Bill Status of SB 2029   103rd General Assembly

Short Description:  BANK-CHECK FRAUD INVESTIGATION

Senate Sponsors
Sen. Laura M. Murphy, Julie A. Morrison, Meg Loughran Cappel, Laura Fine and Elgie R. Sims, Jr.

Last Action  View All Actions

DateChamber Action
  6/26/2024SenatePursuant to Senate Rule 3-9(b) / Referred to Assignments

Statutes Amended In Order of Appearance
205 ILCS 5/48.7 new

Synopsis As Introduced
Amends the Illinois Banking Act. Provides that a financial institution shall investigate promptly and determine whether fraud has occurred within 10 business days after receiving a notice of fraud. Provides that the financial institution shall report the results of the investigation to the consumer within 3 business days after completing its investigation. Provides that if the financial institution determines that fraud has occurred, the financial institution shall credit the customer with the amount of the fraud within one business day. Provides that if the financial institution is unable to complete its investigation within 10 business days, the financial institution may take up to 45 days after receipt of a notice of fraud to investigate and determine whether fraud has occurred so long as the financial institution provisionally credits the consumer's account in the amount of the alleged fraud, including interest if applicable, within 10 business days after receiving the fraud notice. Provides that if the financial institution has a reasonable basis for believing that fraud has occurred and if the consumer notifies the financial institution within 2 business days after learning of the alleged fraud, then the financial institution may withhold a maximum of $50 from the amount credited.

Actions 
DateChamber Action
  2/9/2023SenateFiled with Secretary by Sen. Laura M. Murphy
  2/9/2023SenateFirst Reading
  2/9/2023SenateReferred to Assignments
  2/21/2023SenateAssigned to Financial Institutions
  3/8/2023SenatePostponed - Financial Institutions
  3/9/2023SenateAdded as Co-Sponsor Sen. Julie A. Morrison
  3/9/2023SenateAdded as Co-Sponsor Sen. Meg Loughran Cappel
  3/10/2023SenateRule 3-9(a) / Re-referred to Assignments
  3/14/2023SenateAdded as Co-Sponsor Sen. Laura Fine
  3/16/2023SenateAdded as Co-Sponsor Sen. Elgie R. Sims, Jr.
  1/10/2024SenateRe-assigned to Financial Institutions
  3/13/2024SenateDo Pass Financial Institutions; 005-002-000
  3/13/2024SenatePlaced on Calendar Order of 2nd Reading March 14, 2024
  3/14/2024SenateSecond Reading
  3/14/2024SenatePlaced on Calendar Order of 3rd Reading March 20, 2024
  4/12/2024SenateRule 2-10 Third Reading Deadline Established As April 19, 2024
  4/19/2024SenateRule 2-10 Third Reading Deadline Established As May 3, 2024
  5/3/2024SenateRule 2-10 Third Reading Deadline Established As May 10, 2024
  5/10/2024SenateRule 2-10 Third Reading Deadline Established As May 17, 2024
  5/17/2024SenateRule 2-10 Third Reading Deadline Established As May 24, 2024
  5/24/2024SenateRule 2-10 Third Reading Deadline Established As May 25, 2024
  5/25/2024SenateRule 2-10 Third Reading Deadline Established As May 26, 2024
  6/26/2024SenatePursuant to Senate Rule 3-9(b) / Referred to Assignments

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