Full Text of HB2514 100th General Assembly
HB2514enr 100TH GENERAL ASSEMBLY |
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| 1 | | AN ACT concerning regulation.
| 2 | | Be it enacted by the People of the State of Illinois,
| 3 | | represented in the General Assembly:
| 4 | | Section 5. The Illinois Banking Act is amended by changing | 5 | | Section 48.3 as follows:
| 6 | | (205 ILCS 5/48.3) (from Ch. 17, par. 360.2)
| 7 | | Sec. 48.3.
Disclosure of reports of examinations
and | 8 | | confidential
supervisory information;
limitations.
| 9 | | (a) Any report of examination, visitation, or | 10 | | investigation prepared by
the Secretary Commissioner under | 11 | | this Act, the Electronic Fund Transfer
Act, the Corporate | 12 | | Fiduciary Act, the
Illinois Bank Holding Company Act of 1957, | 13 | | and the Foreign
Banking Office Act, any report of examination, | 14 | | visitation, or
investigation prepared by the state regulatory
| 15 | | authority of another state that examines a branch of an | 16 | | Illinois State bank in
that state, any document or record | 17 | | prepared or obtained in
connection with or relating to any
| 18 | | examination, visitation, or investigation, and any record | 19 | | prepared or
obtained by the Secretary Commissioner to the | 20 | | extent that the record summarizes or
contains information | 21 | | derived from any report, document, or record described
in this | 22 | | subsection shall be deemed "confidential supervisory | 23 | | information".
Confidential
supervisory information shall not |
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| 1 | | include any information or record
routinely prepared by a bank | 2 | | or other financial institution and maintained in
the ordinary | 3 | | course of business or any information or record that is | 4 | | required
to be made publicly available pursuant to State or | 5 | | federal law or rule.
Confidential supervisory information
| 6 | | shall be the property of the Secretary Commissioner and shall | 7 | | only be
disclosed under the circumstances and for the purposes | 8 | | set forth in this
Section.
| 9 | | The Secretary Commissioner may
disclose
confidential | 10 | | supervisory information only under the following | 11 | | circumstances:
| 12 | | (1) The Secretary Commissioner may furnish | 13 | | confidential supervisory information
to the Board of | 14 | | Governors of the
Federal Reserve System, the federal | 15 | | reserve bank of the federal reserve
district in which the | 16 | | State bank is located or in which the parent or other
| 17 | | affiliate of the State bank is located, any official or | 18 | | examiner
thereof duly accredited for the purpose, or any | 19 | | other state regulator, federal
regulator, or in the case of | 20 | | a foreign bank possessing a certificate of
authority | 21 | | pursuant to the Foreign Banking Office Act or a license | 22 | | pursuant to
the Foreign Bank Representative Office Act, the | 23 | | bank regulator in the country
where the foreign bank is | 24 | | chartered,
that the Secretary Commissioner determines to | 25 | | have an appropriate
regulatory interest. Nothing contained | 26 | | in this Act shall be construed to
limit the obligation of |
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| 1 | | any member State bank to comply with the
requirements | 2 | | relative to examinations and reports of the Federal Reserve
| 3 | | Act and of the Board of Governors of the Federal Reserve | 4 | | System or the
federal reserve bank of the federal reserve | 5 | | district in which the bank is
located, nor to limit in any | 6 | | way the powers of the Secretary Commissioner with
reference | 7 | | to examinations and reports.
| 8 | | (2) The Secretary Commissioner may furnish | 9 | | confidential supervisory information
to the United States, | 10 | | any agency
thereof that has insured a bank's deposits in | 11 | | whole or in part, or any official
or examiner thereof duly | 12 | | accredited for the purpose. Nothing contained in this Act | 13 | | shall be
construed to limit the obligation relative to | 14 | | examinations and reports of any
State bank, deposits in | 15 | | which are to any extent insured by the United States,
any | 16 | | agency thereof, nor to limit in any way the powers of the | 17 | | Secretary Commissioner with
reference to examination and | 18 | | reports of such bank.
| 19 | | (2.5) The Secretary may furnish confidential | 20 | | supervisory information to a Federal Home Loan Bank in | 21 | | connection with any bank that is a member of the Federal | 22 | | Home Loan Bank or in connection with any application by the | 23 | | bank before the Federal Home Loan Bank. The confidential | 24 | | supervisory information shall remain the property of the | 25 | | Secretary and may not be further disclosed without the | 26 | | Secretary's permission.
