Full Text of HB4897 101st General Assembly
HB4897ham001 101ST GENERAL ASSEMBLY | Rep. Camille Y. Lilly Filed: 3/12/2020
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| 1 | | AMENDMENT TO HOUSE BILL 4897
| 2 | | AMENDMENT NO. ______. Amend House Bill 4897 by replacing | 3 | | everything after the enacting clause with the following:
| 4 | | "Section 5. The Illinois Banking Act is amended by changing | 5 | | Sections 48.1 and 80 as follows:
| 6 | | (205 ILCS 5/48.1) (from Ch. 17, par. 360)
| 7 | | Sec. 48.1. Customer financial records; confidentiality.
| 8 | | (a) For the purpose of this Section, the term "financial | 9 | | records" means any
original, any copy, or any summary of:
| 10 | | (1) a document granting signature
authority over a | 11 | | deposit or account;
| 12 | | (2) a statement, ledger card or other
record on any | 13 | | deposit or account, which shows each transaction in or with
| 14 | | respect to that account;
| 15 | | (3) a check, draft or money order drawn on a bank
or | 16 | | issued and payable by a bank; or
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| 1 | | (4) any other item containing
information pertaining | 2 | | to any relationship established in the ordinary
course of a | 3 | | bank's business between a bank and its customer, including
| 4 | | financial statements or other financial information | 5 | | provided by the customer.
| 6 | | (b) This Section does not prohibit:
| 7 | | (1) The preparation, examination, handling or | 8 | | maintenance of any
financial records by any officer, | 9 | | employee or agent of a bank
having custody of the records, | 10 | | or the examination of the records by a
certified public | 11 | | accountant engaged by the bank to perform an independent
| 12 | | audit.
| 13 | | (2) The examination of any financial records by, or the | 14 | | furnishing of
financial records by a bank to, any officer, | 15 | | employee or agent of (i) the
Commissioner of Banks and Real | 16 | | Estate, (ii) after May
31, 1997, a state regulatory | 17 | | authority authorized to examine a branch of a
State bank | 18 | | located in another state, (iii) the Comptroller of the | 19 | | Currency,
(iv) the Federal Reserve Board, or (v) the | 20 | | Federal Deposit Insurance
Corporation for use solely in the | 21 | | exercise of his duties as an officer,
employee, or agent.
| 22 | | (3) The publication of data furnished from financial | 23 | | records
relating to customers where the data cannot be | 24 | | identified to any
particular customer or account.
| 25 | | (4) The making of reports or returns required under | 26 | | Chapter 61 of
the Internal Revenue Code of 1986.
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| 1 | | (5) Furnishing information concerning the dishonor of | 2 | | any negotiable
instrument permitted to be disclosed under | 3 | | the Uniform Commercial Code.
| 4 | | (6) The exchange in the regular course of business of | 5 | | (i) credit
information
between a bank and other banks or | 6 | | financial institutions or commercial
enterprises, directly | 7 | | or through a consumer reporting agency or (ii)
financial | 8 | | records or information derived from financial records | 9 | | between a bank
and other banks or financial institutions or | 10 | | commercial enterprises for the
purpose of conducting due | 11 | | diligence pursuant to a purchase or sale involving
the bank | 12 | | or assets or liabilities of the bank.
| 13 | | (7) The furnishing of information to the appropriate | 14 | | law enforcement
authorities where the bank reasonably | 15 | | believes it has been the victim of a
crime.
| 16 | | (8) The furnishing of information under the Revised | 17 | | Uniform
Unclaimed Property Act.
| 18 | | (9) The furnishing of information under the Illinois | 19 | | Income Tax Act and
the Illinois Estate and | 20 | | Generation-Skipping Transfer Tax Act.
| 21 | | (10) The furnishing of information under the federal | 22 | | Currency
and Foreign Transactions Reporting Act Title 31, | 23 | | United States
Code, Section 1051 et seq.
| 24 | | (11) The furnishing of information under any other | 25 | | statute that
by its terms or by regulations promulgated | 26 | | thereunder requires the disclosure
of financial records |
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| 1 | | other than by subpoena, summons, warrant, or court order.
| 2 | | (12) The furnishing of information about the existence | 3 | | of an account
of a person to a judgment creditor of that | 4 | | person who has made a written
request for that information.
| 5 | | (13) The exchange in the regular course of business of | 6 | | information
between commonly owned banks in connection | 7 | | with a transaction authorized
under paragraph (23) of
| 8 | | Section 5 and conducted at an affiliate facility.
| 9 | | (14) The furnishing of information in accordance with | 10 | | the federal
Personal Responsibility and Work Opportunity | 11 | | Reconciliation Act of 1996.
Any bank governed by this Act | 12 | | shall enter into an agreement for data
exchanges with a | 13 | | State agency provided the State agency
pays to the bank a | 14 | | reasonable fee not to exceed its
actual cost incurred. A | 15 | | bank providing
information in accordance with this item | 16 | | shall not be liable to any account
holder or other person | 17 | | for any disclosure of information to a State agency, for
| 18 | | encumbering or surrendering any assets held by the bank in | 19 | | response to a lien
or order to withhold and deliver issued | 20 | | by a State agency, or for any other
action taken pursuant | 21 | | to this item, including individual or mechanical errors,
| 22 | | provided the action does not constitute gross negligence or | 23 | | willful misconduct.
A bank shall have no obligation to | 24 | | hold, encumber, or surrender assets until
it has been | 25 | | served with a subpoena, summons, warrant, court or | 26 | | administrative
order,
lien, or levy.
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| 1 | | (15) The exchange in the regular course of business of | 2 | | information
between
a bank and any commonly owned affiliate | 3 | | of the bank, subject to the provisions
of the Financial | 4 | | Institutions Insurance Sales Law.
| 5 | | (16) The furnishing of information to law enforcement | 6 | | authorities, the
Illinois Department on
Aging and its | 7 | | regional administrative and provider agencies, the | 8 | | Department of
Human Services Office
of Inspector General, | 9 | | or public guardians: (i) upon subpoena by the investigatory | 10 | | entity or the guardian, or (ii) if there is suspicion by | 11 | | the bank that a customer
who is an elderly person or person | 12 | | with a disability has been or may become the victim of | 13 | | financial exploitation.
For the purposes of this
item (16), | 14 | | the term: (i) "elderly person" means a person who is 60 or | 15 | | more
years of age, (ii) "disabled
person" means a person | 16 | | who has or reasonably appears to the bank to have a
| 17 | | physical or mental
disability that impairs his or her | 18 | | ability to seek or obtain protection from or
prevent | 19 | | financial
exploitation, and (iii) "financial exploitation" | 20 | | means tortious or illegal use
of the assets or resources of
| 21 | | an elderly or disabled person, and includes, without | 22 | | limitation,
misappropriation of the elderly or
disabled | 23 | | person's assets or resources by undue influence, breach of | 24 | | fiduciary
relationship, intimidation,
fraud, deception, | 25 | | extortion, or the use of assets or resources in any manner
| 26 | | contrary to law. A bank or
person furnishing information |
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| 1 | | pursuant to this item (16) shall be entitled to
the same | 2 | | rights and
protections as a person furnishing information | 3 | | under the Adult Protective Services Act and the Illinois
| 4 | | Domestic Violence Act of 1986.
| 5 | | (17) The disclosure of financial records or | 6 | | information as necessary to
effect, administer, or enforce | 7 | | a transaction requested or authorized by the
customer, or | 8 | | in connection with:
| 9 | | (A) servicing or processing a financial product or | 10 | | service requested or
authorized by the customer;
| 11 | | (B) maintaining or servicing a customer's account | 12 | | with the bank; or
| 13 | | (C) a proposed or actual securitization or | 14 | | secondary market sale
(including sales of servicing | 15 | | rights) related to a
transaction of a customer.
| 16 | | Nothing in this item (17), however, authorizes the sale | 17 | | of the financial
records or information of a customer | 18 | | without the consent of the customer.
| 19 | | (18) The disclosure of financial records or | 20 | | information as necessary to
protect against actual or | 21 | | potential fraud, unauthorized transactions, claims,
or | 22 | | other liability.
| 23 | | (19)(A) The disclosure of financial records or | 24 | | information
related to a private label credit program | 25 | | between a financial
institution and a private label party | 26 | | in connection with that
private label credit program. Such |
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| 1 | | information is limited to
outstanding balance, available | 2 | | credit, payment and performance
and account history, | 3 | | product references, purchase information,
and information
| 4 | | related to the identity of the customer.
