State Codes and Statutes
Statutes > Illinois > Chapter205 > 1189 (205 ILCS 605/0.01) (from Ch. 17, par. 500) Sec. 0.01. Short title. This Act may be cited as the Consumer Deposit Account Act. (Source: P.A. 86‑1324.) |
(205 ILCS 605/1) (from Ch. 17, par. 501) Sec. 1. Definitions. For the purposes of this Act: "Consumer‑deposit account" means a demand or other similar deposit account, such as a checking, negotiable order of withdrawal, money market, savings deposit, share, or member account established and maintained by a natural person with a financial institution and operated primarily for personal, family, or household purposes. "Financial institution" means any bank subject to the Illinois Banking Act, including a branch of an out‑of‑state bank as defined in Section 2 of the Illinois Banking Act, any savings bank subject to the Savings Bank Act, any savings and loan association subject to the Illinois Savings and Loan Act of 1985, and any federally chartered commercial bank, savings bank, or savings and loan association organized and operated in this State under the laws of the United States. "Check" means a writing that complies with the requirements of Section 3‑104 of the Uniform Commercial Code. (Source: P.A. 89‑208, eff. 9‑29‑95.) |
(205 ILCS 605/2) (from Ch. 17, par. 502) Sec. 2. Identification and numbering of consumer ‑ deposit account. All financial institutions that provide checks, drafts, or similar orders of withdrawal, which are drawn against funds held by those financial institutions in a consumer‑deposit account opened subsequent to January 1, 1982, shall cause the month and year in which the account was opened to be displayed clearly on the face of each check, draft, or order. For all consumer‑deposit accounts opened after January 1, 1982, all new checks, drafts, or orders drawn on financial institution accounts shall clearly display on the face of each check, draft, or order a number, commencing with number 101, with each check, draft, or similar order thereafter provided to be numbered consecutively; except that when a consumer‑deposit account at any financial institution in Illinois has been voluntarily closed by the customer, the number displayed on the checks, drafts, or orders for a new consumer‑deposit account opened within 30 days thereafter, titled in the same manner as, and with same owners as the closed account may commence with a number that is not greater than the next consecutive number higher than the highest consecutive number displayed on a check, draft, or order processed through the closed account. This Section shall not apply to temporary checks, drafts, or orders of withdrawal provided by financial institutions upon the opening of a consumer deposit account. No liability or penalty shall be imposed on any financial institution or printer for an unintentional failure to comply with this Act. (Source: P.A. 87‑1143.) |
(205 ILCS 605/3) (from Ch. 17, par. 503) Sec. 3. Disclosure statements. (a) Every financial institution shall provide a disclosure statement for each consumer‑deposit account offered by the institution containing the following information: (1) a description of the consumer‑deposit account; (2) the conditions, if any, on which the | ||
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(3) the terms of interest offered for the | ||
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(4) all fees charged for the consumer‑deposit | ||
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The disclosure statement specified in this subsection may include a separate fee schedule or interest rate table. (b) Every financial institution shall provide the disclosure statement specified in subsection (a) to each depositor at the time of the initial deposit into a consumer‑deposit account with respect to the type of account, and not less than once during each calendar year to every consumer‑deposit account holder with respect to each type of consumer‑deposit account held. (c) Every financial institution shall provide the disclosure statement specified in subsection (a) to any person requesting the statement with respect to an identified type of consumer‑deposit account. (d) The statements provided pursuant to subsections (b) and (c) shall be accompanied by a brief description of all other available consumer‑deposit accounts offered by the institution and a statement that more detailed information is available on request. (e) Notwithstanding the provisions of this Section, a financial institution subject to and in compliance with the provisions of Sections 261 through 274 of the Truth in Savings Act, as contained within the Federal Comprehensive Deposit Insurance Corporation Improvement Act of 1991 (FDICIA), 12 USCA 4301 et seq., shall be deemed to be in compliance with this Section, including the requirement of subsection (b) that the disclosure be provided to account holders annually. (Source: P.A. 87‑1098; 88‑236.) |
(205 ILCS 605/3.5) Sec. 3.5. Notification to consumer of invalidated routing number. At least 30 days before a financial institution invalidates a routing number on a consumer deposit account, whether as a result of a merger, purchase and acquisition, or other transaction, the institution shall send a notice to each affected consumer deposit account holder advising the holder of the invalidation and the effect it will have on the account. The notice shall include, but shall not be limited to, the following information: the date on which the routing number will no longer be effective; procedures necessary to ensure that electronic funds transfers, including direct deposits, are processed correctly; and information on ordering new checks, debit cards, and similar items. (Source: P.A. 92‑811, eff. 8‑21‑02.) |
(205 ILCS 605/4) (from Ch. 17, par. 504) Sec. 4. (a) Every financial institution shall offer a Basic Checking Account to any natural person 65 years of age or older who requests such an account. (b) A Basic Checking Account shall be established by either (1) a minimum initial deposit of $100, or (2) a written agreement with the account holder requiring direct deposits with the financial institution by a third party of recurring payments due to the account holder on at least a monthly basis. Except as provided in subsection (d) of this Section, no other minimum balance or minimum deposit requirement may be imposed on a Basic Checking Account. (c) No activity charge may be imposed for the first 10 checks drawn on a Basic Checking Account in any calendar month, provided that a financial institution may charge its customary fee for a stop payment order or any transaction resulting in a check returned due to insufficient funds. (d) A financial institution may offer any person 65 years of age or older a consumer‑deposit account with terms that are more favorable to such person than the terms required under this Section and may designate such an account as a Basic Checking Account. (Source: P.A. 84‑1036.) |
(205 ILCS 605/5) (from Ch. 17, par. 505) Sec. 5. (Repealed). (Source: P.A. 86‑1213. Repealed by 89‑364, eff. 8‑18‑95.) |
