103RD GENERAL ASSEMBLY
State of Illinois
2023 and 2024
HB5055

 

Introduced 2/8/2024, by Rep. Edgar Gonzalez, Jr.

 

SYNOPSIS AS INTRODUCED:
 
205 ILCS 5/45.2 new

    Amends the Illinois Banking Act. Provides that beginning July 1, 2025, digital payment applications and digital wallet applications operating in this State must pay interest to customers that are residents of the State on any financial balance stored in the application greater than $50 and that is stored on the application for more than 10 days. Provides that digital payment applications and digital wallet applications must pay interest equivalent to the national deposit interest rate for interest checking accounts, as calculated on a monthly basis by the Federal Deposit Insurance Corporation.


LRB103 38935 RTM 69072 b

 

 

A BILL FOR

 

HB5055LRB103 38935 RTM 69072 b

1    AN ACT concerning regulation.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The Illinois Banking Act is amended by adding
5Section 45.2 as follows:
 
6    (205 ILCS 5/45.2 new)
7    Sec. 45.2. Digital wallet applications and digital payment
8applications; interest.
9    (a) As used in this Section:
10    "Digital payment application" means an electronic
11application with the primary purpose of facilitating
12transactions made with a payment card or by a direct debit
13transaction, processed by a digital dispatch service.
14    "Digital wallet application" means an electronic
15application with the primary purpose of allowing customers to
16store a digital version of a payment method provided by a
17financial institution, as defined in Section 2 of this Act.
18    (b) Beginning July 1, 2025, digital payment applications
19and digital wallet applications operating in this State must
20pay interest to customers that are residents of the State on
21any financial balance stored in the application greater than
22$50 and that is stored on the application for more than 10
23days.

 

 

HB5055- 2 -LRB103 38935 RTM 69072 b

1    (c) Digital payment applications and digital wallet
2applications must pay interest equivalent to the national
3deposit interest rate for interest checking accounts, as
4calculated on a monthly basis by the Federal Deposit Insurance
5Corporation.