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91_SB0447enr
SB447 Enrolled LRB9105227JSpc
1 AN ACT to amend the Illinois Banking Act by changing
2 Section 48.3.
3 Be it enacted by the People of the State of Illinois,
4 represented in the General Assembly:
5 Section 5. The Illinois Banking Act is amended by
6 changing Section 48.3 as follows:
7 (205 ILCS 5/48.3) (from Ch. 17, par. 360.2)
8 Sec. 48.3. Disclosure of reports of examinations and
9 confidential supervisory information; limitations.
10 (a) Any report of examination, visitation, or
11 investigation prepared by the Commissioner under Section 48
12 of this Act, Section 25 of the Electronic Fund Transfer Act,
13 Section 5-2 of the Corporate Fiduciary Act, Section 3.1 of
14 the Illinois Bank Holding Company Act of 1957, and Section 18
15 of the Foreign Banking Office Act, and any report of
16 examination, visitation, or investigation prepared by the
17 state regulatory authority of another state that examines a
18 branch of an Illinois State bank in that state, or any
19 document or record prepared or obtained in connection with or
20 relating to any examination, visitation, or investigation,
21 and any record prepared or obtained by the Commissioner to
22 the extent that the record summarizes or contains information
23 derived from any report, document, or record described in
24 this subsection shall be deemed "confidential supervisory
25 information". Confidential supervisory information shall not
26 include any information or record routinely prepared by a
27 bank or other financial institution and maintained in the
28 ordinary course of business or any information or record that
29 is required to be made publicly available pursuant to State
30 or federal law or rule. Confidential supervisory information
31 shall be the property of the Commissioner and shall only be
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1 disclosed under the circumstances and for the purposes set
2 forth in this Section.
3 The Commissioner, his officers, agents, and employees
4 may disclose confidential supervisory information a report of
5 examination, or any document or record obtained in connection
6 with any examination, only under the following circumstances:
7 (1) The Commissioner may furnish confidential
8 supervisory information to the Board of Governors of the
9 Federal Reserve System, the federal reserve bank of the
10 federal reserve district in which the State bank is
11 located or in which the parent or other affiliate of the
12 State bank is located, any official or examiner thereof
13 duly accredited for the purpose, or any other state
14 regulator, federal regulator, or in the case of a foreign
15 bank possessing a certificate of authority pursuant to
16 the Foreign Banking Office Act or a license pursuant to
17 the Foreign Bank Representative Office Act, the bank
18 regulator in the country where the foreign bank is
19 chartered, that the Commissioner determines to have an
20 appropriate regulatory interest, a copy or copies of any
21 or all examinations of the bank and of any or all reports
22 made by the bank. He may give access to and disclose to
23 the Board, federal reserve bank, or any official or
24 examiner thereof duly accredited for the purpose, any and
25 all information possessed by the Commissioner with
26 reference to the condition or affairs of the State bank.
27 Nothing contained in this Act shall be construed to limit
28 the obligation of any member State bank to comply with
29 the requirements relative to examinations and reports of
30 the Federal Reserve Act and of the Board of Governors of
31 the Federal Reserve System or the federal reserve bank of
32 the federal reserve district in which the bank is
33 located, nor to limit in any way the powers of the
34 Commissioner with reference to examinations and reports.
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1 (2) The Commissioner may furnish confidential
2 supervisory information to the United States, any agency
3 thereof that has insured a bank's deposits in whole or in
4 part, or any official or examiner thereof duly accredited
5 for the purpose a copy or copies of any or all
6 examinations of the bank and of any or all reports made
7 by the bank. He may also give access to and disclose to
8 the United States, such an agency thereof, or any
9 official or examiner thereof duly accredited for the
10 purpose any and all information possessed by the
11 Commissioner with reference to the condition or affairs
12 of any such insured bank. Nothing contained in this Act
13 shall be construed to limit the obligation relative to
14 examinations and reports of any State bank, deposits in
15 which are to any extent insured by the United States, any
16 agency thereof, nor to limit in any way the powers of the
17 Commissioner with reference to examination and reports of
18 such bank.
19 (3) The Commissioner may furnish confidential
20 supervisory information to the appropriate law
21 enforcement authorities when the Commissioner he
22 reasonably believes a bank, which the Commissioner he has
23 caused to be examined, has been a victim of a crime.
24 (4) The Commissioner may furnish confidential
25 supervisory information relating to a bank or other
26 financial institution, which the Commissioner he has
27 caused to be examined, to be sent to the administrator of
28 the Uniform Disposition of Unclaimed Property Act.
29 (5) The Commissioner may furnish confidential
30 supervisory information relating to a bank or other
31 financial institution, which the Commissioner he has
32 caused to be examined, relating to its performance of
33 obligations under the Illinois Income Tax Act and the
34 Illinois Estate and Generation-Skipping Transfer Tax Act
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1 to the Illinois Department of Revenue.
2 (6) The Commissioner may furnish confidential
3 supervisory information relating to a bank or other
4 financial institution, which the Commissioner he has
5 caused to be examined, under the federal Currency and
6 Foreign Transactions Reporting Act, Title 31, United
7 States Code, Section 1051 et seq.
8 (6.5) The Commissioner may furnish confidential
9 supervisory information, including excerpts or summaries
10 of information contained in a report of examination
11 prepared by the Commissioner, to any other agency or
12 entity that the Commissioner determines to have a
13 legitimate regulatory interest.
14 (7) The Commissioner may furnish confidential
15 supervisory information under any other statute that by
16 its terms or by regulations promulgated thereunder
17 requires the disclosure of financial records other than
18 by subpoena, summons, warrant, or court order.
