(205 ILCS 690/5)
Sec. 5. Definitions. For the purposes of this Act:
"Commissioner" means the Commissioner of Banks and Real Estate.
"Consumer-deposit account" means a demand or other similar deposit account such as a checking, negotiable order of withdrawal, money market, savings deposit, share, or member account established and maintained by a natural person with a financial institution and operated primarily for personal, family, or household purposes.
"Financial institution" means (i) any bank subject to the Illinois Banking Act, any savings bank subject to the Savings Bank Act, any savings and loan association subject to the Illinois Savings and Loan Act of 1985, or any credit union subject to the Illinois Credit Union Act; (ii) any federally chartered commercial bank, savings bank, savings and loan association, or credit union organized under the laws of the United States and operating in this State; and (iii) any business corporation, limited liability company, business trust, partnership, joint venture, or other entity that is directly or indirectly at least 50% owned by or commonly owned with a financial institution.
"Check" means a writing that complies with the requirements of Section 3-104 of the Uniform Commercial Code.
"Person" means any natural person or his legal representative, partnership, corporation, company, trust, business entity, or association.
(Source: P.A. 94-780, eff. 5-19-06.)
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Last modified: February 18, 2015