Bill Text: IL SB0496 | 2015-2016 | 99th General Assembly | Introduced

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Bill Title: Amends the Consumer Deposit Account Act. Makes a technical change to a Section concerning checking accounts for senior citizens.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2015-04-21 - Re-referred to Assignments [SB0496 Detail]

Download: Illinois-2015-SB0496-Introduced.html

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99TH GENERAL ASSEMBLY State of Illinois 2015 and 2016 SB0496 Introduced 1/28/2015, by Sen. John J. Cullerton SYNOPSIS AS INTRODUCED:
205 ILCS 605/4 from Ch. 17, par. 504
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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AN ACT concerning regulation.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
Section 5. The Consumer Deposit Account Act is amended by
changing Section 4 as follows:
(205 ILCS 605/4) (from Ch. 17, par. 504)
Sec. 4. (a) Every financial institution shall offer a Basic
Checking Account to any natural person 65 years of age or older
who requests such an account.
(b) A Basic Checking Account shall be established by either
(1) a minimum initial deposit of $100, or (2) a written
agreement with the the account holder requiring direct deposits
with the financial institution by a third party of recurring
payments due to the account holder on at least a monthly basis.
Except as provided in subsection (d) of this Section, no other
minimum balance or minimum deposit requirement may be imposed
on a Basic Checking Account.
(c) No activity charge may be imposed for the first 10
checks drawn on a Basic Checking Account in any calendar month,
provided that a financial institution may charge its customary
fee for a stop payment order or any transaction resulting in a
check returned due to insufficient funds.
(d) A financial institution may offer any person 65 years

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of age or older a consumer-deposit account with terms that are
more favorable to such person than the terms required under
this Section and may designate such an account as a Basic
Checking Account.
(Source: P.A. 84-1036.)