Sen. Julie A. Morrison
Filed: 4/3/2019
 
 

 

 

 
10100SB0661sam001LRB101 04422 JLS 58946 a



1
AMENDMENT TO SENATE BILL 661 




2    AMENDMENT NO. ______. Amend Senate Bill 661 by replacing 
3everything after the enacting clause with the following:

 
4    "Section 5. The Consumer Fraud and Deceptive Business 
5Practices Act is amended  by adding Section 2WWW as follows:
 
6    (815 ILCS 505/2WWW new)
7    Sec. 2WWW. Certificates of deposit; disclosure of early 
8withdrawal penalty.
9    (a) As used in this Section:
10    "Certificate of deposit" means an instrument containing an 
11acknowledgment by a financial institution that a sum of money 
12has been received by the financial institution and a promise by 
13the financial institution to repay the sum of money.
14    "Financial institution" means a trust company, a bank, a 
15savings bank, a credit union, an investment bank, a broker, a 
16savings and loan association, or an insurance company.
 
 
10100SB0661sam001- 2 -LRB101 04422 JLS 58946 a

1    (b) A financial institution that issues a certificate of 
2deposit must:
3        (1) disclose in the account documents that any penalty 
4    that may be incurred for early withdrawal may result in the 
5    loss of principal in addition to the loss of interest; and
6        (2) require the depositor to sign or initial the 
7    section of the account document that discloses the early 
8    withdrawal penalty.
9    (c) A violation of this Section constitutes an unlawful 
10practice within the meaning of this Act.".