Illinois Enacts Convenience Account Act

The state of Illinois has enacted the Banking Convenience Account for Depositors Act.  The relatively short provision becomes effective on January 1, 2010.  Among other things, the act provides for the creation of convenience accounts and lays out certain liabilities of banking institutions with regard to convenience accounts.  Banking Convenience Account for Depositors Act, Pub. L. No. 096-0123.

Special thanks to Jeffrey Gottlieb (attorney, Illinois) for bringing this statute to my attention.