IL HB5055

Amends the Illinois Banking Act by adding Section 45.2 regarding interest requirements for digital payment and wallet applications.

Beginning July 1, 2025, digital payment and wallet applications operating in Illinois must pay interest to state resident customers on balances exceeding $50 held in the application for more than 10 days.

Interest rate must equal the national deposit interest rate for interest checking accounts as calculated monthly by the Federal Deposit Insurance Corporation.

Defines "digital payment application" as an electronic application facilitating transactions via payment card or direct debit processed by a digital dispatch service.

Defines "digital wallet application" as an electronic application allowing customers to store a digital version of a payment method provided by a financial institution.