Illinois General Assembly - Full Text of HB0645
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Full Text of HB0645  97th General Assembly



State of Illinois
2011 and 2012


Introduced 01/31/11, by Rep. Michael J. Madigan


205 ILCS 630/17  from Ch. 17, par. 2201

    Amends the Promissory Note and Bank Holiday Act. Makes a technical change in the Section listing bank holidays.

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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 Promissory Note and Bank Holiday Act is
5amended by changing Section 17 as follows:
6    (205 ILCS 630/17)  (from Ch. 17, par. 2201)
7    Sec. 17. Holidays.
8    (a) The The following days shall be legal holidays in the
9State of Illinois upon which day a bank may, but is not
10required to, remain closed:
11    the first day of January (New Year's Day);
12    the third Monday in January (observance of Martin Luther
13King, Jr.'s birthday);
14    the twelfth day in February (Abraham Lincoln's birthday);
15    the third Monday in February (Presidents Day);
16    the first Monday in March (observance of Casimir Pulaski's
18    the Friday preceding Easter Sunday (Good Friday);
19    the last Monday of May (Memorial Day);
20    the fourth day of July (Independence Day);
21    the first Monday in September (Labor Day);
22    the second Monday in October (Columbus Day);
23    the eleventh day of November (Veterans' Day);



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1    the fourth Thursday in November (Thanksgiving Day);
2    the twenty-fifth day in December (Christmas Day);
3    the days upon which the general elections for members of
4the House of Representatives are held, and any day proclaimed
5by the Governor of this State as a legal holiday. From 12
6o'clock noon to 12 o'clock midnight of each Saturday shall be
7considered a half holiday. In addition to such holidays and
8half-holidays, a bank may select one day of the week to remain
9closed, as provided in subsection (b) of this Section.
10    (b) Any bank doing business within this State may select
11any one day of the week to remain closed on a regular basis
12upon adoption of a resolution by the board of directors of such
13bank designating the day selected and upon filing and
14publishing a copy of such resolution as hereinafter required.
15Any such resolution shall be deemed effective for the purpose
16of this Section only when a copy thereof, certified by an
17officer having charge of the records of such bank, is filed
18with the Recorder of the county in which such bank is located
19and published once each week for 3 successive weeks in a
20newspaper of general circulation in such county. Such
21publication shall be accomplished by, and at the expense of,
22the bank, and the bank shall submit to the Commissioner of
23Banks and Real Estate such evidence of the publication as the
24Commissioner shall deem appropriate. Any such selection shall
25remain in full force and effect until a copy of the later
26resolution of the board of directors of such bank, certified in



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1like manner, terminating or altering any such prior selection
2shall be filed and published in the same manner as such prior
4    (c) If an occasion arises when a state bank wishes to
5remain closed on a particular day, other than a day on which
6the bank has selected to remain closed on a regular basis as
7provided in this Section, such state bank may remain closed on
8such an occasion after first sending to the Commissioner a copy
9of a resolution adopted by the board of directors authorizing
10the bank to remain closed on such occasion and notice of the
11intent to remain closed on such occasion shall be conspicuously
12posted in the lobby of the main banking office and any branches
13of such bank for at least 3 weeks in advance of such occasion.
14Any day which any bank doing business within the State shall
15select to remain closed pursuant to this Section shall, with
16respect to such bank, be treated and considered as a Sunday.
17    (d) All legal holidays, the half holidays and any day
18selected by a bank doing business within the State to remain
19closed, shall, for all purposes whatsoever, as regards the
20presenting for payment or acceptance, the maturity and
21protesting and giving of notice of the dishonor of bills of
22exchange, bank checks and promissory notes and other negotiable
23or commercial paper or instrument, be treated and considered as
24a Sunday. When any such holidays fall on Sunday, the Monday
25next following shall be held and considered such holiday. All
26notes, bills, drafts, checks or other evidence of indebtedness,



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1falling due or maturing on either of such days, shall be deemed
2as due or maturing upon the day following, and when 2 or more
3of these days come together, or immediately succeeding each
4other, then such instruments, paper or indebtedness shall be
5deemed as due or having matured on the day following the last
6of such days.
7    (e) Any act authorized, required or permitted to be
8performed at or by or with respect to any bank doing business
9within the State on a day which it has selected to remain
10closed under this Section may be so performed on the next
11succeeding business day and no liability or loss of rights of
12any kind shall result from such delay.
13    (f) Nothing in this Act shall in any manner affect the
14validity of, or render void or voidable, the payment,
15certification, or acceptance of a check or other negotiable
16instrument, or any other transaction by a bank in this State,
17because done or performed on any Saturday, Sunday, holiday, or
18any day selected by a bank to remain closed, or during any time
19other than regular banking hours; but no bank in this State,
20which by law or custom is entitled to remain open or to close
21for the whole or any part of any day selected by it to remain
22open or to close, is compelled to close, or to remain open for
23the transaction of business or to perform any of the acts or
24transactions aforesaid except at its own option.
25(Source: P.A. 89-508, eff. 7-3-96; 89-567, eff. 7-26-96; 90-14,
26eff. 7-1-97.)