Full Text of SB2360 102nd General Assembly
SB2360enr 102ND 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 Banking Emergencies Act is amended by | 5 | | changing Sections 2, 3, and 4 and by adding Section 6 as | 6 | | follows:
| 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 | 10 | | of a bank or by any
other means becomes aware that an
emergency | 11 | | exists, or is impending, he may, by proclamation, authorize | 12 | | all banks in the State
of Illinois to close or alter the hours | 13 | | at any or all of their offices, or if only a
bank or banks, or | 14 | | offices thereof, in a particular
area or areas of the State of | 15 | | Illinois are affected by the emergency or
impending
emergency, | 16 | | the Commissioner may authorize only the affected bank, banks, | 17 | | or
offices thereof, to close. The office or offices so closed | 18 | | may remain closed
until
the Commissioner declares, by further | 19 | | proclamation, that the emergency or
impending emergency has | 20 | | ended , or until an earlier time when the officers of the bank | 21 | | determine that the office or offices so closed should reopen, | 22 | | and, in either event, for the further amount of time | 23 | | reasonably necessary to reopen . The
Commissioner during an |
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| 1 | | emergency or while an impending emergency exists,
which | 2 | | affects, or may affect, a particular bank or banks, or a | 3 | | particular
office or offices thereof, but not banks located in | 4 | | the area generally of
the said county or municipality, may | 5 | | authorize the particular bank or
banks, or office or offices | 6 | | so affected, to close. The office or offices so
closed shall | 7 | | remain closed until the Commissioner is notified by a bank
| 8 | | officer of the closed bank that the emergency has ended , or | 9 | | until an earlier time when the officers of the bank determine | 10 | | that the office or offices so closed should reopen, and, in | 11 | | either event, for the further amount of time reasonably | 12 | | necessary to reopen . The Commissioner
shall notify, at such | 13 | | time, the officers of the bank that one or more
offices, | 14 | | heretofore closed because of the emergency, should reopen and, | 15 | | in
either event, for such further time thereafter as may | 16 | | reasonably be
required to reopen.
| 17 | | (b) Whenever the Secretary becomes aware that an emergency | 18 | | exists, or is impending, he or she may, by proclamation, waive | 19 | | any requirements to the notices, applications, or reports | 20 | | required to be filed and authorize any bank organized under | 21 | | the laws of this State, of another state, or of the United | 22 | | States, to open and operate offices in this State, | 23 | | notwithstanding any other laws of this State to the contrary. | 24 | | Any office or offices opened in accordance with this | 25 | | subsection may remain open until the Commissioner declares, by | 26 | | further proclamation, that the emergency or impending |
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| 1 | | emergency has ended. The Department of Financial and | 2 | | Professional Regulation may adopt rules to implement this | 3 | | subsection (b).
| 4 | | (c) When the officers of a bank are of the opinion that an | 5 | | emergency exists, or is impending, which affects or may affect | 6 | | the bank's offices, they shall have the authority, in the | 7 | | reasonable exercise of their discretion, to determine not to | 8 | | open any of the bank's offices on any day or, if having opened, | 9 | | to close an office during the continuation of the emergency, | 10 | | even if the Commissioner does not issue a proclamation. The | 11 | | office closed shall remain closed until the time that the | 12 | | officers determine the emergency has ended, and for the | 13 | | further amount of time reasonably necessary to reopen. No bank | 14 | | office shall remain closed for more than 48 consecutive hours, | 15 | | excluding legal holidays and other days on which the bank is | 16 | | permitted to remain closed under the Promissory Note and Bank | 17 | | Holiday Act, without the prior approval of the Commissioner. | 18 | | (Source: P.A. 95-77, eff. 8-13-07; 96-1365, eff. 7-28-10.)
| 19 | | (205 ILCS 610/3) (from Ch. 17, par. 1003)
| 20 | | Sec. 3.
Notice
to Commissioner and the Public.
A bank | 21 | | closing an office or offices pursuant to the authority granted
| 22 | | herein under Section 2 of this Act shall give as prompt notice | 23 | | of its action as
conditions will permit and by any means | 24 | | available, to the Commissioner, or
in the case of a national | 25 | | bank, to the Comptroller of the Currency. In
addition the bank |
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| 1 | | shall post notice of the temporary closing and the
| 2 | | authorization for the closing on the main entrance doors of | 3 | | the office or offices bank
affected.
| 4 | | (Source: P.A. 77-1782.)
| 5 | | (205 ILCS 610/4) (from Ch. 17, par. 1004)
| 6 | | Sec. 4. Effect of Closing. Any day on which a bank, or any | 7 | | one or more of its offices, is closed
during all or any part of | 8 | | its normal banking hours pursuant to the
authorization granted | 9 | | under Section 2 of this Act shall be, with respect to such bank
| 10 | | or, if not all of its offices are closed, then with respect to | 11 | | any office
or offices which are closed, a legal holiday for all | 12 | | purposes with respect
to any banking business of any | 13 | | character. No liability, or loss of rights
of any kind, on the | 14 | | part of any bank, or director, officer, or employee
thereof, | 15 | | shall accrue or result by virtue of any closing authorized by | 16 | | this
Act.
| 17 | | The provisions of this Act shall be construed and applied | 18 | | as being in
addition to, and not in substitution for or | 19 | | limitation of, any other law of
this State or of the United | 20 | | States, authorizing the closing of a bank or
excusing the | 21 | | delay by a bank in the performance of its duties and
| 22 | | obligations because of emergencies or conditions beyond the | 23 | | bank's control,
or otherwise.
| 24 | | (Source: P.A. 77-1782.)
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| 1 | | (205 ILCS 610/6 new) | 2 | | Sec. 6. Rulemaking. The Department of Financial and | 3 | | Professional Regulation may adopt rules to address the closing | 4 | | or alteration of hours by banks at one or more of their offices | 5 | | when affected by an emergency or impending emergency.
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