HB4474 bans banks from charging overdraft fees in Illinois.
HB4474 amends the Illinois Banking Act, Uniform Commercial Code, and Interest Act to prohibit banks from charging fees for overdrafts. The bill repeals the provision allowing such fees and makes conforming changes to other statutes. The changes apply to checks, written orders, and electronic transfers drawn against insufficient funds or uncollected balances in consumer accounts.
Included in complete analysis
- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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