SB3029 EngrossedLRB098 17405 ZMM 52505 b

1    AN ACT concerning regulation.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The Consumer Deposit Account Act is amended by
5changing Section 2 as follows:
 
6    (205 ILCS 605/2)  (from Ch. 17, par. 502)
7    Sec. 2. Identification and numbering of consumer - deposit
8account. All financial institutions that provide checks,
9drafts, or similar orders of withdrawal, which are drawn
10against funds held by those financial institutions in a
11consumer-deposit account opened subsequent to January 1, 1982,
12shall cause the month and year in which the account was opened
13to be displayed clearly on the face of each check, draft, or
14order. For all consumer-deposit accounts opened after January
151, 1982, all new checks, drafts, or orders drawn on financial
16institution accounts shall clearly display on the face of each
17check, draft, or order a number. Each , commencing with number
18101, with each check, draft, or similar order shall thereafter
19provided to be numbered consecutively; except that when a
20consumer-deposit account at any financial institution in
21Illinois has been voluntarily closed by the customer, the
22number displayed on the checks, drafts, or orders for a new
23consumer-deposit account opened within 30 days thereafter,

 

 

SB3029 Engrossed- 2 -LRB098 17405 ZMM 52505 b

1titled in the same manner as, and with same owners as the
2closed account may commence with a number that is not greater
3than the next consecutive number higher than the highest
4consecutive number displayed on a check, draft, or order
5processed through the closed account. This Section shall not
6apply to temporary checks, drafts, or orders of withdrawal
7provided by financial institutions upon the opening of a
8consumer deposit account.
9    No liability or penalty shall be imposed on any financial
10institution or printer for an unintentional failure to comply
11with this Act.
12(Source: P.A. 87-1143.)
 
13    Section 10. The Check Printer and Check Number Act is
14amended by changing Section 10 as follows:
 
15    (205 ILCS 690/10)
16    Sec. 10. Identification and numbering of consumer - deposit
17account. Any person who sells or distributes checks, drafts, or
18similar orders of withdrawal, which may be drawn against funds
19held by financial institutions in a consumer-deposit account
20opened subsequent to January 1, 1993, shall cause the month and
21year in which the account was opened to be displayed clearly on
22the face of each check, draft, or order. For all
23consumer-deposit accounts opened after January 1, 1993, all new
24checks, drafts, or orders designed to be drawn on financial

 

 

SB3029 Engrossed- 3 -LRB098 17405 ZMM 52505 b

1institution accounts shall clearly display on the face of each
2check, draft, or order a number. Each , commencing with number
3101, with each check, draft, or similar order shall thereafter
4provided to be numbered consecutively; except that when a
5consumer-deposit account at any financial institution in
6Illinois has been voluntarily closed by the customer, the
7number displayed on the checks, drafts, or orders for a new
8consumer-deposit account opened within 30 days thereafter,
9titled in the same manner as, and with same owners as the
10closed account may commence with a number that is not greater
11than the next consecutive number higher than the highest
12consecutive number displayed on a check, draft, or order
13processed through the closed account. This Section shall not
14apply to temporary checks, drafts, or orders of withdrawal
15provided by financial institutions upon the opening of a
16consumer deposit account.
17    No liability or penalty shall be imposed on any financial
18institution or person for an unintentional failure to comply
19with this Act.
20(Source: P.A. 87-1143.)
 
21    Section 99. Effective date. This Act takes effect upon
22becoming law.