Bill Text: IL HB5324 | 2013-2014 | 98th General Assembly | Introduced
Bill Title: Amends the Electronic Fund Transfer Act. Provides that for every electronic fund transfer performed in Illinois, financial institutions shall remit $0.01 to the Division of Banking of the Department of Financial and Professional Regulation for deposit into the Illinois DREAM Fund. Effective immediately.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Failed) 2014-12-03 - Session Sine Die [HB5324 Detail]
Download: Illinois-2013-HB5324-Introduced.html
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1 | AN ACT concerning regulation.
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2 | Be it enacted by the People of the State of Illinois,
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3 | represented in the General Assembly:
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4 | Section 5. The Electronic Fund Transfer Act is amended by | ||||||||||||||||||||||||
5 | adding Section 41 as follows:
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6 | (205 ILCS 616/41 new) | ||||||||||||||||||||||||
7 | Sec. 41. Remittance to Illinois DREAM Fund Act. For every | ||||||||||||||||||||||||
8 | electronic fund transfer performed in Illinois, financial | ||||||||||||||||||||||||
9 | institutions shall remit $0.01 to the Division of Banking of | ||||||||||||||||||||||||
10 | the Department of Financial and Professional Regulation for | ||||||||||||||||||||||||
11 | deposit into the Illinois DREAM Fund established under Section | ||||||||||||||||||||||||
12 | 67 of the Higher Education Student Assistance Act.
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13 | Section 99. Effective date. This Act takes effect upon | ||||||||||||||||||||||||
14 | becoming law.
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