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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,
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| 3 | represented in the General Assembly:
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| 4 | Section 5. The Consumer Deposit Account Act is amended by | ||||||
| 5 | changing Section 2 as follows:
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| 6 | (205 ILCS 605/2) (from Ch. 17, par. 502)
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| 7 | Sec. 2. Identification and numbering of consumer - deposit | ||||||
| 8 | account. All financial institutions that provide checks, | ||||||
| 9 | drafts, or similar orders of
withdrawal, which are drawn | ||||||
| 10 | against funds held by those financial institutions
in a | ||||||
| 11 | consumer-deposit account opened subsequent to January 1, 1982, | ||||||
| 12 | shall cause
the month and year in which the account was opened | ||||||
| 13 | to be displayed clearly on
the face of each check, draft, or | ||||||
| 14 | order. For all consumer-deposit accounts
opened after January | ||||||
| 15 | 1, 1982, all new checks, drafts, or orders drawn on
financial | ||||||
| 16 | institution accounts shall clearly display on the face of each | ||||||
| 17 | check,
draft, or order a number. Each , commencing with number | ||||||
| 18 | 101, with each check, draft,
or similar order shall thereafter | ||||||
| 19 | provided to be numbered consecutively; except that
when a | ||||||
| 20 | consumer-deposit account at any financial institution in | ||||||
| 21 | Illinois has
been voluntarily closed by the customer, the | ||||||
| 22 | number displayed on the checks,
drafts, or orders for a new | ||||||
| 23 | consumer-deposit account opened within 30 days
thereafter, | ||||||
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| 1 | titled in the same manner as, and with same owners as the | ||||||
| 2 | closed
account may commence with a number that is not greater | ||||||
| 3 | than the next
consecutive number higher than the highest | ||||||
| 4 | consecutive number displayed on
a check, draft, or order | ||||||
| 5 | processed through the closed account. This
Section shall not | ||||||
| 6 | apply to temporary checks, drafts, or orders of withdrawal
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| 7 | provided by financial institutions upon the opening of a | ||||||
| 8 | consumer deposit
account.
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| 9 | No liability or penalty shall be imposed on any financial | ||||||
| 10 | institution or
printer for an unintentional failure to comply | ||||||
| 11 | with this Act.
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| 12 | (Source: P.A. 87-1143.)
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| 13 | Section 10. The Check Printer and Check Number Act is | ||||||
| 14 | amended by changing Section 10 as follows:
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| 15 | (205 ILCS 690/10)
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| 16 | Sec. 10. Identification and numbering of consumer - deposit | ||||||
| 17 | account. Any person who sells or distributes checks, drafts, or | ||||||
| 18 | similar orders
of withdrawal, which may be drawn against funds | ||||||
| 19 | held by financial
institutions in a consumer-deposit account | ||||||
| 20 | opened subsequent to January 1,
1993, shall cause the month and | ||||||
| 21 | year in which the account was opened to be
displayed clearly on | ||||||
| 22 | the face of each check, draft, or order. For all
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| 23 | consumer-deposit accounts opened after January 1, 1993, all new | ||||||
| 24 | checks,
drafts, or orders designed to be drawn on financial | ||||||
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| 1 | institution accounts shall
clearly display on the face of each | ||||||
| 2 | check, draft, or order a number. Each , commencing
with number | ||||||
| 3 | 101, with each check, draft, or similar order shall thereafter | ||||||
| 4 | provided
to be numbered consecutively; except that when a | ||||||
| 5 | consumer-deposit account at
any financial institution in | ||||||
| 6 | Illinois has been voluntarily closed by the
customer, the | ||||||
| 7 | number displayed on the checks, drafts, or orders for a new
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| 8 | consumer-deposit account opened within 30 days thereafter, | ||||||
| 9 | titled in the same
manner as, and with same owners as the | ||||||
| 10 | closed account may commence with a
number that is not greater | ||||||
| 11 | than the next consecutive number higher than the
highest | ||||||
| 12 | consecutive number displayed on a check, draft, or order | ||||||
| 13 | processed
through the closed account. This Section shall not | ||||||
| 14 | apply to temporary checks,
drafts, or orders of withdrawal | ||||||
| 15 | provided by financial institutions upon the
opening of a | ||||||
| 16 | consumer deposit account.
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| 17 | No liability or penalty shall be imposed on any financial | ||||||
| 18 | institution or
person for an unintentional failure to comply | ||||||
| 19 | with this Act.
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| 20 | (Source: P.A. 87-1143.)
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| 21 | Section 99. Effective date. This Act takes effect upon | ||||||
| 22 | becoming law.
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