BANKS-OVERDRAFT FEE BAN

Summary

The bill rewrites state banking laws to stop banks, savings banks and credit unions from levying fees when a consumer’s check or electronic transfer is returned for insufficient funds. It requires the state banking regulator to adopt rules enforcing the ban and updates related statutes for consistency. The change would affect all Illinois depository institutions and the consumers who use them.

AI-generated summary — may be incomplete or inaccurate. Verify against the official bill text.

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