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| | 97TH GENERAL ASSEMBLY
State of Illinois
2011 and 2012
HB1980 Introduced , by Rep. William Davis SYNOPSIS AS INTRODUCED:
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205 ILCS 5/40 | from Ch. 17, par. 350 |
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Amends the Illinois Banking Act. Provides that no financial institution shall require a person that does not have an account with the financial institution to pay any charge, fee, penalty, or other amount for the cashing of a check drawn on an account held at the financial institution. Effective immediately.
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| | A BILL FOR |
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| | HB1980 | | LRB097 08910 CEL 49042 b |
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| 1 | | AN ACT concerning regulation.
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| 2 | | Be it enacted by the People of the State of Illinois,
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| 3 | | represented in the General Assembly:
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| 4 | | Section 5. The Illinois Banking Act is amended by changing |
| 5 | | Section 40 as follows:
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| 6 | | (205 ILCS 5/40) (from Ch. 17, par. 350)
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| 7 | | Sec. 40. Prohibited activities. |
| 8 | | (a) The Commissioner, deputy commissioners, and employees
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| 9 | | of the Office of Banks and Real Estate shall be subject to the |
| 10 | | restrictions
provided in Section 2.5 of the Division of Banking |
| 11 | | Act including,
without limitation, the restrictions on (i) |
| 12 | | owning shares of stock or holding
any other equity interest in |
| 13 | | an entity regulated under this Act or in any
corporation or |
| 14 | | company that owns or controls an entity regulated under this
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| 15 | | Act; (ii) being an officer, director, employee, or agent of an |
| 16 | | entity regulated
under this Act; and (iii) obtaining a loan or |
| 17 | | accepting a gratuity from an
entity regulated under this Act.
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| 18 | | (b) Notwithstanding any other law, no financial |
| 19 | | institution shall require a person that does not have an |
| 20 | | account with the financial institution to pay any charge, fee, |
| 21 | | penalty, or other amount for the cashing of a check drawn on an |
| 22 | | account held at the financial institution. |
| 23 | | (Source: P.A. 96-1365, eff. 7-28-10.)
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