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(205 ILCS 605/3) (from Ch. 17, par. 503)
Sec. 3.
Disclosure statements.
(a) Every financial institution shall provide a disclosure
statement for each consumer-deposit account offered by the
institution containing the following information:
(1) a description of the consumer-deposit account;
(2) the conditions, if any, on which the |
| consumer-deposit account is offered;
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(3) the terms of interest offered for the
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| consumer-deposit account; and
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(4) all fees charged for the consumer-deposit account.
The disclosure statement specified in this subsection may include a
separate fee schedule or interest rate table.
(b) Every financial institution shall provide the disclosure statement
specified in subsection (a) to each depositor at the time of the initial
deposit into a consumer-deposit account with respect to the type of
account, and not less than once during each calendar year to every
consumer-deposit account holder with respect to each type of consumer-deposit
account held.
(c) Every financial institution shall provide the disclosure statement
specified in subsection (a) to any person requesting the statement with
respect to an identified type of consumer-deposit account.
(d) The statements provided pursuant to subsections (b) and (c) shall
be accompanied by a brief description of all other available
consumer-deposit accounts offered by the institution and a statement that
more detailed information is available on request.
(e) Notwithstanding the provisions of this Section, a financial
institution subject to and in compliance with the provisions of Sections
261 through 274 of the Truth in Savings Act, as contained within the Federal
Comprehensive Deposit Insurance Corporation Improvement Act of
1991 (FDICIA), 12 USCA 4301 et seq., shall be deemed to be in compliance
with this Section, including the requirement of subsection (b) that the
disclosure be provided to account holders annually.
(Source: P.A. 87-1098; 88-236.)
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