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90_SB1679
205 ILCS 605/3 from Ch. 17, par. 503
Amends the Consumer Deposit Account Act. Requires a
financial institution to disclose on its monthly account
statement the rate of interest paid and all fees and charges
against the account, including automated teller machine fees,
charged to the account during the period covered by the
statement. Effective July 1, 1998.
LRB9008877JSgc
LRB9008877JSgc
1 AN ACT to amend the Consumer Deposit Account Act by
2 changing Section 3.
3 Be it enacted by the People of the State of Illinois,
4 represented in the General Assembly:
5 Section 5. The Consumer Deposit Account Act is amended
6 by changing Section 3 as follows:
7 (205 ILCS 605/3) (from Ch. 17, par. 503)
8 Sec. 3. Disclosure statements.
9 (a) Every financial institution shall provide a
10 disclosure statement for each consumer-deposit account
11 offered by the institution containing the following
12 information:
13 (1) a description of the consumer-deposit account;
14 (2) the conditions, if any, on which the
15 consumer-deposit account is offered;
16 (3) the terms of interest offered for the
17 consumer-deposit account; and
18 (4) all fees charged for the consumer-deposit
19 account.
20 The disclosure statement specified in this subsection may
21 include a separate fee schedule or interest rate table.
22 (b) Every financial institution shall provide the
23 disclosure statement specified in subsection (a) to each
24 depositor at the time of the initial deposit into a
25 consumer-deposit account with respect to the type of account,
26 and not less than once during each calendar year to every
27 consumer-deposit account holder with respect to each type of
28 consumer-deposit account held.
29 (c) Every financial institution shall provide the
30 disclosure statement specified in subsection (a) to any
31 person requesting the statement with respect to an identified
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1 type of consumer-deposit account.
2 (d) The statements provided pursuant to subsections (b)
3 and (c) shall be accompanied by a brief description of all
4 other available consumer-deposit accounts offered by the
5 institution and a statement that more detailed information is
6 available on request.
7 (e) Every financial institution shall disclose on its
8 monthly account statement to the account holder the rate of
9 interest paid and all fees or charges made against the
10 account, including automated teller machine fees or charges,
11 during the period covered by the statement.
12 (f) (e) Notwithstanding the provisions of subsections
13 (a), (b), (c), and (d) of this Section, a financial
14 institution subject to and in compliance with the provisions
15 of Sections 261 through 274 of the Truth in Savings Act, as
16 contained within the Federal Comprehensive Deposit Insurance
17 Corporation Improvement Act of 1991 (FDICIA), 12 USCA 4301 et
18 seq., shall be deemed to be in compliance with subsections
19 (a), (b), (c), and (d) of this Section, including the
20 requirement of subsection (b) that the disclosure be provided
21 to account holders annually.
22 (Source: P.A. 87-1098; 88-236.)
23 Section 99. Effective date. This Act takes effect July
24 1, 1998.