Illinois House Bill 5055

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Spectrum: Partisan Bill (Democrat 1-0)
Status: Introduced on February 7 2024 - 25% progression
Action: 2024-02-08 - Referred to Rules Committee
Pending: House Rules Committee
Text: Latest bill text (Introduced) [HTML]

Amends the Illinois Banking Act. Provides that beginning July 1, 2025, digital payment applications and digital wallet applications operating in this State must pay interest to customers that are residents of the State on any financial balance stored in the application greater than $50 and that is stored on the application for more than 10 days. Provides that digital payment applications and digital wallet applications must pay interest equivalent to the national deposit interest rate for interest checking accounts, as calculated on a monthly basis by the Federal Deposit Insurance Corporation.

DIGITAL WALLET APPS-INTEREST

Rep. Edgar Gonzalez [D]

Date	Chamber	Action
2024-02-08	House	Referred to Rules Committee
2024-02-08	House	First Reading
2024-02-07	House	Filed with the Clerk by Rep. Edgar Gonzalez, Jr.

Chapter	Article	Section	Citation Type	Statute Text
205	5	45.2	New Code	See Bill Text

Type	Source
Summary	https://www.ilga.gov/legislation/BillStatus.asp?DocNum=5055&GAID=17&DocTypeID=HB&SessionID=112&GA=103
Text	https://www.ilga.gov/legislation/103/HB/10300HB5055.htm