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

SB2360sam001 102ND GENERAL ASSEMBLY

Sen. John Connor

Filed: 4/9/2021

 

 


 

 


 
10200SB2360sam001LRB102 14792 BMS 24021 a

1
AMENDMENT TO SENATE BILL 2360

2    AMENDMENT NO. ______. Amend Senate Bill 2360 by replacing
3everything after the enacting clause with the following:
 
4    "Section 5. The Banking Emergencies Act is amended by
5changing Sections 2, 3, and 4 and by adding Section 6 as
6follows:
 
7    (205 ILCS 610/2)  (from Ch. 17, par. 1002)
8    Sec. 2. Power of Commissioner.
9    (a) Whenever the Commissioner is notified by any officer
10of a bank or by any other means becomes aware that an emergency
11exists, or is impending, he may, by proclamation, authorize
12all banks in the State of Illinois to close or alter the hours
13at any or all of their offices, or if only a bank or banks, or
14offices thereof, in a particular area or areas of the State of
15Illinois are affected by the emergency or impending emergency,
16the Commissioner may authorize only the affected bank, banks,

 

 

10200SB2360sam001- 2 -LRB102 14792 BMS 24021 a

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

 

 

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1required to be filed and authorize any bank organized under
2the laws of this State, of another state, or of the United
3States, to open and operate offices in this State,
4notwithstanding any other laws of this State to the contrary.
5Any office or offices opened in accordance with this
6subsection may remain open until the Commissioner declares, by
7further proclamation, that the emergency or impending
8emergency has ended. The Department of Financial and
9Professional Regulation may adopt rules to implement this
10subsection (b).
11    (c) When the officers of a bank are of the opinion that an
12emergency exists, or is impending, which affects or may affect
13the bank's offices, they shall have the authority, in the
14reasonable exercise of their discretion, to determine not to
15open any of the bank's offices on any day or, if having opened,
16to close an office during the continuation of the emergency,
17even if the Commissioner does not issue a proclamation. The
18office closed shall remain closed until the time that the
19officers determine the emergency has ended, and for the
20further amount of time reasonably necessary to reopen. No bank
21office shall remain closed for more than 48 consecutive hours,
22excluding legal holidays and other days on which the bank is
23permitted to remain closed under the Promissory Note and Bank
24Holiday Act, without the prior approval of the Commissioner.
25(Source: P.A. 95-77, eff. 8-13-07; 96-1365, eff. 7-28-10.)
 

 

 

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1    (205 ILCS 610/3)  (from Ch. 17, par. 1003)
2    Sec. 3. Notice to Commissioner and the Public. A bank
3closing an office or offices pursuant to the authority granted
4herein under Section 2 of this Act shall give as prompt notice
5of its action as conditions will permit and by any means
6available, to the Commissioner, or in the case of a national
7bank, to the Comptroller of the Currency. In addition the bank
8shall post notice of the temporary closing and the
9authorization for the closing on the main entrance doors of
10the office or offices bank affected.
11(Source: P.A. 77-1782.)
 
12    (205 ILCS 610/4)  (from Ch. 17, par. 1004)
13    Sec. 4. Effect of Closing. Any day on which a bank, or any
14one or more of its offices, is closed during all or any part of
15its normal banking hours pursuant to the authorization granted
16under Section 2 of this Act shall be, with respect to such bank
17or, if not all of its offices are closed, then with respect to
18any office or offices which are closed, a legal holiday for all
19purposes with respect to any banking business of any
20character. No liability, or loss of rights of any kind, on the
21part of any bank, or director, officer, or employee thereof,
22shall accrue or result by virtue of any closing authorized by
23this Act.
24    The provisions of this Act shall be construed and applied
25as being in addition to, and not in substitution for or

 

 

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1limitation of, any other law of this State or of the United
2States, authorizing the closing of a bank or excusing the
3delay by a bank in the performance of its duties and
4obligations because of emergencies or conditions beyond the
5bank's control, or otherwise.
6(Source: P.A. 77-1782.)
 
7    (205 ILCS 610/6 new)
8    Sec. 6. Rulemaking. The Department of Financial and
9Professional Regulation may adopt rules to address the closing
10or alteration of hours by banks at one or more of their offices
11when affected by an emergency or impending emergency.".