Illinois pushing to increase accessibility to certified financial products

State Issues State Legislation Consumer Finance

On August 19, the Illinois governor signed SB 1332, which is designed to decrease low-income consumers’ reliance on alternative financial products and increase the accessibility to certified financial products (defined as a “financial product offered by a financial institution that meets minimum requirements as established by the Comptroller”). SB 1332 creates the Illinois Bank On Initiative Commission, chaired by the state Comptroller, which will provide an annual, publicly available report (starting October 2020) that will list: (i) authorized certified financial products and minimum requirements for qualification; (ii) financial institutions providing certified financial products; and (iii) outreach strategies for facilitating access to certified financial products. SB 1332 is effective immediately.