99TH GENERAL ASSEMBLY
State of Illinois
2015 and 2016
SB2945
 
Introduced 2/18/2016, by Sen. Terry Link
 
SYNOPSIS AS INTRODUCED:
 

 
  
205 ILCS 715/5

     Amends the Data Processing Services for Financial Institutions Act. Changes the definition of "depository institution" to mean any bank subject to the Illinois Banking Act, any savings and loan association subject to the Illinois Savings and Loan Act of 1985, any savings bank subject to the Savings Bank Act, any credit union subject to the Illinois Credit Union Act, or any federally chartered commercial bank, savings and loan association, savings bank, or credit union organized and operated in this State pursuant to the laws of the United States. Effective immediately.
  


LRB099 19761 SMS 44159 b

 
 
A BILL FOR
 

  
SB2945LRB099 19761 SMS 44159 b


  
1    AN ACT concerning regulation.
  
 
2    Be it enacted by the People of the State of Illinois,
 
3represented in the General Assembly:
  
 
 
4    Section 5. The Data Processing Services for Financial 
5Institutions Act is amended  by changing Section 5 as follows:
 



6    (205 ILCS 715/5)



7    Sec. 5. Definitions. As used in this Act, the following 
8terms shall have
the following meanings:

9    "Corporate fiduciary" has the meaning ascribed to that term 
10in the
Corporate Fiduciary Act.

11    "Depository institution" means any bank subject to the 
12Illinois Banking Act, any savings and loan association subject 
13to the Illinois Savings and Loan Act of 1985, any savings bank 
14subject to the Savings Bank Act, any credit union subject to 
15the Illinois Credit Union Act, or any federally chartered 
16commercial bank, savings and loan association, savings bank, or 
17credit union organized and operated in this State pursuant to 
18the laws of the United States a bank, savings and loan 
19association,
savings bank, or credit union chartered under the 
20laws of Illinois or of the
United States.

21    "Financial institution" means any depository institution 
22or corporate
fiduciary that has its main office in Illinois and 
23includes foreign
banking corporations that receive 
 
 
SB2945- 2 -LRB099 19761 SMS 44159 b

1certificates of authority from the Office of
Banks and Real 
2Estate under the Foreign Banking Office Act.

3    "Independent data processing servicer" means an entity 
4that provides
electronic data processing services to a

5financial institution, but does not include an entity to the 
6extent the entity
processes interchange transactions, as 
7defined in the Electronic Fund Transfer
Act.

8    "Interface agreement" means a written agreement specifying 
9the terms and
conditions under which an interface
of 
10communications, data, or systems between independent data 
11processing
servicers shall be accomplished.

12    "Main office" means the location designated as the main 
13office or
principal place of business in the charter,
articles 
14of incorporation, or certificate of authority of the depository

15institution or corporate fiduciary.

16(Source: P.A. 91-742, eff. 6-2-00.)

 
 
17    Section 99. Effective date. This Act takes effect upon 
18becoming law.