Bill Text: IL SB2415 | 2021-2022 | 102nd General Assembly | Introduced
Bill Title: Amends the Consumer Deposit Account Act. Makes a technical change to a Section concerning checking accounts for senior citizens.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2021-02-26 - Referred to Assignments [SB2415 Detail]
Download: Illinois-2021-SB2415-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, | |||||||||||||||||||
3 | represented in the General Assembly:
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4 | Section 5. The Consumer Deposit Account Act is amended by | |||||||||||||||||||
5 | changing Section 4 as follows:
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6 | (205 ILCS 605/4) (from Ch. 17, par. 504)
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7 | Sec. 4.
(a) Every financial institution shall offer a | |||||||||||||||||||
8 | Basic Checking
Account to any natural person 65 years of age or | |||||||||||||||||||
9 | older who requests such an account.
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10 | (b) A Basic Checking Account shall be established by | |||||||||||||||||||
11 | either (1) a
minimum initial deposit of $100, or (2) a written | |||||||||||||||||||
12 | agreement with the
the
account holder requiring direct | |||||||||||||||||||
13 | deposits with the financial institution by
a third party of | |||||||||||||||||||
14 | recurring payments due to the account holder on at least a
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15 | monthly basis. Except as provided in subsection (d) of this | |||||||||||||||||||
16 | Section, no
other minimum balance or minimum deposit | |||||||||||||||||||
17 | requirement may be imposed on a
Basic Checking Account. | |||||||||||||||||||
18 | (c) No activity charge may be imposed for the first 10 | |||||||||||||||||||
19 | checks drawn on a
Basic Checking Account in any calendar | |||||||||||||||||||
20 | month, provided that a financial
institution may charge its | |||||||||||||||||||
21 | customary fee for a stop payment order or any
transaction | |||||||||||||||||||
22 | resulting in a check returned due to insufficient funds.
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23 | (d) A financial institution may offer any person 65 years |
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1 | of age or
older a consumer-deposit account with terms that are | ||||||
2 | more favorable to such
person than the terms required under | ||||||
3 | this Section and may designate such an
account as a Basic | ||||||
4 | Checking Account.
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5 | (Source: P.A. 84-1036.)
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