| 5 | | (B)(1) For purposes of this paragraph (19) of | 6 | | subsection
(b) of Section 48.1, a "private label credit | 7 | | program" means a
credit program involving a financial | 8 | | institution and a private label
party that is used by a | 9 | | customer of the financial institution and the
private label | 10 | | party primarily for payment for goods or services
sold, | 11 | | manufactured, or distributed by a private label party. | 12 | | (2) For purposes of this paragraph (19) of subsection | 13 | | (b)
of Section 48.1, a "private label party" means, with | 14 | | respect to a
private label credit program, any of the | 15 | | following: a
retailer, a merchant, a manufacturer, a trade | 16 | | group,
or any such person's affiliate, subsidiary, member,
| 17 | | agent, or service provider. | 18 | | (20)(A) The furnishing of financial records of a | 19 | | customer to the Department to aid the Department's initial | 20 | | determination or subsequent re-determination of the | 21 | | customer's eligibility for Medicaid and Medicaid long-term | 22 | | care benefits for long-term care services, provided that | 23 | | the bank receives the written consent and authorization of | 24 | | the customer, which shall: | 25 | | (1) have the customer's signature notarized; | 26 | | (2) be signed by at least one witness who certifies |
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| 1 | | that he or she believes the customer to be of sound | 2 | | mind and memory; | 3 | | (3) be tendered to the bank at the earliest | 4 | | practicable time following its execution, | 5 | | certification, and notarization; | 6 | | (4) specifically limit the disclosure of the | 7 | | customer's financial records to the Department; and | 8 | | (5) be in substantially the following form: | 9 | | CUSTOMER CONSENT AND AUTHORIZATION | 10 | | FOR RELEASE OF FINANCIAL RECORDS | 11 | | I, ......................................., hereby authorize | 12 | | (Name of Customer) | 13 | | ............................................................. | 14 | | (Name of Financial Institution) | 15 | | ............................................................. | 16 | | (Address of Financial Institution) | 17 | | to disclose the following financial records: | 18 | | any and all information concerning my deposit, savings, money | 19 | | market, certificate of deposit, individual retirement, | 20 | | retirement plan, 401(k) plan, incentive plan, employee benefit |
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| 1 | | plan, mutual fund and loan accounts (including, but not limited | 2 | | to, any indebtedness or obligation for which I am a | 3 | | co-borrower, co-obligor, guarantor, or surety), and any and all | 4 | | other accounts in which I have an interest and any other | 5 | | information regarding me in the possession of the Financial | 6 | | Institution, | 7 | | to the Illinois Department of Human Services or the Illinois | 8 | | Department of Healthcare and Family Services, or both ("the | 9 | | Department"), for the following purpose(s): | 10 | | to aid in the initial determination or re-determination by the | 11 | | State of Illinois of my eligibility for Medicaid long-term care | 12 | | benefits, pursuant to applicable law. | 13 | | I understand that this Consent and Authorization may be revoked | 14 | | by me in writing at any time before my financial records, as | 15 | | described above, are disclosed, and that this Consent and | 16 | | Authorization is valid until the Financial Institution | 17 | | receives my written revocation. This Consent and Authorization | 18 | | shall constitute valid authorization for the Department | 19 | | identified above to inspect all such financial records set | 20 | | forth above, and to request and receive copies of such | 21 | | financial records from the Financial Institution (subject to | 22 | | such records search and reproduction reimbursement policies as | 23 | | the Financial Institution may have in place). An executed copy |
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| 1 | | of this Consent and Authorization shall be sufficient and as | 2 | | good as the original and permission is hereby granted to honor | 3 | | a photostatic or electronic copy of this Consent and | 4 | | Authorization. Disclosure is strictly limited to the | 5 | | Department identified above and no other person or entity shall | 6 | | receive my financial records pursuant to this Consent and | 7 | | Authorization. By signing this form, I agree to indemnify and | 8 | | hold the Financial Institution harmless from any and all | 9 | | claims, demands, and losses, including reasonable attorneys | 10 | | fees and expenses, arising from or incurred in its reliance on | 11 | | this Consent and Authorization. As used herein, "Customer" | 12 | | shall mean "Member" if the Financial Institution is a credit | 13 | | union. | 14 | | ....................... ...................... | 15 | | (Date) (Signature of Customer) | 16 | | ...................... | 17 | | ...................... | 18 | | (Address of Customer) | 19 | | ...................... | 20 | | (Customer's birth date) | 21 | | (month/day/year) | 22 | | The undersigned witness certifies that ................., |
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| 1 | | known to me to be the same person whose name is subscribed as | 2 | | the customer to the foregoing Consent and Authorization, | 3 | | appeared before me and the notary public and acknowledged | 4 | | signing and delivering the instrument as his or her free and | 5 | | voluntary act for the uses and purposes therein set forth. I | 6 | | believe him or her to be of sound mind and memory. The | 7 | | undersigned witness also certifies that the witness is not an | 8 | | owner, operator, or relative of an owner or operator of a | 9 | | long-term care facility in which the customer is a patient or | 10 | | resident. | 11 | | Dated: ................. ...................... | 12 | | (Signature of Witness) | 13 | | ...................... | 14 | | (Print Name of Witness) | 15 | | ...................... | 16 | | ...................... | 17 | | (Address of Witness) | 18 | | State of Illinois) | 19 | | ) ss. | 20 | | County of .......) | 21 | | The undersigned, a notary public in and for the above county |
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| 1 | | and state, certifies that .........., known to me to be the | 2 | | same person whose name is subscribed as the customer to the | 3 | | foregoing Consent and Authorization, appeared before me | 4 | | together with the witness, .........., in person and | 5 | | acknowledged signing and delivering the instrument as the free | 6 | | and voluntary act of the customer for the uses and purposes | 7 | | therein set forth. | 8 | | Dated: ....................................................... | 9 | | Notary Public: ............................................... | 10 | | My commission expires: ....................................... | 11 | | (B) In no event shall the bank distribute the | 12 | | customer's financial records to the long-term care | 13 | | facility from which the customer seeks initial or | 14 | | continuing residency or long-term care services. | 15 | | (C) A bank providing financial records of a customer in | 16 | | good faith relying on a consent and authorization executed | 17 | | and tendered in accordance with this paragraph (20) shall | 18 | | not be liable to the customer or any other person in | 19 | | relation to the bank's disclosure of the customer's | 20 | | financial records to the Department. The customer signing | 21 | | the consent and authorization shall indemnify and hold the | 22 | | bank harmless that relies in good faith upon the consent | 23 | | and authorization and incurs a loss because of such | 24 | | reliance. The bank recovering under this indemnification |
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| 1 | | provision shall also be entitled to reasonable attorney's | 2 | | fees and the expenses of recovery. | 3 | | (D) A bank shall be reimbursed by the customer for all | 4 | | costs reasonably necessary and directly incurred in | 5 | | searching for, reproducing, and disclosing a customer's | 6 | | financial records required or requested to be produced | 7 | | pursuant to any consent and authorization executed under | 8 | | this paragraph (20). The requested financial records shall | 9 | | be delivered to the Department within 10 days after | 10 | | receiving a properly executed consent and authorization or | 11 | | at the earliest practicable time thereafter if the | 12 | | requested records cannot be delivered within 10 days, but | 13 | | delivery may be delayed until the final reimbursement of | 14 | | all costs is received by the bank. The bank may honor a | 15 | | photostatic or electronic copy of a properly executed | 16 | | consent and authorization. | 17 | | (E) Nothing in this paragraph (20) shall impair, | 18 | | abridge, or abrogate the right of a customer to: | 19 | | (1) directly disclose his or her financial records | 20 | | to the Department or any other person; or | 21 | | (2) authorize his or her attorney or duly appointed | 22 | | agent to request and obtain the customer's financial | 23 | | records and disclose those financial records to the | 24 | | Department. | 25 | | (F) For purposes of this paragraph (20), "Department" | 26 | | means the Department of Human Services and the Department |
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| 1 | | of Healthcare and Family Services or any successor | 2 | | administrative agency of either agency.
| 3 | | (c) Except as otherwise provided by this Act, a bank may | 4 | | not disclose to
any person, except to the customer or his
duly | 5 | | authorized agent, any financial records or financial | 6 | | information
obtained from financial records relating to that | 7 | | customer of
that bank unless:
| 8 | | (1) the customer has authorized disclosure to the | 9 | | person;
| 10 | | (2) the financial records are disclosed in response to | 11 | | a lawful
subpoena, summons, warrant, citation to discover | 12 | | assets, or court order which meets the requirements
of | 13 | | subsection (d) of this Section; or
| 14 | | (3) the bank is attempting to collect an obligation | 15 | | owed to the bank
and the bank complies with the provisions | 16 | | of Section 2I of the Consumer
Fraud and Deceptive Business | 17 | | Practices Act.
| 18 | | (d) A bank shall disclose financial records under paragraph | 19 | | (2) of
subsection (c) of this Section under a lawful subpoena, | 20 | | summons, warrant, citation to discover assets, or
court order | 21 | | only after the bank mails a copy of the subpoena, summons, | 22 | | warrant, citation to discover assets,
or court order to the | 23 | | person establishing the relationship with the bank, if
living, | 24 | | and, otherwise his personal representative, if known, at his | 25 | | last known
address by first class mail, postage prepaid, unless | 26 | | the bank is specifically
prohibited from notifying the person |
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| 1 | | by order of court or by applicable State
or federal law. A bank | 2 | | shall not mail a copy of a subpoena to any person
pursuant to | 3 | | this subsection if the subpoena was issued by a grand jury | 4 | | under
the Statewide Grand Jury Act.
