Bill Text: IL HB1274 | 2017-2018 | 100th General Assembly | Introduced


Bill Title: Amends the Savings and Loan Share and Account Act. Makes a technical change to a Section relating to joint ownership of accounts.

Spectrum: Partisan Bill (Democrat 26-0)

Status: (Introduced) 2017-04-28 - Rule 19(a) / Re-referred to Rules Committee [HB1274 Detail]

Download: Illinois-2017-HB1274-Introduced.html


100TH GENERAL ASSEMBLY
State of Illinois
2017 and 2018
HB1274

Introduced , by Rep. Michael J. Madigan

SYNOPSIS AS INTRODUCED:
205 ILCS 115/2 from Ch. 17, par. 3602

Amends the Savings and Loan Share and Account Act. Makes a technical change to a Section relating to joint ownership of accounts.
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A BILL FOR

HB1274LRB100 03007 SMS 13012 b
1 AN ACT concerning regulation.
2 Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
4 Section 5. The Savings and Loan Share and Account Act is
5amended by changing Section 2 as follows:
6 (205 ILCS 115/2) (from Ch. 17, par. 3602)
7 Sec. 2. Any savings and and loan or Federal savings and
8loan association may issue shares, share accounts or accounts
9in the joint names of two or more persons or their survivor, in
10which event any of such persons shall have power to act in all
11matters related to such shares, share accounts or accounts
12whether the other person or persons named in such shares, share
13accounts or accounts be living or not. Such a joint account
14shall create a single membership in any such association. The
15repurchase or redemption or withdrawal value of shares, share
16accounts or accounts issued in joint names, and dividends
17thereon, or other rights relating thereto, may be paid or
18delivered, in whole or in part, to any of such persons, whether
19the other person or persons be living or not. The payment or
20delivery to any such person, or a receipt or acquittance signed
21by any such person, to whom any such payment or any such
22delivery of rights is made, shall be a valid and sufficient
23release and discharge of any such association for the payment

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1or delivery so made.
2(Source: Laws 1939, p. 478.)
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