Illinois 103rd Regular Session Status: In Committee 4 D cosponsors

SB 2029 — BANK-CHECK FRAUD INVESTIGATION

Last action — Pursuant to Senate Rule 3-9(b) / Referred to Assignments

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  1. ✓
    Introduced
  2. 2
    In Committee
  3. 3
    Passed Senate
  4. 4
    Passed House
  5. 5
    To Executive
  6. 6
    Enacted

This bill died with 103rd Regular Session. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.

This bill is no longer active — its legislative session has ended, so there is no live prognosis. It would have to be reintroduced in the current session to move again.

Summary

Amends the Illinois Banking Act. Provides that a financial institution shall investigate promptly and determine whether fraud has occurred within 10 business days after receiving a notice of fraud. Provides that the financial institution shall report the results of the investigation to the consumer within 3 business days after completing its investigation. Provides that if the financial institution determines that fraud has occurred, the financial institution shall credit the customer with the amount of the fraud within one business day. Provides that if the financial institution is unable to complete its investigation within 10 business days, the financial institution may take up to 45 days after receipt of a notice of fraud to investigate and determine whether fraud has occurred so long as the financial institution provisionally credits the consumer's account in the amount of the alleged fraud, including interest if applicable, within 10 business days after receiving the fraud notice. Provides that if the financial institution has a reasonable basis for believing that fraud has occurred and if the consumer notifies the financial institution within 2 business days after learning of the alleged fraud, then the financial institution may withhold a maximum of $50 from the amount credited.

Bill Text

Action History

  1. Pursuant to Senate Rule 3-9(b) / Referred to Assignments

  2. Rule 2-10 Third Reading Deadline Established As May 26, 2024

  3. Rule 2-10 Third Reading Deadline Established As May 25, 2024

  4. Rule 2-10 Third Reading Deadline Established As May 24, 2024

  5. Rule 2-10 Third Reading Deadline Established As May 17, 2024

  6. Rule 2-10 Third Reading Deadline Established As May 10, 2024

  7. Rule 2-10 Third Reading Deadline Established As May 3, 2024

  8. Rule 2-10 Third Reading Deadline Established As April 19, 2024

  9. Placed on Calendar Order of 3rd Reading March 20, 2024

  10. Second Reading

  11. Placed on Calendar Order of 2nd Reading March 14, 2024

  12. Do Pass Financial Institutions; 005-002-000

  13. Re-assigned to Financial Institutions

  14. Added as Co-Sponsor Sen. Elgie R. Sims, Jr.

  15. Added as Co-Sponsor Sen. Laura Fine

  16. Rule 3-9(a) / Re-referred to Assignments

  17. Added as Co-Sponsor Sen. Meg Loughran Cappel

  18. Added as Co-Sponsor Sen. Julie A. Morrison

  19. Postponed - Financial Institutions

  20. Assigned to Financial Institutions

  21. Referred to Assignments

  22. First Reading

  23. Filed with Secretary by Sen. Laura M. Murphy

Sponsors

Sponsorship breakdown

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1 sponsors · 4 co-sponsors · 178 not signed on · 2 voted No

Sponsors (1)

Co-sponsors (4)

Not signed on (178)

178 members have not signed on to this bill.

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"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

Whip count is in markup. Polling the chamber and every recorded vote this session. Only the first open is slow. It’s instant for you after this. Calling the roll · Tallying · Engrossing

Votes

Financial Institutions

Passed 5 Yea · 2 Nay · 2 Other
Party YeaNayPresentNot Voting
Democrat 5001
Republican 0201
Total 5202
% of votes cast 56%22%0%22%
How each member voted (9)
Member Party Vote
Elgie R. Sims, Jr. Democrat Yea
Lakesia Collins Democrat Not Voting
Laura Ellman Democrat Yea
Mary Edly-Allen Democrat Yea
Mike Porfirio Democrat Yea
Sara Feigenholtz Democrat Yea
Andrew S. Chesney Republican Nay
Jason Plummer Republican Not Voting
Seth Lewis Republican Nay

Official roll call →

Subjects

finance
Cross-referencing the record. Reading this bill against every other bill in the corpus by meaning, not keywords. Only the first open is slow. It’s instant for you after this. Matching · Ranking · Engrossing

Frequently asked questions

What does SB 2029 do?
Amends the Illinois Banking Act. Provides that a financial institution shall investigate promptly and determine whether fraud has occurred within 10 business days after receiving a notice of fraud. Provides that the financial institution shall report the results of the investigation to the consumer within 3 business days after completing its investigation. Provides that if the financial institution determines that fraud has occurred, the financial institution shall credit the customer with the amount of the fraud within one business day. Provides that if the financial institution is unable to complete its investigation within 10 business days, the financial institution may take up to 45 days after receipt of a notice of fraud to investigate and determine whether fraud has occurred so long as the financial institution provisionally credits the consumer's account in the amount of the alleged fraud, including interest if applicable, within 10 business days after receiving the fraud notice. Provides that if the financial institution has a reasonable basis for believing that fraud has occurred and if the consumer notifies the financial institution within 2 business days after learning of the alleged fraud, then the financial institution may withhold a maximum of $50 from the amount credited.
Who sponsors SB 2029?
SB 2029 is sponsored by Laura M. Murphy (Democrat), Julie A. Morrison (Democrat), Laura Fine (Democrat), Elgie R. Sims and Jr., and Meg Loughran Cappel (Democrat).
What is the current status of SB 2029?
This bill died with 103rd Regular Session. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
Where can I track SB 2029?
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Last checked for changes 3 months ago · updated continuously

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