| 5 | | (d-1) If a subpoena, summons, warrant, or other request for | 6 | | a customer's records is presented to the bank by an agency or | 7 | | department of the federal government, or by an officer, agent, | 8 | | or employee of such federal agency or department, a bank is not | 9 | | required to release records until the bank has been furnished | 10 | | with a written certification that the requesting agency or | 11 | | department has satisfied its obligations under the federal | 12 | | Right to Financial Privacy Act of 1978. | 13 | | (e) Any officer or employee of a bank who knowingly and
| 14 | | willfully furnishes financial records in violation of this | 15 | | Section is
guilty of a business offense and, upon conviction, | 16 | | shall be fined not
more than $1,000.
| 17 | | (f) Any person who knowingly and willfully induces or | 18 | | attempts to
induce any officer or employee of a bank to | 19 | | disclose financial
records in violation of this Section is | 20 | | guilty of a business offense
and, upon conviction, shall be | 21 | | fined not more than $1,000.
| 22 | | (g) A bank shall be reimbursed for costs that are | 23 | | reasonably necessary
and that have been directly incurred in | 24 | | searching for, reproducing, or
transporting books, papers, | 25 | | records, or other data required or
requested to be produced | 26 | | pursuant to a lawful subpoena, summons, warrant, citation to |
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| 1 | | discover assets, or
court order. The Commissioner shall | 2 | | determine the rates and conditions
under which payment may be | 3 | | made.
| 4 | | (Source: P.A. 100-22, eff. 1-1-18; 100-664, eff. 1-1-19; | 5 | | 100-888, eff. 8-14-18; 101-81, eff. 7-12-19.)
| 6 | | (205 ILCS 5/80) (from Ch. 17, par. 392)
| 7 | | Sec. 80. Board; powers. The Board shall have the following | 8 | | powers in
addition to any others that may be granted to it by | 9 | | law:
| 10 | | (a) (Blank).
| 11 | | (b) To review, consider, and make recommendations to the | 12 | | Director of Banking
upon any banking matters.
| 13 | | (c) (Blank).
| 14 | | (d) (Blank).
| 15 | | (e) To review, consider, and submit to the Director of | 16 | | Banking and to the
Governor proposals for amendments to this | 17 | | Act or for changes in or
additions to the administration | 18 | | thereof which in the opinion of the
Board are necessary or | 19 | | desirable in order to assure the safe and sound
conduct of the | 20 | | banking business.
| 21 | | (f) To require the Secretary to furnish the Board space for
| 22 | | meetings to be held by the Board as well as to require the | 23 | | Secretary
to provide such clerical and technical assistance as | 24 | | the Board may
require.
| 25 | | (g) To adopt its own by-laws with respect to Board meetings |
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| 1 | | and
procedures. Such by-laws shall provide that:
| 2 | | (i) A majority of the whole Board constitutes a quorum.
| 3 | | (ii) A majority of the quorum shall constitute | 4 | | effective action
except that a vote of a majority of the | 5 | | whole Board shall be necessary
for recommendations made to | 6 | | the Director of Banking and to
the Governor with regard to | 7 | | proposed amendments to this Act or to the
administrative | 8 | | practices hereunder.
| 9 | | (iii) The Board shall meet at least once in each | 10 | | calendar year and upon
the call of the Director of Banking | 11 | | or a majority of the Board. The
Director of Banking or a | 12 | | majority of the Board may call such special or additional
| 13 | | meetings as may be deemed necessary or desirable.
| 14 | | (h) (Blank).
| 15 | | (i) (Blank).
| 16 | | (j) (Blank).
| 17 | | (k) (Blank).
| 18 | | (l) (Blank).
| 19 | | (m) To authorize the transfer of funds from the Illinois | 20 | | Bank Examiners' Education Fund to the Bank and Trust Company | 21 | | Fund. Any amount transferred shall be retransferred to the | 22 | | Illinois Bank Examiners' Education Fund from the Bank and Trust | 23 | | Company Fund within 3 years. | 24 | | (n) To maintain and direct the investments of the Illinois | 25 | | Bank Examiners' Education Fund. | 26 | | (o) To evaluate various courses, programs, curricula, and |
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| 1 | | schools of continuing education and professional training that | 2 | | are available from within the United States for State banking | 3 | | department examination personnel and develop a program known as | 4 | | the Illinois Bank Examiners' Education Program. The Board shall | 5 | | determine which courses, programs, curricula, and schools will | 6 | | be included in the Program to be funded by the Foundation. | 7 | | (p) To review and examine bank call report fee revenue and | 8 | | the disbursement of the fees. | 9 | | (Source: P.A. 96-1163, eff. 1-1-11.)
| 10 | | Section 10. The Savings Bank Act is amended by changing | 11 | | Section 4013 as follows:
| 12 | | (205 ILCS 205/4013) (from Ch. 17, par. 7304-13)
| 13 | | Sec. 4013. Access to books and records; communication with | 14 | | members
and shareholders. | 15 | | (a) Every member or shareholder shall have the right to | 16 | | inspect books
and records of the savings bank that pertain to | 17 | | his accounts. Otherwise,
the right of inspection and | 18 | | examination of the books and records shall be
limited as | 19 | | provided in this Act, and no other person shall have access to
| 20 | | the books and records nor shall be entitled to a list of the | 21 | | members or
shareholders.
| 22 | | (b) For the purpose of this Section, the term "financial | 23 | | records" means
any original, any copy, or any summary of (1) a | 24 | | document granting signature
authority over a deposit or |
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| 1 | | account; (2) a statement, ledger card, or other
record on any | 2 | | deposit or account that shows each transaction in or with
| 3 | | respect to that account; (3) a check, draft, or money order | 4 | | drawn on a
savings bank or issued and payable by a savings | 5 | | bank; or (4) any other item
containing information pertaining | 6 | | to any relationship established in the
ordinary course of a | 7 | | savings bank's business between a savings bank and
its | 8 | | customer, including financial statements or other financial | 9 | | information
provided by the member or shareholder.
| 10 | | (c) This Section does not prohibit:
| 11 | | (1) The preparation, examination, handling, or | 12 | | maintenance of any
financial records by any officer, | 13 | | employee, or agent of a savings bank
having custody of | 14 | | records or examination of records by a certified public
| 15 | | accountant engaged by the savings bank to perform an | 16 | | independent audit.
| 17 | | (2) The examination of any financial records by, or the | 18 | | furnishing of
financial records by a savings bank to, any | 19 | | officer, employee, or agent of
the Commissioner of Banks | 20 | | and Real Estate or the federal depository
institution | 21 | | regulator for use
solely in
the exercise of his duties as | 22 | | an officer, employee, or agent.
| 23 | | (3) The publication of data furnished from financial | 24 | | records relating
to members or holders of capital where the | 25 | | data cannot be identified to any
particular member, | 26 | | shareholder, or account.
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| 1 | | (4) The making of reports or returns required under | 2 | | Chapter 61 of the
Internal Revenue Code of 1986.
| 3 | | (5) Furnishing information concerning the dishonor of | 4 | | any negotiable
instrument permitted to be disclosed under | 5 | | the Uniform Commercial Code.
| 6 | | (6) The exchange in the regular course of business of | 7 | | (i) credit
information between a savings bank and other | 8 | | savings banks or financial
institutions or commercial | 9 | | enterprises, directly or through a consumer
reporting | 10 | | agency
or (ii) financial records or information derived | 11 | | from financial records
between a savings bank and other | 12 | | savings banks or financial institutions or
commercial | 13 | | enterprises for the purpose of conducting due diligence | 14 | | pursuant to
a purchase or sale involving the savings bank | 15 | | or assets or liabilities of the
savings bank.
| 16 | | (7) The furnishing of information to the appropriate | 17 | | law enforcement
authorities where the savings bank | 18 | | reasonably believes it has been the
victim of a crime.
| 19 | | (8) The furnishing of information pursuant to the | 20 | | Revised Uniform Unclaimed Property Act.
| 21 | | (9) The furnishing of information pursuant to the | 22 | | Illinois Income Tax
Act
and the Illinois Estate and | 23 | | Generation-Skipping Transfer Tax Act.
| 24 | | (10) The furnishing of information pursuant to the | 25 | | federal Currency
and Foreign Transactions Reporting Act, | 26 | | (Title 31, United States Code,
Section 1051 et seq.).
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| 1 | | (11) The furnishing of information pursuant to any | 2 | | other statute which
by its terms or by regulations | 3 | | promulgated thereunder requires the
disclosure of | 4 | | financial records other than by subpoena, summons, | 5 | | warrant, or
court order.
| 6 | | (12) The furnishing of information in accordance with | 7 | | the federal
Personal Responsibility and Work Opportunity | 8 | | Reconciliation Act of 1996.
Any savings bank governed by | 9 | | this Act shall enter into an agreement for data
exchanges | 10 | | with a State agency provided the State agency
pays to the | 11 | | savings bank a reasonable fee not to exceed its
actual cost | 12 | | incurred. A savings bank
providing
information in | 13 | | accordance with this item shall not be liable to any | 14 | | account
holder or other person for any disclosure of | 15 | | information to a State agency, for
encumbering or | 16 | | surrendering any assets held by the savings bank in | 17 | | response to
a lien
or order to withhold and deliver issued | 18 | | by a State agency, or for any other
action taken pursuant | 19 | | to this item, including individual or mechanical errors,
| 20 | | provided the action does not constitute gross negligence or | 21 | | willful misconduct.