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| 1 | | (3) The Secretary Commissioner may furnish
| 2 | | confidential supervisory
information
to the appropriate | 3 | | law
enforcement authorities when the Secretary | 4 | | Commissioner reasonably believes a
bank, which
the | 5 | | Secretary Commissioner has
caused to be examined, has been | 6 | | a victim of a crime.
| 7 | | (4) The Secretary Commissioner may furnish | 8 | | confidential supervisory information
relating to a bank or | 9 | | other
financial institution, which the Secretary | 10 | | Commissioner has caused to be
examined, to be sent to the
| 11 | | administrator of the Uniform Disposition of Unclaimed | 12 | | Property Act.
| 13 | | (5) The Secretary Commissioner may furnish
| 14 | | confidential supervisory
information relating to a bank or | 15 | | other
financial institution, which
the Secretary | 16 | | Commissioner has caused to be examined, relating to its
| 17 | | performance of obligations under the Illinois Income Tax | 18 | | Act and the
Illinois Estate and Generation-Skipping | 19 | | Transfer Tax Act to the Illinois
Department of Revenue.
| 20 | | (6) The Secretary Commissioner may furnish
| 21 | | confidential supervisory
information relating to a bank or | 22 | | other
financial institution, which
the Secretary | 23 | | Commissioner has caused to be examined, under the
federal | 24 | | Currency and Foreign Transactions Reporting Act,
Title 31, | 25 | | United States Code, Section 1051 et seq.
| 26 | | (6.5) The Secretary Commissioner may furnish
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| 1 | | confidential supervisory
information to any other agency | 2 | | or entity that the Secretary Commissioner determines
to
| 3 | | have a legitimate regulatory interest.
| 4 | | (7) The Secretary Commissioner may furnish
| 5 | | confidential supervisory
information under any other
| 6 | | statute that by its terms or by regulations promulgated | 7 | | thereunder
requires the disclosure of financial records | 8 | | other than by subpoena,
summons, warrant, or court order.
| 9 | | (8) At the request of the affected bank or other | 10 | | financial institution,
the Secretary Commissioner may | 11 | | furnish
confidential supervisory
information relating to a | 12 | | bank or other financial
institution, which
the Secretary | 13 | | Commissioner has caused to be examined, in connection with | 14 | | the
obtaining of insurance coverage or the pursuit of an | 15 | | insurance claim for or on
behalf of the bank or other | 16 | | financial institution; provided that, when
possible, the | 17 | | Secretary Commissioner shall disclose only relevant | 18 | | information while
maintaining the confidentiality of | 19 | | financial records not relevant to such
insurance coverage | 20 | | or claim and, when appropriate, may delete identifying data
| 21 | | relating to any person or individual.
| 22 | | (9) The Secretary Commissioner may furnish a copy of a | 23 | | report of any examination
performed by the Secretary | 24 | | Commissioner of the condition and affairs of any
electronic | 25 | | data processing entity to the banks serviced by the | 26 | | electronic
data processing entity.
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| 1 | | (10) In addition to the foregoing circumstances, the | 2 | | Secretary Commissioner may,
but is not required to, furnish
| 3 | | confidential supervisory information under the same | 4 | | circumstances authorized for
the bank or financial
| 5 | | institution pursuant to subsection
(b) of this Section, | 6 | | except that the Secretary Commissioner shall provide
| 7 | | confidential supervisory information under circumstances | 8 | | described in paragraph (3) of
subsection (b) of this | 9 | | Section only upon the request of the bank or other
| 10 | | financial institution.
