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96TH GENERAL ASSEMBLY
State of Illinois
2009 and 2010
SB0666
Introduced 2/6/2009, by Sen. John J. Cullerton SYNOPSIS AS INTRODUCED:
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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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SB0666 |
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LRB096 06726 MJR 16810 b |
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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 |
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| changing Section 4 as follows:
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| (205 ILCS 605/4) (from Ch. 17, par. 504)
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| Sec. 4.
(a) Every financial institution shall offer a Basic |
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| Checking
Account to any natural person 65 years of age or older |
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| who requests such an account.
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| (b) A Basic Checking Account shall be established by either |
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| (1) a
minimum initial deposit of $100, or (2) a written |
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| agreement with the
the
account holder requiring direct deposits |
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| with the financial institution by
a third party of recurring |
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| payments due to the account holder on at least a
monthly basis. |
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| Except as provided in subsection (d) of this Section, no
other |
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| minimum balance or minimum deposit requirement may be imposed |
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| on a
Basic Checking Account. |
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| (c) No activity charge may be imposed for the first 10 |
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| checks drawn on a
Basic Checking Account in any calendar month, |
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| provided that a financial
institution may charge its customary |
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| fee for a stop payment order or any
transaction resulting in a |
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| check returned due to insufficient funds.
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| (d) A financial institution may offer any person 65 years |