A savings bank shall have no obligation | 22 | | to hold, encumber, or surrender
assets until
it has been | 23 | | served with a subpoena, summons, warrant, court or | 24 | | administrative
order,
lien, or levy.
| 25 | | (13) The furnishing of information to law enforcement | 26 | | authorities, the
Illinois Department on
Aging and its |
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| 1 | | regional administrative and provider agencies, the | 2 | | Department of
Human Services Office
of Inspector General, | 3 | | or public guardians: (i) upon subpoena by the investigatory | 4 | | entity or the guardian, or (ii) if there is suspicion by | 5 | | the savings bank that a
customer who is an elderly
person | 6 | | or person with a disability has been or may become the | 7 | | victim of financial exploitation.
For the purposes of this
| 8 | | item (13), the term: (i) "elderly person" means a person | 9 | | who is 60 or more
years of age, (ii) "person with a | 10 | | disability" means a person who has or reasonably appears to | 11 | | the savings bank to
have a physical or mental
disability | 12 | | that impairs his or her ability to seek or obtain | 13 | | protection from or
prevent financial
exploitation, and | 14 | | (iii) "financial exploitation" means tortious or illegal | 15 | | use
of the assets or resources of
an elderly person or | 16 | | person with a disability, and includes, without | 17 | | limitation,
misappropriation of the assets or resources of | 18 | | the elderly person or person with a disability by undue | 19 | | influence, breach of fiduciary
relationship, intimidation,
| 20 | | fraud, deception, extortion, or the use of assets or | 21 | | resources in any manner
contrary to law. A savings
bank or | 22 | | person furnishing information pursuant to this item (13) | 23 | | shall be
entitled to the same rights and
protections as a | 24 | | person furnishing information under the Adult Protective | 25 | | Services Act and the Illinois
Domestic Violence Act of | 26 | | 1986.
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| 1 | | (14) The disclosure of financial records or | 2 | | information as necessary to
effect, administer, or enforce | 3 | | a transaction requested or authorized by the
member or | 4 | | holder of capital, or in connection with:
| 5 | | (A) servicing or processing a financial product or | 6 | | service requested or
authorized by the member or holder | 7 | | of capital;
| 8 | | (B) maintaining or servicing an account of a member | 9 | | or holder of capital
with the savings bank; or
| 10 | | (C) a proposed or actual securitization or | 11 | | secondary market sale
(including sales of servicing | 12 | | rights) related to a
transaction of a member or holder | 13 | | of capital.
| 14 | | Nothing in this item (14), however, authorizes the sale | 15 | | of the financial
records or information of a member or | 16 | | holder of capital without the consent of
the member or | 17 | | holder of capital.
| 18 | | (15) The exchange in the regular course of business of | 19 | | information between
a
savings bank and any commonly owned | 20 | | affiliate of the savings bank, subject to
the provisions of | 21 | | the Financial Institutions Insurance Sales Law.
| 22 | | (16) The disclosure of financial records or | 23 | | information as necessary to
protect against or prevent | 24 | | actual or potential fraud, unauthorized
transactions, | 25 | | claims, or other liability.
| 26 | | (17)(a) The disclosure of financial records or |
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| 1 | | information
related to a private label credit program | 2 | | between a financial
institution and a private label party | 3 | | in connection
with that private label credit program. Such | 4 | | information
is limited to outstanding balance, available | 5 | | credit, payment and
performance and account history, | 6 | | product references, purchase
information,
and information | 7 | | related to the identity of the
customer.
| 8 | | (b)(1) For purposes of this paragraph (17) of | 9 | | subsection
(c) of Section 4013, a "private label credit | 10 | | program" means a
credit program involving a financial | 11 | | institution and a private label
party that is used by a | 12 | | customer of the financial institution and the
private label | 13 | | party primarily for payment for goods or services
sold, | 14 | | manufactured, or distributed by a private label party.
| 15 | | (2) For purposes of this paragraph (17) of subsection | 16 | | (c)
of Section 4013, a "private label party" means, with | 17 | | respect to a
private label credit program, any of the | 18 | | following: a
retailer, a merchant, a manufacturer, a trade | 19 | | group,
or any such person's affiliate, subsidiary, member,
| 20 | | agent, or service provider.
| 21 | | (18)(a) The furnishing of financial records of a | 22 | | customer to the Department to aid the Department's initial | 23 | | determination or subsequent re-determination of the | 24 | | customer's eligibility for Medicaid and Medicaid long-term | 25 | | care benefits for long-term care services, provided that | 26 | | the savings bank receives the written consent and |
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| 1 | | authorization of the customer, which shall: | 2 | | (1) have the customer's signature notarized; | 3 | | (2) be signed by at least one witness who certifies | 4 | | that he or she believes the customer to be of sound | 5 | | mind and memory; | 6 | | (3) be tendered to the savings bank at the earliest | 7 | | practicable time following its execution, | 8 | | certification, and notarization; | 9 | | (4) specifically limit the disclosure of the | 10 | | customer's financial records to the Department; and | 11 | | (5) be in substantially the following form: | 12 | | CUSTOMER CONSENT AND AUTHORIZATION | 13 | | FOR RELEASE OF FINANCIAL RECORDS | 14 | | I, ......................................., hereby authorize | 15 | | (Name of Customer) | 16 | | ............................................................. | 17 | | (Name of Financial Institution) | 18 | | ............................................................. | 19 | | (Address of Financial Institution) | 20 | | to disclose the following financial records: |
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| 1 | | any and all information concerning my deposit, savings, money | 2 | | market, certificate of deposit, individual retirement, | 3 | | retirement plan, 401(k) plan, incentive plan, employee benefit | 4 | | plan, mutual fund and loan accounts (including, but not limited | 5 | | to, any indebtedness or obligation for which I am a | 6 | | co-borrower, co-obligor, guarantor, or surety), and any and all | 7 | | other accounts in which I have an interest and any other | 8 | | information regarding me in the possession of the Financial | 9 | | Institution, | 10 | | to the Illinois Department of Human Services or the Illinois | 11 | | Department of Healthcare and Family Services, or both ("the | 12 | | Department"), for the following purpose(s): | 13 | | to aid in the initial determination or re-determination by the | 14 | | State of Illinois of my eligibility for Medicaid long-term care | 15 | | benefits, pursuant to applicable law. | 16 | | I understand that this Consent and Authorization may be revoked | 17 | | by me in writing at any time before my financial records, as | 18 | | described above, are disclosed, and that this Consent and | 19 | | Authorization is valid until the Financial Institution | 20 | | receives my written revocation. This Consent and Authorization | 21 | | shall constitute valid authorization for the Department | 22 | | identified above to inspect all such financial records set | 23 | | forth above, and to request and receive copies of such |
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| 1 | | financial records from the Financial Institution (subject to | 2 | | such records search and reproduction reimbursement policies as | 3 | | the Financial Institution may have in place). An executed copy | 4 | | of this Consent and Authorization shall be sufficient and as | 5 | | good as the original and permission is hereby granted to honor | 6 | | a photostatic or electronic copy of this Consent and | 7 | | Authorization. Disclosure is strictly limited to the | 8 | | Department identified above and no other person or entity shall | 9 | | receive my financial records pursuant to this Consent and | 10 | | Authorization. By signing this form, I agree to indemnify and | 11 | | hold the Financial Institution harmless from any and all | 12 | | claims, demands, and losses, including reasonable attorneys | 13 | | fees and expenses, arising from or incurred in its reliance on | 14 | | this Consent and Authorization. As used herein, "Customer" | 15 | | shall mean "Member" if the Financial Institution is a credit | 16 | | union. | 17 | | ....................... ...................... | 18 | | (Date) (Signature of Customer) | 19 | | ...................... | 20 | | ...................... | 21 | | (Address of Customer) | 22 | | ...................... | 23 | | (Customer's birth date) |
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| 1 | | (month/day/year) | 2 | | The undersigned witness certifies that ................., | 3 | | known to me to be the same person whose name is subscribed as | 4 | | the customer to the foregoing Consent and Authorization, | 5 | | appeared before me and the notary public and acknowledged | 6 | | signing and delivering the instrument as his or her free and | 7 | | voluntary act for the uses and purposes therein set forth. I | 8 | | believe him or her to be of sound mind and memory. The | 9 | | undersigned witness also certifies that the witness is not an | 10 | | owner, operator, or relative of an owner or operator of a | 11 | | long-term care facility in which the customer is a patient or | 12 | | resident. | 13 | | Dated: ................. ...................... | 14 | | (Signature of Witness) | 15 | | ...................... | 16 | | (Print Name of Witness) | 17 | | ...................... | 18 | | ...................... | 19 | | (Address of Witness) | 20 | | State of Illinois) | 21 | | ) ss. |
