Illinois HB3560 establishes the Public Banking Option Act, creating the Illinois Bank Account Program to provide zero-fee, zero-penalty bank accounts.
Illinois HB3560, the Public Banking Option Act, establishes the Illinois Bank Account Program to offer zero-fee, zero-penalty bank accounts and related payment services to Illinois residents, especially those without access to traditional banking services. The Act creates the Illinois Bank Account Board under the Department of Financial and Professional Regulation to administer the Program. The Board's duties include establishing processes for account opening, fund deposits, direct deposits, and other financial transactions.
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- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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