| 11 | | (b) A bank or other financial institution or its officers, | 12 | | agents, and
employees may disclose
confidential supervisory | 13 | | information only under the
following circumstances:
| 14 | | (1) to the board of directors of the bank or other | 15 | | financial institution,
as well as the president, | 16 | | vice-president, cashier, and other officers of the
bank or | 17 | | other financial institution to whom the board of directors | 18 | | may delegate
duties with respect to compliance with | 19 | | recommendations for action, and to the board of directors | 20 | | of a bank holding company that owns at
least 80% of the | 21 | | outstanding stock of the bank or other financial | 22 | | institution;
| 23 | | (2) to attorneys for the bank or other financial | 24 | | institution and to a
certified public accountant engaged by | 25 | | the State bank or financial
institution to perform an | 26 | | independent audit provided that the attorney or
certified |
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| 1 | | public accountant shall not permit the
confidential | 2 | | supervisory
information to be further disseminated;
| 3 | | (3) to any person who seeks to acquire a controlling | 4 | | interest in, or who
seeks to merge with, the
bank or | 5 | | financial institution, provided that all attorneys, | 6 | | certified public
accountants, officers, agents, or | 7 | | employees of that person shall agree to be
bound to respect | 8 | | the confidentiality of the
confidential supervisory
| 9 | | information and to not further disseminate the information | 10 | | therein contained;
| 11 | | (3.5) to a Federal Home Loan Bank of which it is a | 12 | | member;
| 13 | | (4) (blank); or
| 14 | | (5) to the bank's insurance company in relation to an | 15 | | insurance
claim or
the effort by the bank to procure | 16 | | insurance coverage, provided that, when
possible, the bank | 17 | | shall disclose only information that is relevant to the
| 18 | | insurance claim or that is necessary to procure the | 19 | | insurance coverage, while
maintaining the confidentiality | 20 | | of financial information pertaining to
customers. When | 21 | | appropriate, the bank may delete identifying data relating | 22 | | to
any person.
| 23 | | The disclosure of confidential supervisory information by | 24 | | a bank or other
financial institution pursuant to this | 25 | | subsection (b) and the disclosure of
information to the | 26 | | Secretary Commissioner or other regulatory agency in |
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| 1 | | connection with
any examination, visitation, or investigation | 2 | | shall not constitute a waiver of
any legal privilege otherwise | 3 | | available to the bank or other financial
institution with | 4 | | respect to the information.
| 5 | | (c) (1) Notwithstanding any other provision of this Act
or | 6 | | any other law, confidential supervisory information shall be | 7 | | the property of
the Secretary Commissioner and shall be | 8 | | privileged from disclosure to any person except
as provided in | 9 | | this Section. No person in possession of confidential
| 10 | | supervisory information may disclose that information for any | 11 | | reason or under
any circumstances not specified in this Section | 12 | | without the prior authorization
of the Secretary
Commissioner . | 13 | | Any person upon whom a demand for production of confidential
| 14 | | supervisory information is made, whether by subpoena, order, or | 15 | | other judicial
or administrative process, must withhold | 16 | | production of the confidential
supervisory information and | 17 | | must notify the Secretary Commissioner of the demand, at
which | 18 | | time the Secretary Commissioner is authorized to intervene for | 19 | | the purpose of
enforcing the limitations of this Section or | 20 | | seeking the withdrawal or
termination of the attempt to compel | 21 | | production of the confidential
supervisory information.
| 22 | | (2) Any request for discovery or disclosure of confidential | 23 | | supervisory
information, whether by subpoena, order, or other | 24 | | judicial or administrative
process, shall be made to the | 25 | | Secretary Commissioner , and the Secretary Commissioner shall
| 26 | | determine within 15 days whether to disclose the information |
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| 1 | | pursuant to
procedures and standards that the Secretary | 2 | | Commissioner shall establish by rule. If the Secretary
| 3 | | Commissioner determines that such information will not be | 4 | | disclosed, the Secretary's
Commissioner's decision shall be | 5 | | subject to judicial review under the
provisions of the | 6 | | Administrative Review Law, and venue shall be in either
| 7 | | Sangamon County or Cook County.
| 8 | | (3) Any court order that compels disclosure of confidential | 9 | | supervisory
information may be immediately appealed by the | 10 | | Secretary Commissioner , and the order
shall
be automatically | 11 | | stayed pending the outcome of the appeal.
| 12 | | (d) If any officer, agent, attorney, or employee of a bank | 13 | | or
financial institution knowingly and willfully furnishes
| 14 | | confidential supervisory information in violation of this | 15 | | Section, the Secretary
Commissioner may impose a
civil monetary | 16 | | penalty up to $1,000 for the violation against
the officer, | 17 | | agent, attorney, or employee.
| 18 | | (Source: P.A. 90-301, eff. 8-1-97; 91-201, eff. 1-1-00.)
| 19 | | Section 10. The Savings Bank Act is amended by changing | 20 | | Section 9012 as follows:
| 21 | | (205 ILCS 205/9012) (from Ch. 17, par. 7309-12)
| 22 | | Sec. 9012.
