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90_SB0768
205 ILCS 605/4 from Ch. 17, par. 504
Amends the Consumer Deposit Account Act. Adds a caption
to a Section concerning requirements for checking accounts.
LRB9003371JSgc
LRB9003371JSgc
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 account. (a) Every financial
9 institution shall offer a Basic Checking Account to any
10 natural person 65 years of age or older who requests such an
11 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.)