Bill Text: IL SB1438 | 2021-2022 | 102nd 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 (Republican 1-0)

Status: (Introduced - Dead) 2021-04-23 - Rule 3-9(a) / Re-referred to Assignments [SB1438 Detail]

Download: Illinois-2021-SB1438-Introduced.html

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102ND GENERAL ASSEMBLY State of Illinois 2021 and 2022 SB1438 Introduced 2/25/2021, by Sen. Dan McConchie 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

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association for the payment or delivery so made.
(Source: Laws 1939, p. 478.)