SCHOENBERG-LEITCH-TENHOUSE AND HOEFT.
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
Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 0 SENATE - 0
END OF INQUIRY
Full Text Bill Status