Disclosure of reports of examinations and | 23 | | confidential
supervisory information; limitations.
| 24 | | (a) Any report of examination, visitation, or |
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| 1 | | investigation prepared by
the Secretary
Commissioner
under | 2 | | this Act, any report of examination, visitation, or | 3 | | investigation
prepared by the state
regulatory authority of | 4 | | another state that examines a branch of an Illinois
State | 5 | | savings bank in
that state, any document or record prepared or | 6 | | obtained in connection with or
relating to any
examination, | 7 | | visitation, or investigation, and any record prepared or | 8 | | obtained
by the Secretary
Commissioner to the extent that the | 9 | | record summarizes or contains information
derived from
any | 10 | | report, document, or record described in this subsection shall | 11 | | be deemed
confidential
supervisory information. "Confidential | 12 | | supervisory information" shall not
include any information or
| 13 | | record routinely prepared by a savings bank and maintained in | 14 | | the ordinary
course of business or any
information or record | 15 | | that is required to be made publicly available pursuant
to | 16 | | State or federal law
or rule. Confidential supervisory | 17 | | information shall be the property of the Secretary
Commissioner | 18 | | and shall
only be disclosed under the circumstances and for the | 19 | | purposes set forth in
this Section.
| 20 | | The Secretary Commissioner may disclose confidential | 21 | | supervisory information only under
the following
| 22 | | circumstances:
| 23 | | (1) The Secretary Commissioner may furnish | 24 | | confidential supervisory information to
federal and state
| 25 | | depository institution regulators, or any official or | 26 | | examiner thereof duly
accredited for the
purpose. Nothing |
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| 1 | | contained in this Act shall be construed to limit the
| 2 | | obligation of any savings
bank to comply with the | 3 | | requirements relative to examinations and reports nor
to | 4 | | limit in any way
the powers of the Secretary Commissioner | 5 | | relative to examinations and reports.
| 6 | | (2) The Secretary Commissioner may furnish | 7 | | confidential supervisory information to
the United
States | 8 | | or any agency thereof that to any extent has insured a | 9 | | savings bank's
deposits, or any
official or examiner | 10 | | thereof duly accredited for the purpose. Nothing contained
| 11 | | in this Act shall be
construed to limit the obligation | 12 | | relative to examinations and reports of any
savings bank
in | 13 | | which deposits are to any extent insured by the United | 14 | | States or any agency
thereof
nor to limit in any way
the | 15 | | powers of the Secretary Commissioner with reference to | 16 | | examination and reports of the
savings bank.
| 17 | | (2.5) The Secretary may furnish confidential | 18 | | supervisory information to a Federal Home Loan Bank in | 19 | | connection with any savings bank that is a member of the | 20 | | Federal Home Loan Bank or in connection with any | 21 | | application by the savings bank before the Federal Home | 22 | | Loan Bank. The confidential supervisory information shall | 23 | | remain the property of the Secretary and may not be further | 24 | | disclosed without the Secretary's permission.
| 25 | | (3) The Secretary Commissioner may furnish | 26 | | confidential supervisory information to
the appropriate
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| 1 | | law enforcement authorities when the Secretary | 2 | | Commissioner reasonably believes a savings
bank, which the | 3 | | Secretary
Commissioner has caused to be examined, has been | 4 | | a victim of a crime.
| 5 | | (4) The Secretary Commissioner may furnish | 6 | | confidential supervisory information
related
to a
savings | 7 | | bank, which the Secretary Commissioner has caused to be | 8 | | examined, to the
administrator of the
Uniform Disposition | 9 | | of Unclaimed Property Act.
| 10 | | (5) The Secretary Commissioner may furnish | 11 | | confidential supervisory information
relating to a
savings | 12 | | bank, which the Secretary Commissioner has caused to be | 13 | | examined, relating to its
performance
of obligations under | 14 | | the Illinois Income Tax Act and the Illinois Estate and
| 15 | | Generation-Skipping
Transfer Tax Act to the Illinois | 16 | | Department of Revenue.
