Bill Title: 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.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced) 2024-02-08 - Referred to Rules Committee [HB5055 Detail]

Text: Latest bill text (Introduced) [HTML]

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