SPRINGFIELD, Ill.-- Illinois Gov. Pat Quinn has signed into law HB 2432, which means credit unions and other deployers of ATMs will no longer be required to display a physical sign disclosing ATM terminal fees.
The law, which had the backing of the Illinois league and which passed the Illinois House by a 116-0 vote and the Senate by a 56-0 vote, provides parity with federal requirements regarding ATM disclosures that went into effect in December 2012 and which also drop the requirement for physical signage. Both the federal and the new Illinois law follow a plethora of lawsuits across the country against credit unions and other financial institutions in which individuals would remove the physical signs from the ATM, take a picture of the missing signage, and then file suit against the financial institutions alleging they were not in compliance with applicable disclosure rules.
“The federal law, as amended, helps mitigate this frivolous lawsuit risk factor,” said the Illinois league in a statement.
