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We have an account held by a DMV office, and they said that we cannot charge any fees on the account and that we must apply to the Secretary of State before collecting any account fees. Is that true? – IBA Compliance Connection

IBA Compliance Connection

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We have an account held by a DMV office, and they said that we cannot charge any fees on the account and that we must apply to the Secretary of State before collecting any account fees. Is that true?

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We believe that the DMV office has a good argument for their interpretation of the law. As stated in the section referred to in the Secretary of State’s letter, any money deposited in a bank account “shall be forwarded to the Secretary of State by such designate banks or savings and loan associations for deposit with the State Treasurer.” 625 ILCS 5/2-126. We do not believe that this would leave any room for a bank to charge a fee before forwarding the DMV office’s deposits to the State Treasurer.