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| Public Act 098-0950 | ||||
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AN ACT concerning regulation.
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Be it enacted by the People of the State of Illinois,
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represented in the General Assembly:
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Section 5. The Consumer Deposit Account Act is amended by | ||||
changing Section 2 as follows:
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(205 ILCS 605/2) (from Ch. 17, par. 502)
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Sec. 2. Identification and numbering of consumer - deposit | ||||
account. All financial institutions that provide checks, | ||||
drafts, or similar orders of
withdrawal, which are drawn | ||||
against funds held by those financial institutions
in a | ||||
consumer-deposit account opened subsequent to January 1, 1982, | ||||
shall cause
the month and year in which the account was opened | ||||
to be displayed clearly on
the face of each check, draft, or | ||||
order. For all consumer-deposit accounts
opened after January | ||||
1, 1982, all new checks, drafts, or orders drawn on
financial | ||||
institution accounts shall clearly display on the face of each | ||||
check,
draft, or order a number. Each , commencing with number | ||||
101, with each check, draft,
or similar order shall thereafter | ||||
provided to be numbered consecutively; except that
when a | ||||
consumer-deposit account at any financial institution in | ||||
Illinois has
been voluntarily closed by the customer, the | ||||
number displayed on the checks,
drafts, or orders for a new | ||||
consumer-deposit account opened within 30 days
thereafter, | ||||
titled in the same manner as, and with same owners as the | ||
closed
account may commence with a number that is not greater | ||
than the next
consecutive number higher than the highest | ||
consecutive number displayed on
a check, draft, or order | ||
processed through the closed account. This
Section shall not | ||
apply to temporary checks, drafts, or orders of withdrawal
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provided by financial institutions upon the opening of a | ||
consumer deposit
account.
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No liability or penalty shall be imposed on any financial | ||
institution or
printer for an unintentional failure to comply | ||
with this Act.
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(Source: P.A. 87-1143.)
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Section 10. The Check Printer and Check Number Act is | ||
amended by changing Section 10 as follows:
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(205 ILCS 690/10)
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Sec. 10. Identification and numbering of consumer - deposit | ||
account. Any person who sells or distributes checks, drafts, or | ||
similar orders
of withdrawal, which may be drawn against funds | ||
held by financial
institutions in a consumer-deposit account | ||
opened subsequent to January 1,
1993, shall cause the month and | ||
year in which the account was opened to be
displayed clearly on | ||
the face of each check, draft, or order. For all
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consumer-deposit accounts opened after January 1, 1993, all new | ||
checks,
drafts, or orders designed to be drawn on financial | ||
institution accounts shall
clearly display on the face of each | ||
check, draft, or order a number. Each , commencing
with number | ||
101, with each check, draft, or similar order shall thereafter | ||
provided
to be numbered consecutively; except that when a | ||
consumer-deposit account at
any financial institution in | ||
Illinois has been voluntarily closed by the
customer, the | ||
number displayed on the checks, drafts, or orders for a new
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consumer-deposit account opened within 30 days thereafter, | ||
titled in the same
manner as, and with same owners as the | ||
closed account may commence with a
number that is not greater | ||
than the next consecutive number higher than the
highest | ||
consecutive number displayed on a check, draft, or order | ||
processed
through the closed account. This Section shall not | ||
apply to temporary checks,
drafts, or orders of withdrawal | ||
provided by financial institutions upon the
opening of a | ||
consumer deposit account.
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No liability or penalty shall be imposed on any financial | ||
institution or
person for an unintentional failure to comply | ||
with this Act.
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(Source: P.A. 87-1143.)
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Section 99. Effective date. This Act takes effect upon | ||
becoming law.
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