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1 | AN ACT concerning regulation.
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2 | Be it enacted by the People of the State of Illinois,
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3 | represented in the General Assembly:
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4 | Section 5. The Data Processing Services for Financial | |||||||||||||||||||||
5 | Institutions Act is amended by changing Section 5 and by adding | |||||||||||||||||||||
6 | Section 17 as follows:
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7 | (205 ILCS 715/5)
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8 | Sec. 5. Definitions. As used in this Act, the following | |||||||||||||||||||||
9 | terms shall have
the following meanings:
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10 | "Corporate fiduciary" has the meaning ascribed to that term | |||||||||||||||||||||
11 | in the
Corporate Fiduciary Act.
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12 | "Depository institution" means a bank, savings and loan | |||||||||||||||||||||
13 | association,
savings bank, or credit union chartered under the | |||||||||||||||||||||
14 | laws of Illinois or of the
United States.
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15 | "Financial institution" means a bank, savings bank, or | |||||||||||||||||||||
16 | credit union chartered under the laws of Illinois or of the | |||||||||||||||||||||
17 | United States or a subsidiary thereof, any depository | |||||||||||||||||||||
18 | institution or a corporate
fiduciary that has its main office | |||||||||||||||||||||
19 | in Illinois and includes foreign
banking corporations that | |||||||||||||||||||||
20 | receive certificates of authority from the Department of | |||||||||||||||||||||
21 | Financial and Professional Regulation Office of
Banks and Real | |||||||||||||||||||||
22 | Estate under the Foreign Banking Office Act.
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23 | "Independent data processing servicer" means an entity |
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1 | that provides
electronic data processing services to a
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2 | financial institution, but does not include an entity to the | ||||||
3 | extent the entity
processes interchange transactions, as | ||||||
4 | defined in the Electronic Fund Transfer
Act.
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5 | "Interface agreement" means a written agreement specifying | ||||||
6 | the terms and
conditions under which an interface
of | ||||||
7 | communications, data, or systems between independent data | ||||||
8 | processing
servicers shall be accomplished.
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9 | "Main office" means the location designated as the main | ||||||
10 | office or
principal place of business in the charter,
articles | ||||||
11 | of incorporation, or certificate of authority of the depository
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12 | institution or corporate fiduciary.
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13 | (Source: P.A. 91-742, eff. 6-2-00.)
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14 | (205 ILCS 715/17 new) | ||||||
15 | Sec. 17. Ownership of financial institution data. If a | ||||||
16 | financial institution transfers or otherwise makes available | ||||||
17 | to an independent data processing servicer any data from the | ||||||
18 | financial institution's records, such data shall at all times | ||||||
19 | remain the property of the financial institution. The | ||||||
20 | independent data processing servicer shall have no right, | ||||||
21 | title, or interest in claiming legal ownership of the data. The | ||||||
22 | transfer of the data by the financial institution only | ||||||
23 | authorizes the independent data processing servicer to | ||||||
24 | exercise temporary control of the data for the limited purpose | ||||||
25 | of performing the contracted services requested by the |
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1 | financial institution.
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2 | Section 99. Effective date. This Act takes effect upon | ||||||
3 | becoming law.
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