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| | 100TH GENERAL ASSEMBLY
State of Illinois
2017 and 2018
HB1280 Introduced , by Rep. Michael J. Madigan SYNOPSIS AS INTRODUCED:
| | 205 ILCS 605/4 | from Ch. 17, par. 504 |
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Amends the Consumer Deposit Account Act. Makes a technical change to a Section
concerning checking accounts for senior citizens.
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| | A BILL FOR |
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| | HB1280 | | LRB100 03013 SMS 13018 b |
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| 1 | | AN ACT concerning regulation.
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| 2 | | Be it enacted by the People of the State of Illinois, |
| 3 | | represented in the General Assembly:
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| 4 | | Section 5. The Consumer Deposit Account Act is amended by |
| 5 | | changing Section 4 as follows:
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| 6 | | (205 ILCS 605/4) (from Ch. 17, par. 504)
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| 7 | | Sec. 4.
(a) Every financial institution shall offer a Basic |
| 8 | | Checking
Account to any natural person 65 years of age or older |
| 9 | | who requests such an account.
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| 10 | | (b) A Basic Checking Account shall be established by either |
| 11 | | (1) a
minimum initial deposit of $100, or (2) a written |
| 12 | | agreement with the
the
account holder requiring direct deposits |
| 13 | | with the financial institution by
a third party of recurring |
| 14 | | payments due to the account holder on at least a
monthly basis. |
| 15 | | Except as provided in subsection (d) of this Section, no
other |
| 16 | | minimum balance or minimum deposit requirement may be imposed |
| 17 | | on a
Basic Checking Account. |
| 18 | | (c) No activity charge may be imposed for the first 10 |
| 19 | | checks drawn on a
Basic Checking Account in any calendar month, |
| 20 | | provided that a financial
institution may charge its customary |
| 21 | | fee for a stop payment order or any
transaction resulting in a |
| 22 | | check returned due to insufficient funds.
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| 23 | | (d) A financial institution may offer any person 65 years |