Sen. Julie A. Morrison
Filed: 4/5/2019
 
 

 

 

 
10100SB0661sam002LRB101 04422 JLS 59390 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 Illinois Banking Act is amended  by adding 
5Section 5h as follows:
 
6    (205 ILCS 5/5h new)
7    Sec. 5h. Certificates of deposit; disclosure of early 
8withdrawal penalty. A bank that issues a certificate of deposit 
9must disclose in the account documents that any penalty that 
10may be incurred for early withdrawal may result in loss of 
11principal in addition to the loss of interest.

 
12    Section 10. The Savings Bank Act is amended by adding 
13Section 7009 as follows:
 
14    (205 ILCS 205/7009 new)
 
 
10100SB0661sam002- 2 -LRB101 04422 JLS 59390 a

1    Sec. 7009. Certificates of deposit; disclosure of early 
2withdrawal penalty. A savings bank that issues a certificate of 
3deposit must disclose in the account documents that any penalty 
4that may be incurred for early withdrawal may result in loss of 
5principal in addition to the loss of interest.
 
6    Section 15. The Illinois Credit Union Act is amended by 
7adding Section 42.8 as follows:
 
8    (205 ILCS 305/42.8 new)
9    Sec. 42.8. Certificates of deposit; disclosure of early 
10withdrawal penalty. A credit union that issues a certificate of 
11deposit must disclose in the account documents that any penalty 
12that may be incurred for early withdrawal may result in loss of 
13principal in addition to the loss of interest.".