Illinois General Assembly - Bill Status for HB5055
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 Bill Status of HB5055  103rd General Assembly

Short Description:  DIGITAL WALLET APPS-INTEREST

House Sponsors
Rep. Edgar Gonzalez, Jr.

Last Action
DateChamber Action
  2/8/2024HouseReferred to Rules Committee

Statutes Amended In Order of Appearance
205 ILCS 5/45.2 new


Synopsis As Introduced
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.

Actions 
DateChamber Action
  2/7/2024HouseFiled with the Clerk by Rep. Edgar Gonzalez, Jr.
  2/8/2024HouseFirst Reading
  2/8/2024HouseReferred to Rules Committee

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