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| 1 | | County of .......) | 2 | | The undersigned, a notary public in and for the above county | 3 | | and state, certifies that .........., known to me to be the | 4 | | same person whose name is subscribed as the customer to the | 5 | | foregoing Consent and Authorization, appeared before me | 6 | | together with the witness, .........., in person and | 7 | | acknowledged signing and delivering the instrument as the free | 8 | | and voluntary act of the customer for the uses and purposes | 9 | | therein set forth. | 10 | | Dated: ....................................................... | 11 | | Notary Public: ............................................... | 12 | | My commission expires: ....................................... | 13 | | (b) In no event shall the savings bank distribute the | 14 | | customer's financial records to the long-term care | 15 | | facility from which the customer seeks initial or | 16 | | continuing residency or long-term care services. | 17 | | (c) A savings bank providing financial records of a | 18 | | customer in good faith relying on a consent and | 19 | | authorization executed and tendered in accordance with | 20 | | this paragraph (18) shall not be liable to the customer or | 21 | | any other person in relation to the savings bank's | 22 | | disclosure of the customer's financial records to the | 23 | | Department. The customer signing the consent and |
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| 1 | | authorization shall indemnify and hold the savings bank | 2 | | harmless that relies in good faith upon the consent and | 3 | | authorization and incurs a loss because of such reliance. | 4 | | The savings bank recovering under this indemnification | 5 | | provision shall also be entitled to reasonable attorney's | 6 | | fees and the expenses of recovery. | 7 | | (d) A savings bank shall be reimbursed by the customer | 8 | | for all costs reasonably necessary and directly incurred in | 9 | | searching for, reproducing, and disclosing a customer's | 10 | | financial records required or requested to be produced | 11 | | pursuant to any consent and authorization executed under | 12 | | this paragraph (18). The requested financial records shall | 13 | | be delivered to the Department within 10 days after | 14 | | receiving a properly executed consent and authorization or | 15 | | at the earliest practicable time thereafter if the | 16 | | requested records cannot be delivered within 10 days, but | 17 | | delivery may be delayed until the final reimbursement of | 18 | | all costs is received by the savings bank. The savings bank | 19 | | may honor a photostatic or electronic copy of a properly | 20 | | executed consent and authorization. | 21 | | (e) Nothing in this paragraph (18) shall impair, | 22 | | abridge, or abrogate the right of a customer to: | 23 | | (1) directly disclose his or her financial records | 24 | | to the Department or any other person; or | 25 | | (2) authorize his or her attorney or duly appointed | 26 | | agent to request and obtain the customer's financial |
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| 1 | | records and disclose those financial records to the | 2 | | Department. | 3 | | (f) For purposes of this paragraph (18), "Department" | 4 | | means the Department of Human Services and the Department | 5 | | of Healthcare and Family Services or any successor | 6 | | administrative agency of either agency. | 7 | | (d) A savings bank may not disclose to any person, except | 8 | | to the member
or holder of capital or his duly authorized | 9 | | agent, any financial records
relating to that member or | 10 | | shareholder of the savings bank unless:
| 11 | | (1) the member or shareholder has authorized | 12 | | disclosure to the person; or
| 13 | | (2) the financial records are disclosed in response to | 14 | | a lawful
subpoena, summons, warrant, citation to discover | 15 | | assets, or court order that meets the requirements of
| 16 | | subsection (e) of this Section.
| 17 | | (e) A savings bank shall disclose financial records under | 18 | | subsection (d)
of this Section pursuant to a lawful subpoena, | 19 | | summons, warrant, citation to discover assets, or court
order | 20 | | only after the savings bank mails a copy of the subpoena, | 21 | | summons,
warrant, citation to discover assets, or court order | 22 | | to the person establishing the relationship with
the savings | 23 | | bank, if living, and otherwise, his personal representative, if
| 24 | | known, at his last known address by first class mail, postage | 25 | | prepaid,
unless the savings bank is specifically prohibited | 26 | | from notifying the
person by order of court.
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| 1 | | (e-1) If a subpoena, summons, warrant, or other request for | 2 | | a customer's records is presented to the savings bank by an | 3 | | agency or department of the federal government, or by an | 4 | | officer, agent, or employee of such federal agency or | 5 | | department, a savings bank is not required to release records | 6 | | until the savings bank has been furnished with a written | 7 | | certification that the requesting agency or department has | 8 | | satisfied its obligations under the federal Right to Financial | 9 | | Privacy Act of 1978. | 10 | | (f) Any officer or employee of a savings bank who knowingly | 11 | | and
willfully furnishes financial records in violation of this | 12 | | Section is
guilty of a business offense and, upon conviction, | 13 | | shall be fined not
more than $1,000.
| 14 | | (g) Any person who knowingly and willfully induces or | 15 | | attempts to
induce any officer or employee of a savings bank to | 16 | | disclose financial
records in violation of this Section is | 17 | | guilty of a business offense and,
upon conviction, shall be | 18 | | fined not more than $1,000.
| 19 | | (h) If any member or shareholder desires to communicate | 20 | | with the other
members or shareholders of the savings bank with | 21 | | reference to any question
pending or to be presented at an | 22 | | annual or special meeting, the savings
bank shall give that | 23 | | person, upon request, a statement of the approximate
number of | 24 | | members or shareholders entitled to vote at the meeting and an
| 25 | | estimate of the cost of preparing and mailing the | 26 | | communication. The
requesting member shall submit the |
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| 1 | | communication to the Commissioner
who, upon finding it to be | 2 | | appropriate and truthful, shall direct that it
be prepared and | 3 | | mailed to the members upon the requesting member's or
| 4 | | shareholder's payment or adequate provision for payment of the | 5 | | expenses of
preparation and mailing.
| 6 | | (i) A savings bank shall be reimbursed for costs that are | 7 | | necessary and
that have been directly incurred in searching | 8 | | for, reproducing, or
transporting books, papers, records, or | 9 | | other data of a customer required
to be reproduced pursuant to | 10 | | a lawful subpoena, warrant, citation to discover assets, or | 11 | | court order.
| 12 | | (j) Notwithstanding the provisions of this Section, a | 13 | | savings bank may
sell or otherwise make use of lists of | 14 | | customers' names and addresses. All
other information | 15 | | regarding a customer's account is subject to the
disclosure | 16 | | provisions of this Section. At the request of any customer,
| 17 | | that customer's name and address shall be deleted from any list | 18 | | that is to
be sold or used in any other manner beyond | 19 | | identification of the customer's
accounts.
| 20 | | (Source: P.A. 99-143, eff. 7-27-15; 100-22, eff. 1-1-18; | 21 | | 100-201, eff. 8-18-17; 100-664, eff. 1-1-19 .)
| 22 | | Section 15. The Illinois Credit Union Act is amended by | 23 | | changing Section 10 as follows:
| 24 | | (205 ILCS 305/10) (from Ch. 17, par. 4411)
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| 1 | | Sec. 10. Credit union records; member financial records.
| 2 | | (1) A credit union shall establish and maintain books, | 3 | | records, accounting
systems and procedures which accurately | 4 | | reflect its operations and which
enable the Department to | 5 | | readily ascertain the true financial condition
of the credit | 6 | | union and whether it is complying with this Act.
| 7 | | (2) A photostatic or photographic reproduction of any | 8 | | credit union records
shall be admissible as evidence of | 9 | | transactions with the credit union.
| 10 | | (3)(a) For the purpose of this Section, the term "financial | 11 | | records"
means any original, any copy, or any summary of (1) a | 12 | | document granting
signature authority over an account, (2) a | 13 | | statement, ledger card or other
record on any account which | 14 | | shows each transaction in or with respect to
that account, (3) | 15 | | a check, draft or money order drawn on a financial
institution | 16 | | or other entity or issued and payable by or through a financial
| 17 | | institution or other entity, or (4) any other item containing | 18 | | information
pertaining to any relationship established in the | 19 | | ordinary course of
business between a credit union and its | 20 | | member, including financial
statements or other financial | 21 | | information provided by the member.
| 22 | | (b) This Section does not prohibit:
| 23 | | (1) The preparation, examination, handling or | 24 | | maintenance of any
financial records by any officer, | 25 | | employee or agent of a credit union
having custody of such | 26 | | records, or the examination of such records by a
certified |
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| 1 | | public accountant engaged by the credit union to perform an
| 2 | | independent audit.
| 3 | | (2) The examination of any financial records by or the | 4 | | furnishing of
financial records by a credit union to any | 5 | | officer, employee or agent of
the Department, the National | 6 | | Credit Union Administration, Federal Reserve
board or any | 7 | | insurer of share accounts for use solely in the exercise of
| 8 | | his duties as an officer, employee or agent.
| 9 | | (3) The publication of data furnished from financial | 10 | | records relating
to members where the data cannot be | 11 | | identified to any particular customer
of account.
| 12 | | (4) The making of reports or returns required under | 13 | | Chapter 61 of the
Internal Revenue Code of 1954.
| 14 | | (5) Furnishing information concerning the dishonor of | 15 | | any negotiable
instrument permitted to be disclosed under | 16 | | the Uniform Commercial
Code.
| 17 | | (6) The exchange in the regular course of business
of | 18 | | (i) credit information
between a credit union and other | 19 | | credit unions or financial institutions
or commercial | 20 | | enterprises, directly or through a consumer reporting | 21 | | agency
or (ii) financial records or information derived | 22 | | from financial records
between a credit union and other | 23 | | credit unions or financial institutions or
commercial | 24 | | enterprises for
the purpose of conducting due diligence | 25 | | pursuant to a merger or a purchase or
sale of assets or | 26 | | liabilities of the credit union.
