Illinois General Assembly - Full Text of SB0496
Illinois General Assembly

Previous General Assemblies

Full Text of SB0496  99th General Assembly

SB0496 99TH GENERAL ASSEMBLY


 


 
99TH GENERAL ASSEMBLY
State of Illinois
2015 and 2016
SB0496

 

Introduced 1/28/2015, by Sen. John J. Cullerton

 

SYNOPSIS AS INTRODUCED:
 
205 ILCS 605/4  from Ch. 17, par. 504

    Amends the Consumer Deposit Account Act. Makes a technical change to a Section concerning checking accounts for senior citizens.


LRB099 03176 MGM 23184 b

 

 

A BILL FOR

 

SB0496LRB099 03176 MGM 23184 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 Consumer Deposit Account Act is amended by
5changing Section 4 as follows:
 
6    (205 ILCS 605/4)  (from Ch. 17, par. 504)
7    Sec. 4. (a) Every financial institution shall offer a Basic
8Checking Account to any natural person 65 years of age or older
9who requests such an account.
10    (b) A Basic Checking Account shall be established by either
11(1) a minimum initial deposit of $100, or (2) a written
12agreement with the the account holder requiring direct deposits
13with the financial institution by a third party of recurring
14payments due to the account holder on at least a monthly basis.
15Except as provided in subsection (d) of this Section, no other
16minimum balance or minimum deposit requirement may be imposed
17on a Basic Checking Account.
18    (c) No activity charge may be imposed for the first 10
19checks drawn on a Basic Checking Account in any calendar month,
20provided that a financial institution may charge its customary
21fee for a stop payment order or any transaction resulting in a
22check returned due to insufficient funds.
23    (d) A financial institution may offer any person 65 years

 

 

SB0496- 2 -LRB099 03176 MGM 23184 b

1of age or older a consumer-deposit account with terms that are
2more favorable to such person than the terms required under
3this Section and may designate such an account as a Basic
4Checking Account.
5(Source: P.A. 84-1036.)