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91_SB0890sam001
LRB9105132JSpcam
1 AMENDMENT TO SENATE BILL 890
2 AMENDMENT NO. . Amend Senate Bill 890 on page 3,
3 line 1, by changing "15" to "10"; and
4 on page 5 by replacing lines 17 through 23 with the
5 following:
6 "Section 15. Action for damages. An Illinois financial
7 institution shall not be directly or indirectly liable in a
8 Year 2000 action for damages incurred by persons not in
9 privity of contract with the Illinois financial institution
10 in connection with the transaction that gave rise to the Year
11 2000 claim.
12 Section 20. Notice of claim. No person shall bring a
13 Year 2000 action or make a Year 2000 claim against an
14 Illinois financial institution unless the person has given
15 written notice to the Illinois financial institution of the
16 person's Year 2000 claim and the Illinois financial
17 institution has been afforded at least 30 days after receipt
18 of the notice to resolve the claim."; and
19 on page 5, line 24, by changing "20" to "25"; and
20 on page 5, line 28, by replacing "fraud" with "fraud;
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1 provided that this Section shall not preclude a Year 2000
2 action against an Illinois financial institution that is
3 otherwise permitted by law"; and
4 on page 5, line 29, by changing "25" to "30"; and
5 on page 6 by inserting immediately below line 8 the
6 following:
7 "Section 92. The Consumer Deposit Account Act is amended
8 by adding Section 6 as follows:
9 (205 ILCS 605/6 new)
10 Sec. 6. Charges on customer's account resulting from a
11 Year 2000 failure. If a Year 2000 failure, as defined in
12 Section 10 of the Illinois Financial Institutions Year 2000
13 Safety and Soundness Act, causes a financial institution or
14 credit union to assess a charge or fee against the account of
15 any deposit customer for having insufficient funds on deposit
16 to pay a check drawn on that account by that customer or for
17 having insufficient funds on deposit to satisfy any minimum
18 balance requirement pertaining to that account, such charge
19 or fee shall be rescinded if (i) sufficient funds were in the
20 account at the relevant time, (ii) the charge or fee was
21 attributable to the Year 2000 failure and would not otherwise
22 have been authorized, and (iii) the financial institution or
23 credit union is notified of and verifies the imposition of
24 the charge or fee.
25 Section 93. The Interest Act is amended by changing
26 Section 6 as follows:
27 (815 ILCS 205/6) (from Ch. 17, par. 6413)
28 Sec. 6. (a) If any person or corporation knowingly
29 contracts for or receives, directly or indirectly, by any
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1 device, subterfuge or other means, unlawful interest,
2 discount or charges for or in connection with any loan of
3 money, the obligor may, recover by means of an action or
4 defense an amount equal to twice the total of all interest,
5 discount and charges determined by the loan contract or paid
6 by the obligor, whichever is greater, plus such reasonable
7 attorney's fees and court costs as may be assessed by a court
8 against the lender. The payments due and to become due
9 including all interest, discount and charges included therein
10 under the terms of the loan contract, shall be reduced by the
11 amount which the obligor is thus entitled to recover.
12 Recovery by means of a defense may be had at any time after
13 the loan is transacted. Recovery by means of an action may be
14 had at any time after the loan is transacted and prior to the
15 expiration of 2 years after the earlier of (1) the date of
16 the last scheduled payment of the loan after giving effect to
17 all renewals or extensions thereof, if any, or (2) the date
18 on which the total amount due under the terms of the loan
19 contract is fully paid. A bona fide error in connection with
20 a loan shall not be a violation under this section if the
21 lender corrects the error within a reasonable time.
22 (b) If a Year 2000 failure, as defined in Section 10 of
23 the Illinois Financial Institutions Year 2000 Safety and
24 Soundness Act, at or attributable to a lender or the lender's
25 agent or service provider causes that lender to assess a
26 charge or fee against its loan customer for non-payment or
27 delinquent payment of a loan or of any payment due under the
28 terms of a loan agreement, such charge or fee shall be
29 rescinded if (i) the payment on the loan was timely made,
30 (ii) the charge or fee was attributable to the Year 2000
31 failure and would not otherwise have been authorized, and
32 (iii) the lender is notified of and verifies the imposition
33 of the charge or fee.
34 (c) No person shall be liable under this Act for any act
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1 done or omitted in good faith in conformity with any rule,
2 regulation, interpretation, or opinion issued by the
3 Commissioner of Banks and Real Estate or the Department of
4 Financial Institutions or any other department or agency of
5 the State, notwithstanding that after such act or omission
6 has occurred, such rule, regulation, interpretation, or
7 opinion is amended, rescinded, or determined by judicial or
8 other authority to be invalid for any reason.
9 (Source: P.A. 90-161, eff. 7-23-97.)".
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