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| 1 | | (7) The furnishing of information to the appropriate | 2 | | law enforcement
authorities where the credit union | 3 | | reasonably believes it has been the victim
of a crime.
| 4 | | (8) The furnishing of information pursuant to the | 5 | | Revised Uniform Unclaimed Property Act.
| 6 | | (9) The furnishing of information pursuant to the | 7 | | Illinois Income Tax
Act and the Illinois Estate and | 8 | | Generation-Skipping Transfer Tax Act.
| 9 | | (10) The furnishing of information pursuant to the | 10 | | federal Currency
and Foreign Transactions Reporting Act, | 11 | | Title 31, United States Code,
Section 1051 et sequentia.
| 12 | | (11) The furnishing of information pursuant to any | 13 | | other statute which
by its terms or by regulations | 14 | | promulgated thereunder requires the disclosure
of | 15 | | financial records other than by subpoena, summons, warrant | 16 | | or court order.
| 17 | | (12) The furnishing of information in accordance with | 18 | | the federal
Personal Responsibility and Work Opportunity | 19 | | Reconciliation Act of 1996.
Any credit union governed by | 20 | | this Act shall enter into an agreement for data
exchanges | 21 | | with a State agency provided the State agency
pays to the | 22 | | credit union a reasonable fee not to exceed its
actual cost | 23 | | incurred. A credit union
providing
information in | 24 | | accordance with this item shall not be liable to any | 25 | | account
holder or other person for any disclosure of | 26 | | information to a State agency, for
encumbering or |
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| 1 | | surrendering any assets held by the credit union in | 2 | | response to
a lien
or order to withhold and deliver issued | 3 | | by a State agency, or for any other
action taken pursuant | 4 | | to this item, including individual or mechanical errors,
| 5 | | provided the action does not constitute gross negligence or | 6 | | willful misconduct.
A credit union shall have no obligation | 7 | | to hold, encumber, or surrender
assets until
it has been | 8 | | served with a subpoena, summons, warrant, court or | 9 | | administrative
order, lien, or levy.
| 10 | | (13) The furnishing of information to law enforcement | 11 | | authorities, the
Illinois Department on
Aging and its | 12 | | regional administrative and provider agencies, the | 13 | | Department of
Human Services Office
of Inspector General, | 14 | | or public guardians: (i) upon subpoena by the investigatory | 15 | | entity or the guardian, or (ii) if there is suspicion by | 16 | | the credit union that a
member who is an elderly person or | 17 | | person with a disability has been or may become the victim | 18 | | of financial exploitation.
For the purposes of this
item | 19 | | (13), the term: (i) "elderly person" means a person who is | 20 | | 60 or more
years of age, (ii) "person with a disability" | 21 | | means a person who has or reasonably appears to the credit | 22 | | union to
have a physical or mental
disability that impairs | 23 | | his or her ability to seek or obtain protection from or
| 24 | | prevent financial
exploitation, and (iii) "financial | 25 | | exploitation" means tortious or illegal use
of the assets | 26 | | or resources of
an elderly person or person with a |
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| 1 | | disability, and includes, without limitation,
| 2 | | misappropriation of the elderly or
disabled person's | 3 | | assets or resources by undue influence, breach of fiduciary
| 4 | | relationship, intimidation,
fraud, deception, extortion, | 5 | | or the use of assets or resources in any manner
contrary to | 6 | | law. A credit
union or person furnishing information | 7 | | pursuant to this item (13) shall be
entitled to the same | 8 | | rights and
protections as a person furnishing information | 9 | | under the Adult Protective Services Act and the Illinois
| 10 | | Domestic Violence Act of 1986.
| 11 | | (14) The disclosure of financial records or | 12 | | information as necessary
to
effect, administer, or enforce | 13 | | a transaction requested or authorized by the
member, or in | 14 | | connection with:
| 15 | | (A) servicing or processing a financial product or | 16 | | service requested
or
authorized by the member;
| 17 | | (B) maintaining or servicing a member's account | 18 | | with the credit union;
or
| 19 | | (C) a proposed or actual securitization or | 20 | | secondary market sale
(including sales of servicing | 21 | | rights) related to a
transaction of a member.
| 22 | | Nothing in this item (14), however, authorizes the sale | 23 | | of the financial
records or information of a member without | 24 | | the consent of the member.
| 25 | | (15) The disclosure of financial records or | 26 | | information as necessary to
protect against or prevent |
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| 1 | | actual or potential fraud, unauthorized
transactions, | 2 | | claims, or other liability.
| 3 | | (16)(a) The disclosure of financial records or | 4 | | information
related to a private label credit program | 5 | | between a financial
institution and a private label party | 6 | | in connection
with that private label credit program. Such | 7 | | information
is limited to outstanding balance, available | 8 | | credit, payment and
performance and account history, | 9 | | product references, purchase
information,
and information | 10 | | related to the identity of the
customer.
| 11 | | (b)(1) For purposes of this item (16), "private label | 12 | | credit program" means a credit
program involving a | 13 | | financial institution and a private label party
that is | 14 | | used by a customer of the financial institution and the
| 15 | | private label party primarily for payment for goods or | 16 | | services
sold, manufactured, or distributed by a private | 17 | | label party.
| 18 | | (2) For purposes of this item (16), "private label | 19 | | party" means, with respect to a
private label credit | 20 | | program, any of the following: a
retailer, a merchant, a | 21 | | manufacturer, a trade group,
or any such person's | 22 | | affiliate, subsidiary, member,
agent, or service provider.
| 23 | | (17)(a) The furnishing of financial records of a member | 24 | | to the Department to aid the Department's initial | 25 | | determination or subsequent re-determination of the | 26 | | member's eligibility for Medicaid and Medicaid long-term |
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| 1 | | care benefits for long-term care services, provided that | 2 | | the credit union receives the written consent and | 3 | | authorization of the member, which shall: | 4 | | (1) have the member's signature notarized; | 5 | | (2) be signed by at least one witness who certifies | 6 | | that he or she believes the member to be of sound mind | 7 | | and memory; | 8 | | (3) be tendered to the credit union at the earliest | 9 | | practicable time following its execution, | 10 | | certification, and notarization; | 11 | | (4) specifically limit the disclosure of the | 12 | | member's financial records to the Department; and | 13 | | (5) be in substantially the following form: | 14 | | CUSTOMER CONSENT AND AUTHORIZATION | 15 | | FOR RELEASE OF FINANCIAL RECORDS | 16 | | I, ......................................., hereby authorize | 17 | | (Name of Customer) | 18 | | ............................................................. | 19 | | (Name of Financial Institution) | 20 | | ............................................................. | 21 | | (Address of Financial Institution) |
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| 1 | | to disclose the following financial records: | 2 | | any and all information concerning my deposit, savings, money | 3 | | market, certificate of deposit, individual retirement, | 4 | | retirement plan, 401(k) plan, incentive plan, employee benefit | 5 | | plan, mutual fund and loan accounts (including, but not limited | 6 | | to, any indebtedness or obligation for which I am a | 7 | | co-borrower, co-obligor, guarantor, or surety), and any and all | 8 | | other accounts in which I have an interest and any other | 9 | | information regarding me in the possession of the Financial | 10 | | Institution, | 11 | | to the Illinois Department of Human Services or the Illinois | 12 | | Department of Healthcare and Family Services, or both ("the | 13 | | Department"), for the following purpose(s): | 14 | | to aid in the initial determination or re-determination by the | 15 | | State of Illinois of my eligibility for Medicaid long-term care | 16 | | benefits, pursuant to applicable law. | 17 | | I understand that this Consent and Authorization may be revoked | 18 | | by me in writing at any time before my financial records, as | 19 | | described above, are disclosed, and that this Consent and | 20 | | Authorization is valid until the Financial Institution | 21 | | receives my written revocation. This Consent and Authorization | 22 | | shall constitute valid authorization for the Department |
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| 1 | | identified above to inspect all such financial records set | 2 | | forth above, and to request and receive copies of such | 3 | | financial records from the Financial Institution (subject to | 4 | | such records search and reproduction reimbursement policies as | 5 | | the Financial Institution may have in place). An executed copy | 6 | | of this Consent and Authorization shall be sufficient and as | 7 | | good as the original and permission is hereby granted to honor | 8 | | a photostatic or electronic copy of this Consent and | 9 | | Authorization. Disclosure is strictly limited to the | 10 | | Department identified above and no other person or entity shall | 11 | | receive my financial records pursuant to this Consent and | 12 | | Authorization. By signing this form, I agree to indemnify and | 13 | | hold the Financial Institution harmless from any and all | 14 | | claims, demands, and losses, including reasonable attorneys | 15 | | fees and expenses, arising from or incurred in its reliance on | 16 | | this Consent and Authorization. As used herein, "Customer" | 17 | | shall mean "Member" if the Financial Institution is a credit | 18 | | union. | 19 | | ....................... ...................... | 20 | | (Date) (Signature of Customer) | 21 | | ...................... | 22 | | ...................... | 23 | | (Address of Customer) |
