SB3035

Illinois SB3035 prohibits financial institutions from imposing fees on dormant or inactive consumer-deposit accounts.

Illinois SB3035 amends the Consumer Deposit Account Act to prohibit financial institutions from imposing maintenance fees or service charges on consumer-deposit accounts that are dormant or inactive. A consumer-deposit account is considered dormant or inactive if one year has passed since the last transaction and the account holder has not corresponded with the financial institution for at least 12 months. This bill aims to protect consumers from unnecessary fees on accounts they may have forgotten or no longer use.