| 17 | | (6) The Secretary Commissioner may furnish | 18 | | confidential supervisory information
relating to a
savings | 19 | | bank, which the Secretary Commissioner has caused to be | 20 | | examined, under the
federal Currency
and Foreign | 21 | | Transactions Reporting Act, 31 United States Code, Section
| 22 | | 1051 et seq.
| 23 | | (7) The Secretary Commissioner may furnish | 24 | | confidential supervisory information to
any other agency
| 25 | | or entity that the Secretary Commissioner determines to | 26 | | have a legitimate regulatory
interest.
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| 1 | | (8) The Secretary Commissioner may furnish | 2 | | confidential supervisory information as
otherwise
| 3 | | permitted or required by this Act and may furnish | 4 | | confidential supervisory
information under any
other | 5 | | statute that by its terms or by regulations promulgated | 6 | | thereunder
requires the disclosure
of financial records | 7 | | other than by subpoena, summons, warrant, or court order.
| 8 | | (9) At the request of the affected savings bank, the | 9 | | Secretary Commissioner may
furnish confidential
| 10 | | supervisory information relating to the savings bank, | 11 | | which the Secretary Commissioner
has caused to be
examined, | 12 | | in connection with the obtaining of insurance coverage or | 13 | | the pursuit
of an insurance
claim for or on behalf of the | 14 | | savings bank; provided that, when possible, the Secretary
| 15 | | Commissioner shall
disclose only relevant information | 16 | | while maintaining the confidentiality of
financial records
| 17 | | not relevant to such insurance coverage or claim and, when | 18 | | appropriate, may
delete identifying data
relating to any | 19 | | person.
| 20 | | (10) The Secretary Commissioner may furnish a copy of a | 21 | | report of any examination
performed by
the Secretary | 22 | | Commissioner of the condition and affairs of any electronic | 23 | | data processing
entity to the
savings banks serviced by the | 24 | | electronic data processing entity.
| 25 | | (11) In addition to the foregoing circumstances, the | 26 | | Secretary Commissioner may, but
is not
required to, furnish |
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| 1 | | confidential supervisory information under the same
| 2 | | circumstances authorized
for the savings bank pursuant to | 3 | | subsection (b) of this Section, except that
the Secretary | 4 | | Commissioner shall
provide confidential supervisory | 5 | | information under circumstances described in
paragraph (3) | 6 | | of
subsection (b) of this Section only upon the request of | 7 | | the savings bank.
| 8 | | (b) A savings bank or its officers, agents, and employees | 9 | | may disclose
confidential
supervisory information only under | 10 | | the following circumstances:
| 11 | | (1) to the board of directors of the savings bank, as | 12 | | well as the
president, vice-president,
cashier, and other | 13 | | officers of the savings bank to whom the board of directors
| 14 | | may delegate
duties with respect to compliance with | 15 | | recommendations for action, and to the
board of
directors | 16 | | of a savings bank holding company that owns at least 80% of | 17 | | the
outstanding stock of the
savings bank or other | 18 | | financial institution.
| 19 | | (2) to attorneys for the savings bank and to a | 20 | | certified public
accountant engaged by the
savings bank to | 21 | | perform an independent audit; provided that the attorney or
| 22 | | certified public
accountant shall not permit the | 23 | | confidential supervisory information to be
further | 24 | | disseminated.
| 25 | | (3) to any person who seeks to acquire a controlling | 26 | | interest in, or who
seeks to merge with,
the savings bank; |
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| 1 | | provided that the person shall agree to be bound to respect
| 2 | | the confidentiality
of the confidential supervisory | 3 | | information and to not further disseminate the
information
| 4 | | other than to attorneys, certified public accountants, | 5 | | officers, agents, or
employees of that
person who likewise | 6 | | shall agree to be bound to respect the confidentiality of
| 7 | | the confidential
supervisory information and to not | 8 | | further disseminate the information.
