BANKS-CD DISCLOSURE&PENALTIES
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.
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{# E23 (Nick, ruling section 1 answer 10): quoting a bill or a court opinion works
the way quoting a news article works. Select a passage above and the same panel
opens: the passage goes to the official you choose, with this document's own
address as its source and its own type. #}