HB3076 100TH GENERAL ASSEMBLY

LRB100 09168 SMS 19323 b

100TH GENERAL ASSEMBLY
State of Illinois
2017 and 2018
HB3076

Introduced , by Rep. Elizabeth Hernandez

SYNOPSIS AS INTRODUCED:

205 ILCS 616/41 new

Amends the Electronic Fund Transfer Act. Provides that for every electronic fund transfer performed in Illinois, financial institutions shall remit $0.01 to the Division of Banking of the Department of Financial and Professional Regulation for deposit into the Illinois DREAM Fund. Effective immediately.

FISCAL NOTE ACT MAY APPLY

A BILL FOR

AN ACT concerning regulation.

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

Section 5. The Electronic Fund Transfer Act is amended by adding Section 41 as follows:

(205 ILCS 616/41 new)

Sec. 41. Remittance to Illinois DREAM Fund Act. For every electronic fund transfer performed in Illinois, financial institutions shall remit $0.01 to the Division of Banking of the Department of Financial and Professional Regulation for deposit into the Illinois DREAM Fund established under Section 67 of the Higher Education Student Assistance Act.

Section 99. Effective date. This Act takes effect upon becoming law.