Bill Amendment: IL SB0661 | 2019-2020 | 101st General Assembly

NOTE: For additional amemendments please see the Bill Drafting List

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Bill Title: REGULATION-TECH

Status: 2021-01-13 - Session Sine Die [SB0661 Detail]

Download: Illinois-2019-SB0661-Senate_Amendment_001.html

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Sen. Julie A. Morrison

Filed: 4/3/2019

10100SB0661sam001 LRB101 04422 JLS 58946 a
AMENDMENT TO SENATE BILL 661
AMENDMENT NO. ______. Amend Senate Bill 661 by replacing
everything after the enacting clause with the following:
"Section 5. The Consumer Fraud and Deceptive Business
Practices Act is amended by adding Section 2WWW as follows:
(815 ILCS 505/2WWW new)
Sec. 2WWW. Certificates of deposit; disclosure of early
withdrawal penalty.
(a) As used in this Section:
"Certificate of deposit" means an instrument containing an
acknowledgment by a financial institution that a sum of money
has been received by the financial institution and a promise by
the financial institution to repay the sum of money.
"Financial institution" means a trust company, a bank, a
savings bank, a credit union, an investment bank, a broker, a
savings and loan association, or an insurance company.

10100SB0661sam001 - 2 - LRB101 04422 JLS 58946 a
(b) A financial institution that issues a certificate of
deposit must:
(1) disclose in the account documents that any penalty
that may be incurred for early withdrawal may result in the
loss of principal in addition to the loss of interest; and
(2) require the depositor to sign or initial the
section of the account document that discloses the early
withdrawal penalty.
(c) A violation of this Section constitutes an unlawful
practice within the meaning of this Act.".