Illinois credit unions will no longer be required to post feedisclosure stickers or signs on ATMs thanks to HB 2432 that wassigned into law last week by Gov. Pat Quinn.

The state bill provides parity with federal requirementsregarding ATM fee disclosure, according to the Illinois Credit Union League. Previously, the federalElectronic Fund Transfer Act mandated that ATMs have a sticker orsign and an on-screen notice to alert consumers about fees.

In December 2012, President Barack Obama signed federallegislation removing the requirement for the physical sign, keepingintact the requirement for electronic disclosure of fees and anopportunity for the cardholder to cancel the transaction beforeincurring any fees.

More importantly, this measure provides credit unions thatdeploy terminals with relief from the risk of frivolous andspurious litigation, without impairing a member's awareness of thefees assessed for using the ATM, said Stephen Olson, ICUL executive vice president & general counsel.

An impetus for the federal and state legislation was that ATMdisclosure stickers were being removed by individuals who wouldthen take pictures of the machines and file lawsuits againstfinancial institutions alleging they were not in compliance withdisclosure rules.

The federal law and the new Illinois law are expected to stopthose lawsuits.

Quinn signed HB 2432 into law Aug. 16, and it became effectiveimmediately.Asimilar law was signed in recent weeks by New York Gov. AndrewCuomo.