| 9 | | (4) to the savings bank's insurance company, if the | 10 | | supervisory
information contains
information that is | 11 | | otherwise unavailable and is strictly necessary to
| 12 | | obtaining insurance coverage or
pursuing an insurance | 13 | | claim for or on behalf of the savings bank; provided
that, | 14 | | when possible, the
savings bank shall disclose only | 15 | | information that is relevant to obtaining
insurance | 16 | | coverage or
pursuing an insurance claim, while maintaining | 17 | | the confidentiality of financial
information
pertaining to | 18 | | customers; and provided further that, when appropriate, | 19 | | the
savings bank may delete
identifying data relating to
| 20 | | any person.
| 21 | | (5) to a Federal Home Loan Bank of which it is a | 22 | | member. | 23 | | The disclosure of confidential supervisory information by | 24 | | a savings bank
pursuant to this
subsection (b) and the | 25 | | disclosure of information to the Secretary Commissioner or | 26 | | other
regulatory agency in
connection with any examination, |
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| 1 | | visitation, or investigation shall not
constitute a waiver of | 2 | | any
legal privilege otherwise available to the savings bank | 3 | | with respect to the
information.
| 4 | | (c) (1) Notwithstanding any other provision of this Act or | 5 | | any other law,
confidential
supervisory information shall be | 6 | | the property of the Secretary Commissioner and shall be
| 7 | | privileged from
disclosure to any person except as provided in | 8 | | this Section. No person in
possession of
confidential | 9 | | supervisory information may disclose that information for any
| 10 | | reason or under any
circumstances not specified in this Section | 11 | | without the prior authorization of
the Secretary Commissioner .
| 12 | | Any person upon whom a demand for production of confidential | 13 | | supervisory
information is made,
whether by subpoena, order, or | 14 | | other judicial or administrative process, must
withhold
| 15 | | production of the confidential supervisory information and | 16 | | must notify the Secretary
Commissioner of the
demand, at which | 17 | | time the Secretary Commissioner is authorized to intervene for | 18 | | the
purpose of
enforcing the limitations of this Section or | 19 | | seeking the withdrawal or
termination of the attempt to
compel | 20 | | production of the confidential supervisory information.
| 21 | | (2) Any request for discovery or disclosure of confidential | 22 | | supervisory
information, whether
by subpoena, order, or other | 23 | | judicial or administrative process, shall be made
to the | 24 | | Secretary
Commissioner , and the Secretary Commissioner shall | 25 | | determine within 15 days whether to
disclose the
information | 26 | | pursuant to procedures and standards that the Secretary |
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| 1 | | Commissioner shall
establish by rule. If
the Secretary | 2 | | Commissioner determines that such information will not be | 3 | | disclosed, the Secretary's
Commissioner's
decision shall be | 4 | | subject to judicial review under the provisions of the
| 5 | | Administrative Review
Law, and venue shall be in either | 6 | | Sangamon County or Cook County.
| 7 | | (3) Any court order that compels disclosure of confidential | 8 | | supervisory
information may be
immediately appealed by the | 9 | | Secretary Commissioner , and the order shall be automatically
| 10 | | stayed pending the
outcome of the appeal.
| 11 | | (d) If any officer, agent, attorney, or employee of a | 12 | | savings bank knowingly
and willfully
furnishes confidential | 13 | | supervisory information in violation of this Section,
the | 14 | | Secretary
Commissioner may impose a civil monetary penalty up | 15 | | to $1,000 for the violation
against
the officer, agent, | 16 | | attorney, or employee.
| 17 | | (e) Subject to the limits of this Section, the Secretary
| 18 | | Commissioner also may promulgate regulations to set procedures | 19 | | and
standards for
disclosure of
the
following items:
| 20 | | (1) All fixed orders and opinions made in cases of
| 21 | | appeals of the Secretary's Commissioner's actions.
| 22 | | (2) Statements of policy and interpretations adopted | 23 | | by
the Secretary's Commissioner's office, but not | 24 | | otherwise made public.
| 25 | | (3) Nonconfidential portions of application files,
| 26 | | including applications for new charters. The Secretary |
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| 1 | | Commissioner
shall specify by rule as to what part of the | 2 | | files are
confidential.
| 3 | | (4) Quarterly reports of income, deposits, and | 4 | | financial
condition.
| 5 | | (Source: P.A. 93-271, eff. 7-22-03.)
