2023 Illinois Compiled Statutes › Chapter 205 - FINANCIAL REGULATION › 205 ILCS 205/ - Savings Bank Act. › Article 7 - Deposit Accounts

(205 ILCS 205/Art. 7 heading)
ARTICLE 7.  
		Deposit Accounts
(205 ILCS 205/7001) (from Ch. 17, par. 7307-1)
Sec. 7001. 
		Definitions. 
		As used in this Article, the following terms
have the following meanings.
"Deposit accounts" means certificates of deposit, withdrawable deposits,
savings accounts, demand deposit accounts, checking accounts, or any other
term or terms appropriate.
"Interest" paid on deposit accounts pursuant to this Act means dividends,
earnings, interest, return, or rate of return.
The use of any term permitted by this Section shall not affect any right,
duty, privilege, or liability that the savings bank or any depositor would
otherwise have.
(Source: P.A. 86-1213.)
(205 ILCS 205/7002) (from Ch. 17, par. 7307-2)
Sec. 7002. 
		Deposit accounts. 
		All savings banks subject to this Act may
receive deposits of funds subject to withdrawals or that are to be paid
upon the checks of the depositor.  All deposits of that type shall be
payable on demand, without notice, except when the contract of deposit
shall otherwise provide.
(Source: P.A. 86-1213.)
(205 ILCS 205/7003) (from Ch. 17, par. 7307-3)
Sec. 7003. 
		Deposit accounts subject to liens. 
		Every deposit account
shall be subject to a lien for the payment of charges as lawfully may
accrue thereon under the provisions of this Act, and the bylaws may
prescribe the manner of enforcing the lien; but no deposit account shall be
assessable for any debts or losses of the savings bank.
(Source: P.A. 86-1213.)
(205 ILCS 205/7004) (from Ch. 17, par. 7307-4)
Sec. 7004. 
		Payment of interest.
(a) The board of directors shall determine the rate and amount of
interest to be paid on deposit accounts and, for that purpose, may establish
reasonable classifications of accounts based on:  types of classes of
accounts; the length of time accounts are continued in effect; size of
initial payments on accounts; minimum balances of accounts required for
payment of interest; frequency and extent of the activity of accounts; or
other classifications as the Commissioner may approve.
(b) The board of directors shall determine by resolution the method of
calculating the amount of any interest on deposit accounts and the date on
which it is to be paid or credited.
(Source: P.A. 86-1213.)
(205 ILCS 205/7005) (from Ch. 17, par. 7307-5)
Sec. 7005. 
		Holders of deposit accounts.
Deposit accounts of a savings bank may be held as follows:
(1) by any individual in his own right, regardless of     age or marital status, or by 2 or more individuals;
(2) by a fiduciary when authorized by law;
(3) by a government or governmental instrumentality     when authorized by law; and
(4) by any corporation or other person when not     prohibited by law.
(Source: P.A. 86-1213.)
(205 ILCS 205/7006) (from Ch. 17, par. 7307-6)
Sec. 7006. 
		Prohibited activities.
(a) No savings bank shall participate, directly or indirectly, in the sale
or transfer of any equity or debt security or instrument of any affiliate
of the savings bank or the parent holding company of the savings bank or
its affiliates.
(b) No shareholder, director, officer, employee, or agent of the savings
bank may participate, directly or indirectly, in any sale or transfer
described in subsection (a), nor shall they allow any other person to do
so on the premises of the savings bank, any of its branch or facility
offices, agency offices, or any office of the savings bank's subsidiaries
or service corporations.
(c) Violation of this Section shall subject the person or persons
committing the violation to assessment of civil money penalties as
provided for in this Act.
(Source: P.A. 86-1213.)
(205 ILCS 205/7007)
Sec. 7007. Enforcement of child support.
(a) Any savings
bank governed by this Act shall encumber or surrender accounts or assets
held by the savings bank on behalf of any responsible relative who is subject
to
a child support lien, upon notice of the lien or levy of the Department of Healthcare and Family Services (formerly Illinois
Department of Public Aid) or its successor agency pursuant to Section 10-25.5
of the Illinois Public Aid Code, or upon notice of interstate lien or levy
from any
other state's agency responsible for implementing the child support enforcement
program set forth in Title IV, Part D of the Social Security Act.
(b) Within 90 days after receiving notice from the Department of Healthcare and Family Services (formerly
						Department of Public Aid) that the Department has adopted a child support enforcement debit authorization form as required under the Illinois Public Aid Code, each savings bank governed by this Act shall take all appropriate steps to implement the use of the form in relation to accounts held by the savings bank.  Upon receiving from the Department of Healthcare and Family Services (formerly Department of Public Aid) a copy of a child support enforcement debit authorization form signed by an obligor, a savings bank holding an account on behalf of the obligor shall debit the account and transfer the debited amounts to the State Disbursement Unit according to the instructions in the child support enforcement debit authorization form.
(Source: P.A. 95-331, eff. 8-21-07.)
(205 ILCS 205/7008)
Sec. 7008. Savings promotion raffle.
(a)   As used in this Section, "savings promotion raffle" has the same meaning as that term is given in Section 4 of the Home Owners' Loan Act (12 U.S.C. 1463).
(b)    If authorized by its board of directors, a savings bank may conduct a savings promotion raffle. The savings promotion raffle shall be conducted so that each token or ticket representing an entry in the savings promotion raffle has an equal chance of being drawn. A savings bank shall not conduct a savings promotion raffle in a manner that jeopardizes the savings bank's safety and soundness or misleads its customers.
(c)   The Secretary may examine the conduct of a savings promotion raffle and may issue a cease and desist order for a violation of this Section.
(d)   A savings bank shall maintain records sufficient to facilitate an audit of the savings promotion raffle.
(Source: P.A. 99-149, eff. 1-1-16.)