99TH GENERAL ASSEMBLY
State of Illinois
2015 and 2016
HB5286

 

Introduced , by Rep. Michael J. Madigan

 

SYNOPSIS AS INTRODUCED:
 
205 ILCS 705/5

    Amends the Financial Institutions Electronic Documents and Digital Signature Act. Makes a technical change in a Section concerning definitions.


LRB099 17406 SMS 41764 b

 

 

A BILL FOR

 

HB5286LRB099 17406 SMS 41764 b

1    AN ACT concerning regulation.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The Financial Institutions Electronic Documents
5and Digital Signature Act is amended by changing Section 5 as
6follows:
 
7    (205 ILCS 705/5)
8    Sec. 5. Definitions. As used in this Act:
9    "Digital signature" means an encrypted electronic
10identifier, created by computer, intended by the the party
11using it to have the same force and effect as the use of a
12manual signature.
13    "Financial institution" means a bank, a savings and loan
14association, a savings bank, or a credit union or any
15subsidiary or affiliate of a bank, savings and loan
16association, savings bank, or credit union.
17    "Substitute check" means a paper reproduction of an
18original check, as defined in the Check Clearing for the 21st
19Century Act (12 U.S.C. 5001, et seq.), as amended from time to
20time, and the rules promulgated thereunder.
21(Source: P.A. 94-458, eff. 8-4-05; 95-77, eff. 8-13-07.)