Bill Text: IL HB0534 | 2013-2014 | 98th General Assembly | Introduced

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Bill Title: Amends the Savings and Loan Share and Account Act. Makes a technical change to a Section relating to joint ownership of accounts.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Failed) 2014-12-03 - Session Sine Die [HB0534 Detail]

Download: Illinois-2013-HB0534-Introduced.html

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98TH GENERAL ASSEMBLY State of Illinois 2013 and 2014 HB0534 Introduced , by Rep. Michael J. Madigan SYNOPSIS AS INTRODUCED:
205 ILCS 115/2 from Ch. 17, par. 3602
Amends the Savings and Loan Share and Account Act. Makes a technical change to a Section relating to joint ownership of accounts.
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A BILL FOR
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AN ACT concerning regulation.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
Section 5. The Savings and Loan Share and Account Act is
amended by changing Section 2 as follows:
(205 ILCS 115/2) (from Ch. 17, par. 3602)
Sec. 2. Any savings and and loan or Federal savings and
loan association may issue shares, share accounts or accounts
in the joint names of two or more persons or their survivor, in
which event any of such persons shall have power to act in all
matters related to such shares, share accounts or accounts
whether the other person or persons named in such shares, share
accounts or accounts be living or not. Such a joint account
shall create a single membership in any such association. The
repurchase or redemption or withdrawal value of shares, share
accounts or accounts issued in joint names, and dividends
thereon, or other rights relating thereto, may be paid or
delivered, in whole or in part, to any of such persons, whether
the other person or persons be living or not. The payment or
delivery to any such person, or a receipt or acquittance signed
by any such person, to whom any such payment or any such
delivery of rights is made, shall be a valid and sufficient
release and discharge of any such association for the payment

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or delivery so made.
(Source: Laws 1939, p. 478.)