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90_HB3281
205 ILCS 305/68.5 new
205 ILCS 605/6 new
Amends the Illinois Credit Union Act and the Consumer
Deposit Account Act. Prohibits the imposition or increase of
fees and the discontinuance or reduction of interest or
dividends solely because an account is inactive.
LRB9008737JSgc
LRB9008737JSgc
1 AN ACT concerning fees imposed with respect to certain
2 financial accounts, amending named Acts.
3 Be it enacted by the People of the State of Illinois,
4 represented in the General Assembly:
5 Section 5. The Illinois Credit Union Act is amended by
6 adding Section 68.5 as follows:
7 (205 ILCS 305/68.5 new)
8 Sec. 68.5. Inactive account fees. A credit union must
9 comply with Section 6 of the Consumer Deposit Account Act.
10 Section 10. The Consumer Deposit Account Act is amended
11 by adding Section 6 as follows:
12 (205 ILCS 605/6 new)
13 Sec. 6. Inactive account fees.
14 (a) A financial institution may not discontinue the
15 payment of dividends or interest or reduce the rate at which
16 dividends or interest is paid solely because the account is
17 inactive or unclaimed except with respect to accounts deemed
18 abandoned or unclaimed under Uniform Disposition of Unclaimed
19 Property Act.
20 (b) A financial institution may not impose a service
21 charge on an inactive account which is higher than the
22 service charge imposed by the financial institution on an
23 active account, however, a financial institution may impose a
24 reasonable charge on an inactive account for costs related to
25 or incurred as a result of the payment or delivery of
26 property in compliance with the Uniform Disposition of
27 Unclaimed Property Act.