90th General Assembly
Summary of HB1777
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House Sponsors:

Short description: 
ELECTRONIC FUND RECIPROCITY                                                

Synopsis of Bill as introduced:
        Amends the Electronic Fund Transfer Act.  Provides that an entity      
   whose principal place of business is not in Illinois may  not  process      
   interchange  transactions  in  Illinois  unless  entities  with  their      
   principal  place  of  business  in  Illinois  may  process interchange      
   transactions in that other state.  Provides that the  Commissioner  of      
   Banks  and  Trust  Companies  has the authority to make determinations      
   regarding reciprocity. Does not prohibit  or  affect  arrangements  in      
   effect  before  the  effective date of this amendatory Act.  Effective      
          FISCAL NOTE (Dpt. Financial Institutions)                            
          There would be no fiscal impact on the Department.                   
          STATE MANDATES FISCAL NOTE (DCCA)                                    
          HB1777 fails to create a State mandate.                              
          HOME RULE NOTE                                                       
          HB1777 does not affect units of local gov't. and does not            
          preempt home rule authority.                                         
Last action on Bill: SESSION SINE DIE

   Last action date: 99-01-12

           Location: House

 Amendments to Bill: AMENDMENTS ADOPTED: HOUSE -   0     SENATE -   0


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