IL SB2029 | 2023-2024 | 103rd General Assembly
Status
Spectrum: Partisan Bill (Democrat 5-0)
Status: Introduced on February 9 2023 - 25% progression
Action: 2024-05-25 - Rule 2-10 Third Reading Deadline Established As May 26, 2024
Text: Latest bill text (Introduced) [HTML]
Status: Introduced on February 9 2023 - 25% progression
Action: 2024-05-25 - Rule 2-10 Third Reading Deadline Established As May 26, 2024
Text: Latest bill text (Introduced) [HTML]
Summary
Amends the Illinois Banking Act. Provides that a financial institution shall investigate promptly and determine whether fraud has occurred within 10 business days after receiving a notice of fraud. Provides that the financial institution shall report the results of the investigation to the consumer within 3 business days after completing its investigation. Provides that if the financial institution determines that fraud has occurred, the financial institution shall credit the customer with the amount of the fraud within one business day. Provides that if the financial institution is unable to complete its investigation within 10 business days, the financial institution may take up to 45 days after receipt of a notice of fraud to investigate and determine whether fraud has occurred so long as the financial institution provisionally credits the consumer's account in the amount of the alleged fraud, including interest if applicable, within 10 business days after receiving the fraud notice. Provides that if the financial institution has a reasonable basis for believing that fraud has occurred and if the consumer notifies the financial institution within 2 business days after learning of the alleged fraud, then the financial institution may withhold a maximum of $50 from the amount credited.
Title
BANK-CHECK FRAUD INVESTIGATION
Sponsors
| Sen. Laura Murphy [D] | Sen. Julie Morrison [D] | Sen. Meg Loughran Cappel [D] | Sen. Laura Fine [D] |
| Sen. Elgie Sims [D] |
History
| Date | Chamber | Action |
|---|---|---|
| 2024-05-25 | Senate | Rule 2-10 Third Reading Deadline Established As May 26, 2024 |
| 2024-05-24 | Senate | Rule 2-10 Third Reading Deadline Established As May 25, 2024 |
| 2024-05-17 | Senate | Rule 2-10 Third Reading Deadline Established As May 24, 2024 |
| 2024-05-10 | Senate | Rule 2-10 Third Reading Deadline Established As May 17, 2024 |
| 2024-05-03 | Senate | Rule 2-10 Third Reading Deadline Established As May 10, 2024 |
| 2024-04-19 | Senate | Rule 2-10 Third Reading Deadline Established As May 3, 2024 |
| 2024-04-12 | Senate | Rule 2-10 Third Reading Deadline Established As April 19, 2024 |
| 2024-03-14 | Senate | Placed on Calendar Order of 3rd Reading March 20, 2024 |
| 2024-03-14 | Senate | Second Reading |
| 2024-03-13 | Senate | Placed on Calendar Order of 2nd Reading March 14, 2024 |
| 2024-03-13 | Senate | Do Pass Financial Institutions; 005-002-000 |
| 2024-01-10 | Senate | Re-assigned to Financial Institutions |
| 2023-03-16 | Senate | Added as Co-Sponsor Sen. Elgie R. Sims, Jr. |
| 2023-03-14 | Senate | Added as Co-Sponsor Sen. Laura Fine |
| 2023-03-10 | Senate | Rule 3-9(a) / Re-referred to Assignments |
| 2023-03-09 | Senate | Added as Co-Sponsor Sen. Meg Loughran Cappel |
| 2023-03-09 | Senate | Added as Co-Sponsor Sen. Julie A. Morrison |
| 2023-03-08 | Senate | Postponed - Financial Institutions |
| 2023-02-21 | Senate | Assigned to Financial Institutions |
| 2023-02-09 | Senate | Referred to Assignments |
| 2023-02-09 | Senate | First Reading |
| 2023-02-09 | Senate | Filed with Secretary by Sen. Laura M. Murphy |
Code Citations
Illinois State Sources
| Type | Source |
|---|---|
| Summary | https://www.ilga.gov/legislation/BillStatus.asp?DocNum=2029&GAID=17&DocTypeID=SB&SessionID=112&GA=103 |
| Text | https://www.ilga.gov/legislation/103/SB/10300SB2029.htm |
