(205 ILCS 715/17) Sec. 17. Ownership of financial institution data. If a financial institution transfers or otherwise makes available to an independent data processing servicer any data from the financial institution's records, such data shall at all times remain the property of the financial institution. The independent data processing servicer shall have no right, title, or interest in claiming legal ownership of the data. The transfer of the data by the financial institution, pursuant to an interface agreement or other agreement with the independent data processing servicer, only authorizes the independent data processing servicer to exercise temporary control of the data for the limited purpose of performing the contracted services requested by the financial institution.
(Source: P.A. 100-170, eff. 8-18-17.) |