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| 1 | | ...................... | 2 | | (Customer's birth date) | 3 | | (month/day/year) | 4 | | The undersigned witness certifies that ................., | 5 | | known to me to be the same person whose name is subscribed as | 6 | | the customer to the foregoing Consent and Authorization, | 7 | | appeared before me and the notary public and acknowledged | 8 | | signing and delivering the instrument as his or her free and | 9 | | voluntary act for the uses and purposes therein set forth. I | 10 | | believe him or her to be of sound mind and memory. The | 11 | | undersigned witness also certifies that the witness is not an | 12 | | owner, operator, or relative of an owner or operator of a | 13 | | long-term care facility in which the customer is a patient or | 14 | | resident. | 15 | | Dated: ................. ...................... | 16 | | (Signature of Witness) | 17 | | ...................... | 18 | | (Print Name of Witness) | 19 | | ...................... | 20 | | ...................... | 21 | | (Address of Witness) |
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| 1 | | State of Illinois) | 2 | | ) ss. | 3 | | County of .......) | 4 | | The undersigned, a notary public in and for the above county | 5 | | and state, certifies that .........., known to me to be the | 6 | | same person whose name is subscribed as the customer to the | 7 | | foregoing Consent and Authorization, appeared before me | 8 | | together with the witness, .........., in person and | 9 | | acknowledged signing and delivering the instrument as the free | 10 | | and voluntary act of the customer for the uses and purposes | 11 | | therein set forth. | 12 | | Dated: ....................................................... | 13 | | Notary Public: ............................................... | 14 | | My commission expires: ....................................... | 15 | | (b) In no event shall the credit union distribute the | 16 | | member's financial records to the long-term care facility | 17 | | from which the member seeks initial or continuing residency | 18 | | or long-term care services. | 19 | | (c) A credit union providing financial records of a | 20 | | member in good faith relying on a consent and authorization | 21 | | executed and tendered in accordance with this item (17) | 22 | | shall not be liable to the member or any other person in | 23 | | relation to the credit union's disclosure of the member's |
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| 1 | | financial records to the Department. The member signing the | 2 | | consent and authorization shall indemnify and hold the | 3 | | credit union harmless that relies in good faith upon the | 4 | | consent and authorization and incurs a loss because of such | 5 | | reliance. The credit union recovering under this | 6 | | indemnification provision shall also be entitled to | 7 | | reasonable attorney's fees and the expenses of recovery. | 8 | | (d) A credit union shall be reimbursed by the member | 9 | | for all costs reasonably necessary and directly incurred in | 10 | | searching for, reproducing, and disclosing a member's | 11 | | financial records required or requested to be produced | 12 | | pursuant to any consent and authorization executed under | 13 | | this item (17). The requested financial records shall be | 14 | | delivered to the Department within 10 days after receiving | 15 | | a properly executed consent and authorization or at the | 16 | | earliest practicable time thereafter if the requested | 17 | | records cannot be delivered within 10 days, but delivery | 18 | | may be delayed until the final reimbursement of all costs | 19 | | is received by the credit union. The credit union may honor | 20 | | a photostatic or electronic copy of a properly executed | 21 | | consent and authorization. | 22 | | (e) Nothing in this item (17) shall impair, abridge, or | 23 | | abrogate the right of a member to: | 24 | | (1) directly disclose his or her financial records | 25 | | to the Department or any other person; or | 26 | | (2) authorize his or her attorney or duly appointed |
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| 1 | | agent to request and obtain the member's financial | 2 | | records and disclose those financial records to the | 3 | | Department. | 4 | | (f) For purposes of this item (17), "Department" means | 5 | | the Department of Human Services and the Department of | 6 | | Healthcare and Family Services or any successor | 7 | | administrative agency of either agency. | 8 | | (18) The furnishing of the financial records of a | 9 | | member to an appropriate law enforcement authority, | 10 | | without prior notice to or consent of the member, upon | 11 | | written request of the law enforcement authority, when | 12 | | reasonable suspicion of an imminent threat to the personal | 13 | | security and safety of the member exists that necessitates | 14 | | an expedited release of the member's financial records, as | 15 | | determined by the law enforcement authority. The law | 16 | | enforcement authority shall include a brief explanation of | 17 | | the imminent threat to the member in its written request to | 18 | | the credit union. The written request shall reflect that it | 19 | | has been authorized by a supervisory or managerial official | 20 | | of the law enforcement authority. The decision to furnish | 21 | | the financial records of a member to a law enforcement | 22 | | authority shall be made by a supervisory or managerial | 23 | | official of the credit union. A credit union providing | 24 | | information in accordance with this item (18) shall not be | 25 | | liable to the member or any other person for the disclosure | 26 | | of the information to the law enforcement authority.
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| 1 | | (c) Except as otherwise provided by this Act, a credit | 2 | | union may not
disclose to any person, except to the member
or | 3 | | his duly authorized agent, any financial records relating to | 4 | | that member
of the credit union unless:
| 5 | | (1) the member has authorized disclosure to the person;
| 6 | | (2) the financial records are disclosed in response to | 7 | | a lawful
subpoena,
summons, warrant, citation to discover | 8 | | assets, or court order that meets the requirements of | 9 | | subparagraph (3)(d)
of this Section; or
| 10 | | (3) the credit union is attempting to collect an | 11 | | obligation owed to
the credit union and the credit union | 12 | | complies with the provisions of
Section 2I of the Consumer | 13 | | Fraud and Deceptive Business Practices Act.
| 14 | | (d) A credit union shall disclose financial records under | 15 | | item (3)(c)(2) of this Section pursuant to a lawful subpoena, | 16 | | summons, warrant, citation to discover assets, or
court order | 17 | | only after the credit union mails a copy of the subpoena, | 18 | | summons,
warrant, citation to discover assets, or court order | 19 | | to the person establishing the relationship with
the credit | 20 | | union, if living, and otherwise his personal representative,
if | 21 | | known, at his last known address by first class mail, postage | 22 | | prepaid
unless the credit union is specifically prohibited from | 23 | | notifying the person
by order of court or by applicable State | 24 | | or federal law. In the case
of a grand jury subpoena, a credit | 25 | | union shall not mail a copy of a subpoena
to any person | 26 | | pursuant to this subsection if the subpoena was issued by a |
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| 1 | | grand
jury under the Statewide Grand Jury Act or notifying the
| 2 | | person would constitute a violation of the federal Right to | 3 | | Financial
Privacy Act of 1978.
| 4 | | (d-1) If a subpoena, summons, warrant, or other request for | 5 | | a customer's records is presented to the credit union by an | 6 | | agency or department of the federal government, or by an | 7 | | officer, agent, or employee of such federal agency or | 8 | | department, a credit union is not required to release records | 9 | | until the credit union has been furnished with a written | 10 | | certification that the requesting agency or department has | 11 | | satisfied its obligations under the federal Right to Financial | 12 | | Privacy Act of 1978.
| 13 | | (e)(1) Any officer or employee of a credit union who | 14 | | knowingly and willfully
furnishes financial records in | 15 | | violation of this Section is guilty of
a business offense and | 16 | | upon conviction thereof shall be fined not more than
$1,000.
| 17 | | (2) Any person who knowingly and willfully induces or | 18 | | attempts to induce
any officer or employee of a credit union to | 19 | | disclose financial records
in violation of this Section is | 20 | | guilty of a business offense and upon
conviction thereof shall | 21 | | be fined not more than $1,000.
| 22 | | (f) A credit union shall be reimbursed for costs which are | 23 | | reasonably
necessary and which have been directly incurred in | 24 | | searching for,
reproducing or transporting books, papers, | 25 | | records or other data of a
member required or requested to be | 26 | | produced pursuant to a lawful subpoena,
summons, warrant, |
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| 1 | | citation to discover assets, or court order. The Secretary and | 2 | | the Director may determine, by rule, the
rates and
conditions | 3 | | under which payment shall be made. Delivery of requested | 4 | | documents
may be delayed until final reimbursement of all costs | 5 | | is received.
| 6 | | (Source: P.A. 100-22, eff. 1-1-18; 100-664, eff. 1-1-19; | 7 | | 100-778, eff. 8-10-18; 101-81, eff. 7-12-19.)
