“THIS BILL WILL REDUCE THE AMOUNT OF PEOPLE IN ILLINOIS WHO DON’T UTILIZE BANKS, CREDIT UNIONS AND OTHER FINANCIAL INSTITUTIONS THAT COULD OTHERWISE HELP THEM”
Springfield, Ill. — Recently passed legislation sponsored by State Representative Debbie Meyers-Martin to help the unbanked and under banked population in Illinois gain accessibility to traditional retail banking products was signed into law by Illinois Governor JB Pritzker today.
“We have people who are not aware of the sound financial services and or resources banks in Illinois provide,” Meyers-Martin said. That lack of awareness causes people to be susceptible to scams or predatory loans, which only have long term consequences for them and their loved ones. I’m grateful to Governor Pritzker for signing this into law.”
Meyers-Martin’s Senate Bill 1332 is an initiative of the Illinois Comptroller Susana Mendoza’s office to create the Illinois Bank On Initiative. This measure will reduce the amount of people in Illinois who don’t utilize banks, credit unions or any other financial institutions that could otherwise help them. Many people in Illinois are not aware of various affordable financial services offered by the banking industry that can help them save money over their lifetime. Additionally, the bill creates a 13 member commission to advise the Comptroller on the implementation and promotion of the Illinois Bank On Initiative.
“This bill will help residents make better financial decisions,” Meyers-Martin said. “Now that this bill has been signed by the Governor, we can now start putting countless Illinoisans on a path to fiscal stability.”