Illinois General Assembly - Bill Status for SB2029
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 Bill Status of SB2029  103rd General Assembly


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

Last Action
DateChamber Action
  1/10/2024SenateRe-assigned to Financial Institutions

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.

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

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