Bill Text: IL HB5055 | 2023-2024 | 103rd General Assembly | Introduced

---

Bill Title: Amends the Illinois Banking Act. Provides that beginning July 1, 2025, digital payment applications and digital wallet applications operating in this State must pay interest to customers that are residents of the State on any financial balance stored in the application greater than $50 and that is stored on the application for more than 10 days. Provides that digital payment applications and digital wallet applications must pay interest equivalent to the national deposit interest rate for interest checking accounts, as calculated on a monthly basis by the Federal Deposit Insurance Corporation.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced) 2024-02-08 - Referred to Rules Committee [HB5055 Detail]

Download: Illinois-2023-HB5055-Introduced.html

---

103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB5055 Introduced , by Rep. Edgar Gonzalez, Jr. SYNOPSIS AS INTRODUCED:
205 ILCS 5/45.2 new
Amends the Illinois Banking Act. Provides that beginning July 1, 2025, digital payment applications and digital wallet applications operating in this State must pay interest to customers that are residents of the State on any financial balance stored in the application greater than $50 and that is stored on the application for more than 10 days. Provides that digital payment applications and digital wallet applications must pay interest equivalent to the national deposit interest rate for interest checking accounts, as calculated on a monthly basis by the Federal Deposit Insurance Corporation.
LRB103 38935 RTM 69072 b
A BILL FOR
HB5055 LRB103 38935 RTM 69072 b
AN ACT concerning regulation.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
Section 5. The Illinois Banking Act is amended by adding
Section 45.2 as follows:
(205 ILCS 5/45.2 new)
Sec. 45.2. Digital wallet applications and digital payment
applications; interest.
(a) As used in this Section:
"Digital payment application" means an electronic
application with the primary purpose of facilitating
transactions made with a payment card or by a direct debit
transaction, processed by a digital dispatch service.
"Digital wallet application" means an electronic
application with the primary purpose of allowing customers to
store a digital version of a payment method provided by a
financial institution, as defined in Section 2 of this Act.
(b) Beginning July 1, 2025, digital payment applications
and digital wallet applications operating in this State must
pay interest to customers that are residents of the State on
any financial balance stored in the application greater than
$50 and that is stored on the application for more than 10
days.

HB5055 - 2 - LRB103 38935 RTM 69072 b