SPRING FIELD — State Sen. Doris Turner (D-Springfield) defended recently signed legislation to ensure unbanked communities can establish a fairer opportunity for residents.
“There are millions of people across the country who, due to account balance barriers and minimum deposit requirements, don’t have a reliable bank,” Turner said. “This law will allow communities to take a stand and create the conditions for a fairer banking experience.”
Under Turner’s Law, an Illinois Banking Development District program will be created to encourage the establishment of bank branches in communities where the need for banking services is greatest.
The New York State Banking Department launched the Banking Development District program in 1997. Under this program, the state agency encourages banks to establish new branches in communities with few or no branches .
“Creating a reliable banking program in communities across the state will economically free people up and allow them to participate in the financial process,” Turner said.
Senate Bill 5194 was signed into law on Friday and will take effect on January 1, 2023.