Bill Title: Amends the Illinois Banking Act. Provides that a financial institution shall investigate promptly and determine whether fraud has occurred within 10 business days after receiving a notice of fraud. Provides that the financial institution shall report the results of the investigation to the consumer within 3 business days after completing its investigation. Provides that if the financial institution determines that fraud has occurred, the financial institution shall credit the customer with the amount of the fraud within one business day. Provides that if the financial institution is unable to complete its investigation within 10 business days, the financial institution may take up to 45 days after receipt of a notice of fraud to investigate and determine whether fraud has occurred so long as the financial institution provisionally credits the consumer's account in the amount of the alleged fraud, including interest if applicable, within 10 business days after receiving the fraud notice. Provides that if the financial institution has a reasonable basis for believing that fraud has occurred and if the consumer notifies the financial institution within 2 business days after learning of the alleged fraud, then the financial institution may withhold a maximum of $50 from the amount credited.

Spectrum: Partisan Bill (Democrat 5-0)

Status: (Introduced) 2024-05-25 - Rule 2-10 Third Reading Deadline Established As May 26, 2024 [SB2029 Detail]

Text: Latest bill text (Introduced) [HTML]

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Sponsors

Name	Type	Sponsorship	District	Financial	Encyclopedia	Biography
Senator Laura Murphy [D]	Primary	Sponsored Bills	SD-028	FollowTheMoney	Ballotpedia	VoteSmart
Senator Julie Morrison [D]	Cosponsor	Sponsored Bills	SD-029	FollowTheMoney	Ballotpedia	VoteSmart
Senator Meg Loughran Cappel [D]	Cosponsor	Sponsored Bills	SD-049	FollowTheMoney	Ballotpedia	VoteSmart
Senator Laura Fine [D]	Cosponsor	Sponsored Bills	SD-009	FollowTheMoney	Ballotpedia	VoteSmart
Senator Elgie Sims [D]	Cosponsor	Sponsored Bills	SD-017	FollowTheMoney	Ballotpedia	VoteSmart

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