summary
Introduced
01/14/2026
01/14/2026
In Committee
01/20/2026
01/20/2026
Crossed Over
Passed
Dead
Introduced Session
104th General Assembly
Bill Summary
Amends the Illinois Banking Act. Requires a bank to confirm the identification of a payee and verify endorsements are proper before processing a check for which the name of a borrower or other payee is relied upon for payment, credit, or loan disbursement. Provides that a bank may satisfy the verification requirements through the specified commercially reasonable means of identification. Exempts checks processed solely through automated check clearing processes without manual review, that are authorized by federal law. Amends the Public Adjusters Article of the Illinois Insurance Code. Establishes proof of licensure requirements for licensed public adjusters.
AI Summary
This bill amends two Illinois laws: the Illinois Banking Act and the Illinois Insurance Code. The changes to the Banking Act require banks to verify the identity of a payee and ensure endorsements are proper before processing checks used for loan disbursements or payments, unless the check is processed automatically without manual review and is authorized by federal law. The changes to the Insurance Code require licensed public adjusters, who are individuals hired by policyholders to help settle insurance claims, to provide proof of their license to the insurance carrier before negotiating a claim, and they cannot charge extra fees for this verification process.
Sponsors (1)
Last Action
Referred to Rules Committee (on 01/20/2026)
bill text
bill summary
Loading...
bill summary
Loading...
bill summary
Loading...