentional failure to comply with this Act.

(Source: P.A. 87-1143.)

Section 10. The Check Printer and Check Number Act is amended by changing Section 10 as follows:

(205 ILCS 690/10)

Sec. 10. Identification and numbering of consumer - deposit account. Any person who sells or distributes checks, drafts, or similar orders of withdrawal, which may be drawn against funds held by financial institutions in a consumer-deposit account opened subsequent to January 1, 1993, shall cause the month and year in which the account was opened to be displayed clearly on the face of each check, draft, or order. For all consumer-deposit accounts opened after January 1, 1993, all new checks, drafts, or orders designed to be drawn on financial institution accounts shall clearly display on the face of each check, draft, or order a number. Each , commencing with number 101, with each check, draft, or similar order shall thereafter provided to be numbered consecutively; except that when a consumer-deposit account at any financial institution in Illinois has been voluntarily closed by the customer, the number displayed on the checks, drafts, or orders for a new consumer-deposit account opened within 30 days thereafter, titled in the same manner as, and with same owners as the closed account may commence with a number that is not greater than the next consecutive number higher than the highest consecutive number displayed on a check, draft, or order processed through the closed account. This Section shall not apply to temporary checks, drafts, or orders of withdrawal provided by financial institutions upon the opening of a consumer deposit account.

No liability or penalty shall be imposed on any financial institution or person for an unintentional failure to comply with this Act.

(Source: P.A. 87-1143.)

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