Illinois SB 2765: BANKS-CD DISCLOSURE&PENALTIES

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104TH GENERAL ASSEMBLY 
State of Illinois 
2025 and 2026
SB2765

Introduced 1/13/2026, by Sen. Julie A. Morrison 

SYNOPSIS AS INTRODUCED:

205 ILCS 5/48.7 new

815 ILCS 505/2MMMM new

 Amends the Illinois Banking Act. Provides that a financial institution offering a certificate of deposit shall, before account opening, provide the consumer with a clear and conspicuous written disclosure and a specified statement. Establishes provisions concerning disclosure requirements for an automatically renewing certificate of deposit; requirements for financial institutions before processing any early withdrawal of a certificate of deposit; and enforcement provisions. Provides that a violation of the provisions concerning mandatory disclosures related to certificates of deposit is an unlawful practice under the Consumer Fraud and Deceptive Business Practices Act. Amends the Consumer Fraud and Deceptive Business Practices Act to make a corresponding change. Effective January 1, 2027.

LRB104 16685 BAB 30089 b

A BILL FOR

SB2765LRB104 16685 BAB 30089 b

1 AN ACT concerning regulation.

2 Be it enacted by the People of the State of Illinois, 

3represented in the General Assembly:

4 Section 5. The Illinois Banking Act is amended by adding 

5Section 48.7 as follows:

6 (205 ILCS 5/48.7 new)

7 Sec. 48.7. Certificates of deposit; mandatory disclosure 

8of principal-reducing penalties. 

9 (a) In this Section:

10 "Certificate of deposit" or "CD" means any time-deposit 

11account with a fixed maturity date offered by a financial 

12institution.

13 "Penalty" includes any monetary charge, loss of interest, 

14adverse change in terms, or reclamation of bonuses imposed for 

15early withdrawal of funds from a time account, consistent with 

16fe