Illinois General Assembly

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 Bill Status of SB1198  98th General Assembly


Short Description:  BANKING ACT-FINANCIAL DISCLOSE

Senate Sponsors
Sen. Daniel Biss - Jacqueline Y. Collins - Ira I. Silverstein and Terry Link

Last Action
DateChamber Action
  1/13/2015SenateSession Sine Die

Statutes Amended In Order of Appearance
205 ILCS 5/48.1from Ch. 17, par. 360


Synopsis As Introduced
Amends the Illinois Banking Act. Provides that a bank shall utilize a form, statement, or writing to obtain a customer's consent to disclose any financial records or information obtained from financial records relating to that customer to non-affiliated third persons or parties. Provides criteria for banks to meet regarding the form, statement, or writing to obtain a customer's consent to disclose financial information relating to the customer's financial records. Provides that a bank shall not discriminate against or deny an otherwise qualified customer a financial product or financial service because the customer has not provided the consent to authorize the bank to disclose or share financial records or financial information obtained from financial records relating to that customer with any non-affiliated third person. Provides that a bank shall not be liable for failing to offer products and services to a customer solely because (i) that customer has failed to provide consent and the bank could not offer the product or service without consent and (ii) the customer has failed to provide consent.

Actions 
DateChamber Action
  1/30/2013SenateFiled with Secretary by Sen. Daniel Biss
  1/30/2013SenateFirst Reading
  1/30/2013SenateReferred to Assignments
  2/7/2013SenateAssigned to Financial Institutions
  2/28/2013SenatePostponed - Financial Institutions
  3/6/2013SenateAdded as Chief Co-Sponsor Sen. Jacqueline Y. Collins
  3/12/2013SenateAdded as Co-Sponsor Sen. Terry Link
  3/13/2013SenateAdded as Chief Co-Sponsor Sen. Ira I. Silverstein
  3/22/2013SenateRule 3-9(a) / Re-referred to Assignments
  1/13/2015SenateSession Sine Die

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