State of Illinois
91st General Assembly

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 1        AN  ACT  to  amend  the  Consumer  Deposit Account Act by
 2    changing Section 4.

 3        Be it enacted by the People of  the  State  of  Illinois,
 4    represented in the General Assembly:

 5        Section  5.   The Consumer Deposit Account Act is amended
 6    by changing Section 4 as follows:

 7        (205 ILCS 605/4) (from Ch. 17, par. 504)
 8        Sec. 4.  Basic checking accounts.
 9        (a) Every  financial  institution  shall  offer  a  Basic
10    Checking  Account  to  any  natural person 65 years of age or
11    older who requests such an account.
12        (b)  A Basic Checking Account  shall  be  established  by
13    either  (1)  a  minimum  initial  deposit  of  $100, or (2) a
14    written agreement with the account  holder  requiring  direct
15    deposits  with  the financial institution by a third party of
16    recurring payments due to the account holder on  at  least  a
17    monthly  basis.  Except as provided in subsection (d) of this
18    Section,  no  other  minimum  balance  or   minimum   deposit
19    requirement may be imposed on a Basic Checking Account.
20        (c)  No  activity  charge may be imposed for the first 10
21    checks drawn on a Basic  Checking  Account  in  any  calendar
22    month,  provided  that a financial institution may charge its
23    customary fee for a stop payment  order  or  any  transaction
24    resulting in a check returned due to insufficient funds.
25        (d)  A  financial  institution  may  offer  any person 65
26    years of age or older a consumer-deposit account  with  terms
27    that  are  more  favorable  to  such  person  than  the terms
28    required under this Section and may designate such an account
29    as a Basic Checking Account.
30    (Source: P.A. 84-1036.)

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