093_HB1981eng

 
HB1981 Engrossed                     LRB093 08883 JLS 09115 b

 1        AN ACT concerning consumer deposit accounts.

 2        Be  it  enacted  by  the People of the State of Illinois,
 3    represented in the General Assembly:

 4        Section 5.  The Consumer Deposit Account Act  is  amended
 5    by changing Section 4 as follows:

 6        (205 ILCS 605/4) (from Ch. 17, par. 504)
 7        Sec. 4.  Basic checking account.
 8        (a)  A  Every  financial  institution shall offer a Basic
 9    Checking Account to any  natural person 65 years  of  age  or
10    older who requests such an account.
11        (b)  A  Basic  Checking  Account  shall be established by
12    either (1) a minimum  initial  deposit  of  $100,  or  (2)  a
13    written  agreement  with  the account holder requiring direct
14    deposits with the financial institution by a third  party  of
15    recurring  payments  due  to the account holder on at least a
16    monthly basis.  Except as provided in subsection (d) of  this
17    Section,   no   other  minimum  balance  or  minimum  deposit
18    requirement may be imposed on a Basic Checking Account.
19        (c)  No activity charge may be imposed for the  first  10
20    checks  drawn  on  a  Basic  Checking Account in any calendar
21    month, provided that a financial institution may  charge  its
22    customary  fee  for  a  stop payment order or any transaction
23    resulting in a check returned due to insufficient funds.
24        (d)  A financial institution  may  offer  any  person  65
25    years  of  age or older a consumer-deposit account with terms
26    that are  more  favorable  to  such  person  than  the  terms
27    required under this Section and may designate such an account
28    as a Basic Checking Account.
29    (Source: P.A. 84-1036.)