| 8 | | Section 20. The Illinois Trust and Payable on Death | 9 | | Accounts Act is amended by changing Section 4 as follows:
| 10 | | (205 ILCS 625/4) (from Ch. 17, par. 2134)
| 11 | | Sec. 4. Payable on Death Account Incidents. If one or more | 12 | | persons opening
or
holding an account sign an agreement with | 13 | | the institution
providing that
on the death of the
last | 14 | | surviving person designated as holder the account shall be paid
| 15 | | to or held by one or more designated beneficiaries, the | 16 | | account, and any balance
therein which exists from time to | 17 | | time, shall be held as a payment on death
account and unless | 18 | | otherwise agreed in writing between the person or
persons | 19 | | opening
or holding the account and the institution:
| 20 | | (a) Any holder during his or her lifetime may change any of | 21 | | the
designated beneficiaries to own the account at the death of | 22 | | the
last surviving holder without the
knowledge or consent of | 23 | | any other holder or the designated beneficiaries
by a
written | 24 | | instrument
accepted by the institution;
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| 1 | | (b) Any holder may make additional deposits to and withdraw | 2 | | any
part or
all of the account at any time without the | 3 | | knowledge or consent of any other
holder or the
designated | 4 | | beneficiaries to own the account at the death
of the last | 5 | | surviving holder,
subject to the bylaws and regulations of the | 6 | | institution, and all
withdrawals shall constitute a revocation | 7 | | of the agreement as to the amount
withdrawn; and
| 8 | | (c) Upon the death of the last surviving holder of the | 9 | | account, the
beneficiary
designated to be the owner of the | 10 | | account (i) who is then living, if the beneficiary is a natural | 11 | | person, or (ii) that maintains a lawful existence under the | 12 | | state or federal authority pursuant to which it was organized, | 13 | | if the beneficiary is not a natural person, shall be the
sole | 14 | | owner of the account . If , unless more than one beneficiary is | 15 | | so designated and
then living or in existence, in which case | 16 | | those beneficiaries shall hold the account in
equal
shares as | 17 | | tenants in common with no right of survivorship as between | 18 | | those
beneficiaries ; and . | 19 | | (d) Notwithstanding anything to the contrary in subsection | 20 | | (c), any holder of the account may elect a per stirpes | 21 | | distribution option to the descendants of a natural person | 22 | | beneficiary if the beneficiary predeceases the last surviving | 23 | | holder of the account. The institution may rely on the account | 24 | | holder's written representation of the identity of the | 25 | | descendants of each beneficiary living at the time of the | 26 | | beneficiary designation. The institution may also rely on an |
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| 1 | | affidavit executed by a natural person beneficiary or | 2 | | descendant of a natural person beneficiary of the last | 3 | | surviving holder of the account upon or after the death of the | 4 | | account holder that identifies the descendants of any | 5 | | predeceased natural person beneficiary. The total percentage | 6 | | of the account to be distributed to all beneficiaries upon the | 7 | | death of the last surviving holder of the account must equal | 8 | | 100%. If no beneficiary designated as the owner of the
account | 9 | | on the death of the last surviving holder is then living or in | 10 | | existence, or if no descendant of a natural person beneficiary | 11 | | is then living if a per stirpes distribution has been selected, | 12 | | the
proceeds shall vest
in the estate of the last surviving | 13 | | holder of the account.
| 14 | | (Source: P.A. 96-1151, eff. 7-21-10.)
| 15 | | Section 25. The Promissory Note and Bank Holiday Act is | 16 | | amended by changing Section 17 as follows:
| 17 | | (205 ILCS 630/17) (from Ch. 17, par. 2201)
| 18 | | Sec. 17. Holidays.
| 19 | | (a) The following days shall be legal holidays in the State | 20 | | of
Illinois upon which day a bank may, but is not required to, | 21 | | remain closed:
| 22 | | the first day of January (New Year's Day);
| 23 | | the third Monday in January (observance of Martin Luther | 24 | | King, Jr.'s
birthday);
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| 1 | | the twelfth day in February (Abraham Lincoln's birthday);
| 2 | | the third Monday in February (Presidents Day);
| 3 | | the first Monday in March (observance of Casimir Pulaski's | 4 | | birthday);
| 5 | | the Friday preceding Easter Sunday (Good Friday);
| 6 | | the last Monday of May (Memorial Day);
| 7 | | the fourth day of July (Independence Day);
| 8 | | the first Monday in September (Labor Day);
| 9 | | the second Monday in October (Columbus Day);
| 10 | | the eleventh day of November (Veterans' Day);
| 11 | | the fourth Thursday in November (Thanksgiving Day);
| 12 | | the twenty-fifth day in December (Christmas Day);
| 13 | | the days upon which the general elections for members of | 14 | | the House of
Representatives are held, and any day proclaimed | 15 | | by the Governor of this
State as a legal holiday. From 12 | 16 | | o'clock noon to 12 o'clock midnight of
each Saturday shall be | 17 | | considered a half holiday. In addition to such
holidays and | 18 | | half-holidays, a bank may select one day of the week to remain
| 19 | | closed, as provided in subsection (b) of this Section.
| 20 | | (b) Any bank doing business within this State may select | 21 | | any one day of
the week to remain closed on a regular basis | 22 | | upon adoption of a resolution
by the board of directors of such | 23 | | bank designating the day selected and
upon filing and | 24 | | publishing a copy of such resolution as hereinafter
required. | 25 | | Any such resolution shall be deemed effective for the purpose | 26 | | of
this Section only when a copy thereof, certified by an |
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| 1 | | officer having charge
of the records of such bank, is filed | 2 | | with the Recorder of the county in
which such bank is located | 3 | | and published once each week for 3 successive
weeks in a | 4 | | newspaper of general circulation in such county. Such
| 5 | | publication shall be accomplished by, and at the expense of, | 6 | | the bank, and
the bank shall submit to the Commissioner of | 7 | | Banks and Real Estate such evidence of the publication as the | 8 | | Commissioner shall deem
appropriate. Any such selection shall | 9 | | remain in full force and effect until a
copy of the later | 10 | | resolution of the board of directors of such bank, certified
in | 11 | | like manner, terminating or altering any such prior selection | 12 | | shall be filed
and published in the same manner as such prior | 13 | | resolution.
| 14 | | (c) If an occasion arises when a state bank wishes to | 15 | | remain closed on a
particular day, other than a day on which | 16 | | the bank has selected to remain
closed on a regular basis as | 17 | | provided in this Section, such state bank may
remain closed on | 18 | | such an occasion after first sending to the Commissioner a
copy | 19 | | of a resolution adopted by the board of directors authorizing | 20 | | the bank
to remain closed on such occasion and notice of the | 21 | | intent to remain closed
on such occasion shall be conspicuously | 22 | | posted in the lobby of the main
banking office and any branches | 23 | | of such bank for at least 3 weeks in
advance of such occasion. | 24 | | Any day which any bank doing business within the
State shall | 25 | | select to remain closed pursuant to this Section shall, with
| 26 | | respect to such bank, be treated and considered as a Sunday. |
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| 1 | | Notwithstanding the notification time frames and procedures | 2 | | otherwise stated in this subsection, if the bank is going to be | 3 | | closed for no more than a half day to permit personnel to | 4 | | attend a funeral, visitation, or other memorial service held | 5 | | for a deceased officer, employee, or director of the bank, or a | 6 | | family member of such person, the bank need only notify the | 7 | | Secretary and post conspicuously in the lobby of any affected | 8 | | office or branch of the bank notice of the hours during which | 9 | | the bank will be closed. Such notification to the Secretary and | 10 | | posting of notice in the lobby of the office or branch shall be | 11 | | accomplished not less than 24 hours in advance of the day | 12 | | during which such closing will occur.
| 13 | | (d) All legal holidays, the half holidays and
any day | 14 | | selected by a bank doing business within the State to remain
| 15 | | closed, shall, for all purposes whatsoever, as
regards the | 16 | | presenting for payment or acceptance, the maturity and
| 17 | | protesting and giving of notice of the dishonor of bills of | 18 | | exchange, bank
checks and promissory notes and other negotiable | 19 | | or commercial paper or
instrument, be treated and considered as | 20 | | a Sunday. When any such holidays
fall on Sunday, the Monday
| 21 | | next following shall be held and considered such holiday. All | 22 | | notes, bills,
drafts, checks or other evidence of indebtedness, | 23 | | falling due or maturing
on either of such days, shall be deemed | 24 | | as due or maturing upon the day
following, and when 2 or more | 25 | | of these days come together, or immediately
succeeding each | 26 | | other, then such instruments, paper or indebtedness shall
be |
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| 1 | | deemed as due or having matured on the day following the last | 2 | | of such
days.
| 3 | | (e) Any act authorized, required or permitted to be | 4 | | performed at or by or
with respect to any bank doing business | 5 | | within the State on a day which it
has selected to remain | 6 | | closed under this Section may be so performed on the
next | 7 | | succeeding business day and no liability or loss of rights of | 8 | | any kind
shall result from such delay.
| 9 | | (f) Nothing in this Act shall in any manner affect the | 10 | | validity of, or
render void or voidable, the payment, | 11 | | certification, or acceptance of a
check or other negotiable | 12 | | instrument, or any other transaction by a bank in
this State, | 13 | | because done or performed on any Saturday, Sunday, holiday, or
| 14 | | any day selected by a bank to remain closed, or during any time | 15 | | other than
regular banking hours; but no bank in this State, | 16 | | which by law or custom is
entitled to remain open or to close | 17 | | for the whole or any part of any day
selected by it to remain | 18 | | open or to close, is compelled to close, or to
remain open for | 19 | | the transaction of business or to perform any of the acts
or | 20 | | transactions aforesaid except at its own option.
| 21 | | (Source: P.A. 89-508, eff. 7-3-96; 89-567, eff. 7-26-96; 90-14, | 22 | | eff.
7-1-97.)".
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