Illinois HB 29: UNIFORM SPECIAL DEPOSITS ACT

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104TH GENERAL ASSEMBLY 
State of Illinois 
2025 and 2026
HB0029

Introduced 1/9/2025, by Rep. Daniel Didech 

SYNOPSIS AS INTRODUCED:

New Act

 Creates the Uniform Special Deposits Act. Provides that the Act applies to a special deposit under an account agreement that states the intention of the parties to establish a special deposit, regardless of whether a party to the account agreement or a transaction related to the special deposit, or the special deposit itself, has a reasonable relation to the State. Provides that a special deposit must serve at least one permissible purpose stated in the account agreement from the time the special deposit is created in the account agreement until termination of the special deposit. Provides that, unless the account agreement provides otherwise, a bank is obligated to pay a beneficiary if there are sufficient actually and finally collected funds in the balance of the special deposit. Provides that a court may enjoin a bank from paying a depositor or beneficiary only if payment would constitute a material fraud or facilitate a material fraud with respect to a special deposit.

LRB104 03181 SPS 13202 b

A BILL FOR

HB0029LRB104 03181 SPS 13202 b

1 AN ACT concerning business.

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

3represented in the General Assembly:

4 Section 1. Short title. This Act may be cited as the 

5Uniform Special Deposits Act.

6 Section 2. Definitions. In this Act:

7 (1) "Account agreement" means an agreement that:

8 (A) is in a record between a bank and one or more 

9 depositors;

10 (B) may have one or more beneficiaries as 

11 additional parties; and

12 (C) states the intention of the parties to 

13 establish a special deposit governed by this Act.

14