Illinois General Assembly - Full Text of SB2360
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Full Text of SB2360  102nd General Assembly

SB2360enr 102ND GENERAL ASSEMBLY

  
  
  

 


 
SB2360 EnrolledLRB102 14792 BMS 20145 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 Banking Emergencies Act is amended by
5changing Sections 2, 3, and 4 and by adding Section 6 as
6follows:
 
7    (205 ILCS 610/2)  (from Ch. 17, par. 1002)
8    Sec. 2. Power of Commissioner.
9    (a) Whenever the Commissioner is notified by any officer
10of a bank or by any other means becomes aware that an emergency
11exists, or is impending, he may, by proclamation, authorize
12all banks in the State of Illinois to close or alter the hours
13at any or all of their offices, or if only a bank or banks, or
14offices thereof, in a particular area or areas of the State of
15Illinois are affected by the emergency or impending emergency,
16the Commissioner may authorize only the affected bank, banks,
17or offices thereof, to close. The office or offices so closed
18may remain closed until the Commissioner declares, by further
19proclamation, that the emergency or impending emergency has
20ended, or until an earlier time when the officers of the bank
21determine that the office or offices so closed should reopen,
22and, in either event, for the further amount of time
23reasonably necessary to reopen. The Commissioner during an

 

 

SB2360 Enrolled- 2 -LRB102 14792 BMS 20145 b

1emergency or while an impending emergency exists, which
2affects, or may affect, a particular bank or banks, or a
3particular office or offices thereof, but not banks located in
4the area generally of the said county or municipality, may
5authorize the particular bank or banks, or office or offices
6so affected, to close. The office or offices so closed shall
7remain closed until the Commissioner is notified by a bank
8officer of the closed bank that the emergency has ended, or
9until an earlier time when the officers of the bank determine
10that the office or offices so closed should reopen, and, in
11either event, for the further amount of time reasonably
12necessary to reopen. The Commissioner shall notify, at such
13time, the officers of the bank that one or more offices,
14heretofore closed because of the emergency, should reopen and,
15in either event, for such further time thereafter as may
16reasonably be required to reopen.
17    (b) Whenever the Secretary becomes aware that an emergency
18exists, or is impending, he or she may, by proclamation, waive
19any requirements to the notices, applications, or reports
20required to be filed and authorize any bank organized under
21the laws of this State, of another state, or of the United
22States, to open and operate offices in this State,
23notwithstanding any other laws of this State to the contrary.
24Any office or offices opened in accordance with this
25subsection may remain open until the Commissioner declares, by
26further proclamation, that the emergency or impending

 

 

SB2360 Enrolled- 3 -LRB102 14792 BMS 20145 b

1emergency has ended. The Department of Financial and
2Professional Regulation may adopt rules to implement this
3subsection (b).
4    (c) When the officers of a bank are of the opinion that an
5emergency exists, or is impending, which affects or may affect
6the bank's offices, they shall have the authority, in the
7reasonable exercise of their discretion, to determine not to
8open any of the bank's offices on any day or, if having opened,
9to close an office during the continuation of the emergency,
10even if the Commissioner does not issue a proclamation. The
11office closed shall remain closed until the time that the
12officers determine the emergency has ended, and for the
13further amount of time reasonably necessary to reopen. No bank
14office shall remain closed for more than 48 consecutive hours,
15excluding legal holidays and other days on which the bank is
16permitted to remain closed under the Promissory Note and Bank
17Holiday Act, without the prior approval of the Commissioner.
18(Source: P.A. 95-77, eff. 8-13-07; 96-1365, eff. 7-28-10.)
 
19    (205 ILCS 610/3)  (from Ch. 17, par. 1003)
20    Sec. 3. Notice to Commissioner and the Public. A bank
21closing an office or offices pursuant to the authority granted
22herein under Section 2 of this Act shall give as prompt notice
23of its action as conditions will permit and by any means
24available, to the Commissioner, or in the case of a national
25bank, to the Comptroller of the Currency. In addition the bank

 

 

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1shall post notice of the temporary closing and the
2authorization for the closing on the main entrance doors of
3the office or offices bank affected.
4(Source: P.A. 77-1782.)
 
5    (205 ILCS 610/4)  (from Ch. 17, par. 1004)
6    Sec. 4. Effect of Closing. Any day on which a bank, or any
7one or more of its offices, is closed during all or any part of
8its normal banking hours pursuant to the authorization granted
9under Section 2 of this Act shall be, with respect to such bank
10or, if not all of its offices are closed, then with respect to
11any office or offices which are closed, a legal holiday for all
12purposes with respect to any banking business of any
13character. No liability, or loss of rights of any kind, on the
14part of any bank, or director, officer, or employee thereof,
15shall accrue or result by virtue of any closing authorized by
16this Act.
17    The provisions of this Act shall be construed and applied
18as being in addition to, and not in substitution for or
19limitation of, any other law of this State or of the United
20States, authorizing the closing of a bank or excusing the
21delay by a bank in the performance of its duties and
22obligations because of emergencies or conditions beyond the
23bank's control, or otherwise.
24(Source: P.A. 77-1782.)
 

 

 

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1    (205 ILCS 610/6 new)
2    Sec. 6. Rulemaking. The Department of Financial and
3Professional Regulation may adopt rules to address the closing
4or alteration of hours by banks at one or more of their offices
5when affected by an emergency or impending emergency.