| 6 | | Section 15. The Illinois Credit Union Act is amended by | 7 | | changing Section 9.1 as follows:
| 8 | | (205 ILCS 305/9.1)
| 9 | | Sec. 9.1. Disclosures of reports of examinations and | 10 | | confidential
supervisory information; limitations. | 11 | | (1) Any report of examination, visitation, or | 12 | | investigation
prepared by the Secretary under this Act or by | 13 | | the state
regulatory authority charged with enforcing the | 14 | | Electronic Fund
Transfer Act or the Corporate Fiduciary Act or | 15 | | by the state
regulatory authority of another state that | 16 | | examines an office of
an Illinois credit union in that state, | 17 | | any document or record
prepared or obtained in connection with | 18 | | or relating to any
examination, visitation, or investigation, | 19 | | and any record
prepared or obtained by the Secretary to the | 20 | | extent that the record
summarizes or contains information | 21 | | derived from any report,
document, or record described in this | 22 | | subsection shall be deemed
"confidential supervisory | 23 | | information". Confidential supervisory
information shall not | 24 | | include any information or record routinely
prepared by a |
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| 1 | | credit union and maintained in the ordinary course
of business | 2 | | or any information or record that is required to be
made | 3 | | publicly available pursuant to State or federal law or rule.
| 4 | | (2) Confidential supervisory information is privileged | 5 | | from
discovery and shall only be disclosed under the | 6 | | circumstances and
for the purposes set forth in this Section.
| 7 | | (3) Relevant confidential supervisory information may be
| 8 | | disclosed under a statute that by its terms or by rules
| 9 | | promulgated thereunder requires the disclosure of confidential
| 10 | | supervisory information other than by subpoena, summons,
| 11 | | warrant, or court
order; to the appropriate
law enforcement
| 12 | | authorities when the Secretary or the credit union reasonably | 13 | | believes the
credit union,
which the Secretary has caused to be | 14 | | examined, has been a victim of a crime;
to other agencies or | 15 | | entities having a
legitimate regulatory interest , including, | 16 | | but not limited to, a Federal Home Loan Bank ; to the credit | 17 | | union's board,
officers, retained professionals, and insurers; | 18 | | to persons
seeking to merge with or purchase all or part of the | 19 | | assets of the credit
union; and where disclosure is otherwise | 20 | | required for the benefit of
the credit union. Disclosure of | 21 | | confidential supervisory
information to these persons does not | 22 | | constitute a waiver
of the legal privilege otherwise available | 23 | | with respect to the
information.
| 24 | | (4) A person to whom confidential supervisory information | 25 | | is
disclosed shall not further disseminate confidential | 26 | | supervisory
information.
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| 1 | | (5) (a) Any person upon whom a demand for production of
| 2 | | confidential supervisory information is made, whether by
| 3 | | subpoena, order, or other judicial or administrative
process, | 4 | | must withhold production of the confidential
supervisory | 5 | | information and must notify the Secretary of
the demand, at | 6 | | which time the Secretary is authorized to
intervene for the | 7 | | purpose of enforcing the limitations of
this Section or seeking | 8 | | the withdrawal or termination of
the attempt to compel | 9 | | production of the confidential
supervisory information.
| 10 | | (b) Any request for discovery or disclosure of confidential
| 11 | | supervisory information, whether by subpoena, order, or
other | 12 | | judicial or administrative process, shall be made to
the | 13 | | Secretary, and the Secretary shall determine within 15
days | 14 | | whether to disclose the information pursuant to
procedures and | 15 | | standards that the Secretary shall
establish by rule. If the | 16 | | Secretary determines that such
information will not be | 17 | | disclosed, the Secretary's
decision shall be subject to | 18 | | judicial review under the
provisions of the Administrative | 19 | | Review Law, and venue
shall be in either Sangamon County or | 20 | | Cook County.
| 21 | | (c) Any court order that compels disclosure of confidential
| 22 | | supervisory information may be immediately appealed by the
| 23 | | Secretary and the order shall be automatically stayed
pending | 24 | | the outcome of the appeal.
| 25 | | (Source: P.A. 97-133, eff. 1-1-12.)
| 26 | | Section 99. Effective date. This Act takes effect upon |
| | | HB2514 Enrolled | - 21 - | LRB100 08509 SMS 18634 b |
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| 1 | | becoming law.
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