Full Text of SB3029 98th General Assembly
SB3029eng 98TH GENERAL ASSEMBLY |
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| 1 | | AN ACT concerning regulation.
| 2 | | Be it enacted by the People of the State of Illinois,
| 3 | | represented in the General Assembly:
| 4 | | Section 5. The Consumer Deposit Account Act is amended by | 5 | | changing Section 2 as follows:
| 6 | | (205 ILCS 605/2) (from Ch. 17, par. 502)
| 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
| 7 | | provided by financial institutions upon the opening of a | 8 | | consumer deposit
account.
| 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.
| 12 | | (Source: P.A. 87-1143.)
| 13 | | Section 10. The Check Printer and Check Number Act is | 14 | | amended by changing Section 10 as follows:
| 15 | | (205 ILCS 690/10)
| 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
| 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
| 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.
| 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.
| 20 | | (Source: P.A. 87-1143.)
| 21 | | Section 99. Effective date. This Act takes effect upon | 22 | | becoming law.
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