Governor Quinn approved two CBAI initiatives on August 16, 2013:
HB 1335 (PA 98-0387) allows financial institutions and title companies that know each other and agree to use cashier’s checks, teller’s checks and certified checks as settlement funds in transactions greater than $50,000. While the bill is permissive in nature, the title insurance industry still opposed the legislation. At the request of Senator Don Harmon (D-Oak Park), the bill was amended in the Senate to make it clear the parties will address the issue of delivery of the check to the title company in sufficient time for the check to be deposited to the title company’s account before any disbursement of funds is made by the title company. As part of the compromise, a January 1, 2015 sunset was also included in the bill. Senator Harmon inserted the sunset and committed to repeal it next year if there is no proof that that this legislative change negatively impacts the title insurance industry. CBAI plans to continue to work with the General Assembly on this issue and to repeal the sunset.
HB 2432 (PA 98-0415) removes the requirement for banks to disclose ATM fees with a physical sign on the terminal, when the fee is shown electronically on the terminal screen. Last year, Congress removed this physical signage requirement in federal law, and this bill makes state law consistent with that change. Both bills are effective immediately.
CBAI thanks Representative Ron Sandack (R-Downers Grove), Representative Lou Lang (D-Skokie) and Senator John Mulroe (D-Chicago), for their hard work on these bills. CBAI also thanks Governor Quinn for approving these initiatives.