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91_SB0220
LRB9101400JSpc
1 AN ACT to create the Year 2000 Consumer-Deposit Account
2 Accountability Act.
3 Be it enacted by the People of the State of Illinois,
4 represented in the General Assembly:
5 Section 1. Short Title. This Act may be cited as the Year
6 2000 Consumer-Deposit Account Accountability Act.
7 Section 5. Definitions. For the purposes of this Act:
8 "Consumer" means a natural person.
9 "Consumer-deposit account" means a demand or other
10 similar deposit account, such as a checking, certificate of
11 deposit, negotiable order of withdrawal, money market,
12 savings deposit, share, or member account established and
13 maintained by a natural person with a financial institution
14 and operated primarily for personal, family, or household
15 purposes.
16 "Financial institution" means any bank subject to the
17 Illinois Banking Act, any savings bank subject to the Savings
18 Bank Act, any credit union subject to the Illinois Credit
19 Union Act, any savings and loan association subject to the
20 Illinois Savings and Loan Act of 1985, and any federally
21 chartered commercial bank, savings bank, credit union, or
22 savings and loan association organized and operated in this
23 State under the laws of the United States.
24 Section 10. Notice. For any periodic statement provided
25 by a financial institution to a consumer that provides
26 account balances and activity in a consumer-deposit account
27 during the period of July 1, 1999 through December 31, 1999,
28 the financial institution shall cause to be printed on the
29 statement or on a separate enclosure a notice that advises
30 the consumer of the potential for errors or omissions
-2- LRB9101400JSpc
1 affecting the account in connection with computer operations
2 involving the rollover of the 2-digit date value to "00" in
3 the year 2000. These statements and any other statement
4 issued in connection with a consumer-deposit account within
5 30 days prior to December 31, 1999 shall advise the consumer
6 to retain the statement issued for the account immediately
7 prior to December 31, 1999 for verification purposes. The
8 statement must include a short explanation of the method by
9 which the consumer may verify account balances prior to
10 January 1, 2000 and after January 1, 2000 and that any
11 verification will be provided to the consumer in writing upon
12 request.
13 Section 15. Penalty. A financial institution that fails
14 to comply with the requirements of this Act is guilty of a
15 business offense for which a fine of $5,000 shall be imposed
16 and is liable for the amount of any damages incurred by a
17 consumer plus any reasonable attorney fees and costs incurred
18 by a consumer.
19 Section 99. Effective date. This Act takes effect upon
20 becoming law.