SB2415 102ND GENERAL ASSEMBLY

LRB102 04900 BMS 14919 b

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.

A BILL FOR

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 4 as follows:

(205 ILCS 605/4) (from Ch. 17, par. 504)

Sec. 4. (a) Every financial institution shall offer a Basic Checking 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 agreement with the the 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 Section, no 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 transaction resulting in a check returned due to insufficient funds.

(d) A financial institution may offer any person 65 years of age or older a consumer-deposit account with terms that are more favorable to such person than the terms required under this Section and may designate such an account as a Basic Checking Account.

(Source: P.A. 84-1036.)