IL HB6005

Expands liability for dishonored payment instruments to include converted checks, electronic funds transfers, and orders for payment of money, in addition to checks and drafts.

Makes the issuer liable for $25 or all collection costs and reasonable attorney's fees (whichever is greater), plus interest at the rate specified in Section 4 of the Interest Act.

Requires collectors to send written demand by certified mail with return receipt to the issuer's last known address, demanding payment within 30 days and notifying of potential cost liability, to recover costs exceeding $25.

Allows banks to assess a fee not exceeding $4.50 on commercial checking accounts when a dishonored check, electronic funds transfer, or payment order is deposited into the account due to insufficient funds or no account with the drawee.

Exempts fees charged to banks, other depository institutions, and non-commercial accounts from the $4.50 cap.