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Amends the Illinois Banking Act. Provides that a financial institution offering a certificate of deposit shall, before account opening, provide the consumer with a clear and conspicuous written disclosure and a specified statement. Establishes provisions concerning disclosure requirements for an automatically renewing certificate of deposit; requirements for financial institutions before processing any early withdrawal of a certificate of deposit; and enforcement provisions. Provides that a violation of the provisions concerning mandatory disclosures related to certificates of deposit is an unlawful practice under the Consumer Fraud and Deceptive Business Practices Act. Amends the Consumer Fraud and Deceptive Business Practices Act to make a corresponding change. Effective January 1, 2027.
Introduced
Jan 13, 2026
Last Action
Mar 13, 2026
Session
IL 104th
Sponsors
1 primary · 0 co
Rule 3-9(a) / Re-referred to Assignments
Assigned to Financial Institutions
Filed with Secretary by Sen. Julie A. Morrison
First Reading
Referred to Assignments
Get a plain-English explanation of what this bill does, who it affects, and why it matters.
Rule 3-9(a) / Re-referred to Assignments
Julie A. Morrison