IL HB3560

Creates the Illinois Bank Account Program to provide residents with free, voluntary, federally insured bank accounts featuring zero fees, zero penalties, and no minimum balance requirements

Establishes a 9-member Illinois Bank Account Board under the Department of Financial and Professional Regulation, including the State Treasurer, banking experts, and consumer advocates appointed by the Governor and legislative leaders

Requires employers with more than 25 employees and hiring entities with more than 25 independent contractors to maintain payroll direct deposit systems compatible with the Program and deposit wages into workers' Illinois Bank Accounts upon request

Mandates landlords accept rent and security deposit payments via electronic fund transfer from Illinois Bank Accounts

Targets unbanked and underbanked populations, noting that 1/5 of Illinois households lack adequate banking access, with 20.4% of Black households unbanked compared to 2.4% of white households, and that alternative financial services cost Americans $189 billion in fees and interest in 2018