Bill Status of SB 3971   102nd General Assembly

Short Description:  FIN-BANKING/RECORDS RETENTION

Senate Sponsors
Sen. Laura M. Murphy, Mattie Hunter and Kimberly A. Lightford

House Sponsors
(Rep. La Shawn K. Ford and Barbara Hernandez)


Last Action  View All Actions

DateChamber Action
  5/13/2022SenatePublic Act . . . . . . . . . 102-0873

Statutes Amended In Order of Appearance
205 ILCS 5/48.1from Ch. 17, par. 360
205 ILCS 5/48.6
205 ILCS 205/4013from Ch. 17, par. 7304-13
205 ILCS 205/9011from Ch. 17, par. 7309-11

Synopsis As Introduced
Amends the Illinois Banking Act. In provisions concerning customer financial records and confidentiality, provides that a bank shall disclose financial records only after the bank sends a copy of the subpoena, summons, warrant, citation, or court order to the person establishing the relationship with the bank at the person's last known address through a third-party commercial carrier or courier with delivery charge fully prepaid, by hand delivery, or by electronic delivery at an email address on file with the bank. In provisions concerning retention of records, provides that each bank shall retain its records in a manner consistent with prudent business practices and applicable State or federal laws, rules, and regulations. Provides that except where a retention period is required by State or federal laws, rules, or regulations, a bank may destroy its records. Removes provisions concerning retention of records. Makes the same changes in the Savings Bank Act. Makes other changes. Effective immediately.

Senate Floor Amendment No. 1
Adds reference to:
205 ILCS 305/10from Ch. 17, par. 4411
205 ILCS 305/10.1

Replaces everything after the enacting clause with the provisions of the introduced bill with the following changes. Amends the Illinois Credit Union Act. In provisions concerning credit union records and member financial records, provides that a credit union shall disclose specified financial records pursuant to a lawful subpoena, summons, warrant, citation to discover assets or court order only after the credit union sends (rather than mails) a copy of the request to the person establishing the relationship with the credit union, if living, or the person's personal representative, if known, at the person's last known address by first class mail, postage prepaid, through a third-party commercial carrier or courier with delivery charge fully prepaid, by hand delivery, or by electronic delivery at an email address on file with the credit union (instead of only by first class mail). In provisions concerning retention of records, provides that each credit union shall retain its records in a manner consistent with prudent business practices and in accordance with the provisions and applicable State or federal laws, rules, and regulations. Provides that the record retention system utilized must be able to accurately produce records. Provides that except where a retention period is required by State or federal laws, rules, or regulations, a credit union may destroy its records, and that in the destruction of records, the credit union shall take reasonable precautions to ensure the confidentiality of information in the records. Makes other changes. Effective immediately.

Actions 
DateChamber Action
  1/21/2022SenateFiled with Secretary by Sen. Laura M. Murphy
  1/21/2022SenateFirst Reading
  1/21/2022SenateReferred to Assignments
  2/1/2022SenateAssigned to Financial Institutions
  2/10/2022SenateDo Pass Financial Institutions; 007-000-000
  2/10/2022SenatePlaced on Calendar Order of 2nd Reading February 15, 2022
  2/18/2022SenateSenate Floor Amendment No. 1 Filed with Secretary by Sen. Laura M. Murphy
  2/18/2022SenateSenate Floor Amendment No. 1 Referred to Assignments
  2/22/2022SenateSenate Floor Amendment No. 1 Assignments Refers to Financial Institutions
  2/22/2022SenateSecond Reading
  2/22/2022SenatePlaced on Calendar Order of 3rd Reading February 23, 2022
  2/23/2022SenateSenate Floor Amendment No. 1 Recommend Do Adopt Financial Institutions; 007-000-000
  2/24/2022SenateAdded as Co-Sponsor Sen. Mattie Hunter
  2/24/2022SenateRecalled to Second Reading
  2/24/2022SenateSenate Floor Amendment No. 1 Adopted; Murphy
  2/24/2022SenatePlaced on Calendar Order of 3rd Reading
  2/24/2022SenateThird Reading - Passed; 055-000-000
  2/24/2022SenateAdded as Co-Sponsor Sen. Kimberly A. Lightford
  2/25/2022HouseArrived in House
  2/25/2022HouseChief House Sponsor Rep. La Shawn K. Ford
  2/25/2022HouseFirst Reading
  2/25/2022HouseReferred to Rules Committee
  3/7/2022HouseAssigned to Financial Institutions Committee
  3/15/2022HouseDo Pass / Short Debate Financial Institutions Committee; 011-000-000
  3/16/2022HousePlaced on Calendar 2nd Reading - Short Debate
  3/23/2022HouseSecond Reading - Short Debate
  3/23/2022HousePlaced on Calendar Order of 3rd Reading - Short Debate
  4/1/2022HouseThird Reading - Short Debate - Passed 108-000-000
  4/1/2022SenatePassed Both Houses
  4/1/2022HouseAdded Alternate Co-Sponsor Rep. Barbara Hernandez
  4/29/2022SenateSent to the Governor
  5/13/2022SenateGovernor Approved
  5/13/2022SenateEffective Date May 13, 2022
  5/13/2022SenatePublic Act . . . . . . . . . 102-0873

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