19 (8) At the request of the affected bank or other
20 financial institution, the Commissioner may furnish
21 confidential supervisory information relating to a bank
22 or other financial institution, which the Commissioner he
23 a copy of a report
6 of any examination performed by the Commissioner of the
7 condition and affairs of any bank or other financial
8 institution under the same circumstances authorized for
9 under which the bank or financial institution may
10 disclose the report of examination pursuant to subsection
11 (b) of this Section, except that the Commissioner shall
12 provide confidential supervisory information a copy of a
13 report of examination under circumstances described in
14 paragraph (3) of subsection (b) of this Section only upon
15 the request of the bank or other financial institution.
16 (b) A bank or other financial institution or its
17 officers, agents, and employees may disclose confidential
18 supervisory information a report of examination of the bank
19 or other financial institution prepared by the Commissioner
20 only under the following circumstances:
21 (1) to the board of directors of the bank or other
22 financial institution, as well as the president,
23 vice-president, cashier, and other officers of the bank
24 or other financial institution to whom the board of
25 directors may delegate duties with respect to compliance
26 with recommendations for action within the report, and to
27 the board of directors of a bank holding company that
28 owns at least 80% of the outstanding stock of the bank or
29 other financial institution;
30 (2) to attorneys for the bank or other financial
31 institution and to a certified public accountant engaged
32 by the State bank or financial institution to perform an
33 independent audit provided that the attorney or certified
34 public accountant shall not permit the confidential
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1 supervisory report of examination or information therein
2 to be further disseminated;
3 (3) to any person who seeks to acquire a
4 controlling interest in, or who seeks to merge with, the
5 bank or financial institution, provided that all
6 attorneys, certified public accountants, officers,
7 agents, or employees of that person shall agree to be
8 bound to respect the confidentiality of the confidential
9 supervisory information in the report of examination and
10 to not further disseminate the information therein
11 contained;
12 (4) (blank) in response to a lawful subpoena,
13 summons, warrant, or court order that meets the
14 requirements of subsection (c) of this Section; or
15 (5) to the bank's insurance company in relation to
16 an insurance claim or the effort by the bank to procure
17 insurance coverage, provided that, when possible, the
18 bank shall disclose only information that is relevant to
19 the insurance claim or that is necessary to procure the
20 insurance coverage, while maintaining the confidentiality
21 of financial information pertaining to customers. When
22 appropriate, the bank may delete identifying data
23 relating to any person.
24 The disclosure of confidential supervisory information by
25 a bank or other financial institution pursuant to this
26 subsection (b) and the disclosure of information to the
27 Commissioner or other regulatory agency in connection with
28 any examination, visitation, or investigation shall not
29 constitute a waiver of any legal privilege otherwise
30 available to the bank or other financial institution with
31 respect to the information.
32 (c) (1) Notwithstanding any other provision of this Act
33 or any other law, confidential supervisory information shall
34 be the property of the Commissioner and shall be privileged
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1 from disclosure to any person except as provided in this
2 Section. No person in possession of confidential supervisory
3 information may disclose that information for any reason or
4 under any circumstances not specified in this Section without
5 the prior authorization of the Commissioner. Any person upon
6 whom a demand for production of confidential supervisory
7 information is made, whether by subpoena, order, or other
8 judicial or administrative process, must withhold production
9 of the confidential supervisory information and must notify
10 the Commissioner of the demand, at which time the
11 Commissioner is authorized to intervene for the purpose of
12 enforcing the limitations of this Section or seeking the
13 withdrawal or termination of the attempt to compel production
14 of the confidential supervisory information.
15 (2) Any request for discovery or disclosure of
16 confidential supervisory information, whether by subpoena,
17 order, or other judicial or administrative process, shall be
18 made to the Commissioner, and the Commissioner shall
19 determine within 15 days whether to disclose the information
20 pursuant to procedures and standards that the Commissioner
21 shall establish by rule. If the Commissioner determines that
22 such information will not be disclosed, the Commissioner's
23 decision shall be subject to judicial review under the
24 provisions of the Administrative Review Law, and venue shall
25 be in either Sangamon County or Cook County.
26 (3) Any court order that compels disclosure of
27 confidential supervisory information may be immediately
28 appealed by the Commissioner, and the order shall be
29 automatically stayed pending the outcome of the appeal. A
30 bank or financial institution shall disclose a report of
31 examination under paragraph (4) of subsection (b) of this
32 Section pursuant to a lawful subpoena, summons, warrant, or
33 court order only after the bank or financial institution
34 mails a copy of the subpoena, summons, warrant, or court
SB447 Enrolled -8- LRB9105227JSpc
1 order to the Commissioner by certified mail, postage prepaid,
2 at least 15 days prior to providing the report. The
3 Commissioner shall have the right to intervene in a court or
4 administrative proceeding at any time to obtain a protective
5 order in the proceeding to protect the confidentiality of the
6 report. If the date by which the bank or financial
7 institution is directed to provide the report is sooner than
8 15 days, then the bank or financial institution shall give
9 notice telephonically, which notice shall be confirmed in
10 writing in the manner provided in this subsection (c), and
11 the Commissioner shall have the right to intervene to obtain
12 a protective order.
13 (d) If any officer, agent, attorney, or employee of a
14 bank or financial institution knowingly and willfully
15 furnishes confidential supervisory information a report of
16 examination in violation of this Section, the Commissioner
17 may impose a civil monetary penalty up to $1,000 for the
18 violation against the officer, agent, attorney, or employee.
19 (Source: P.A. 89-208, eff. 9-29-95; 89-310, eff. 1-1-96;
20 89-567, eff. 7-26-96; 89-626, eff. 8-9-96; 90-301, eff.
21 8-1-97.)
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