Full Text of SB2945 99th General Assembly
SB2945 99TH GENERAL ASSEMBLY |
| | 99TH GENERAL ASSEMBLY
State of Illinois
2015 and 2016 SB2945 Introduced 2/18/2016, by Sen. Terry Link SYNOPSIS AS INTRODUCED: |
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Amends the Data Processing Services for Financial Institutions Act. Changes the definition of "depository institution" to mean any bank subject to the Illinois Banking Act, any savings and loan association subject to the Illinois Savings and Loan Act of 1985, any savings bank subject to the Savings Bank Act, any credit union subject to the Illinois Credit Union Act, or any federally chartered commercial bank, savings and loan association, savings bank, or credit union organized and operated in this State pursuant to the laws of the United States. Effective immediately.
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| | A BILL FOR |
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| | | SB2945 | | LRB099 19761 SMS 44159 b |
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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 Data Processing Services for Financial | 5 | | Institutions Act is amended by changing Section 5 as follows:
| 6 | | (205 ILCS 715/5)
| 7 | | Sec. 5. Definitions. As used in this Act, the following | 8 | | terms shall have
the following meanings:
| 9 | | "Corporate fiduciary" has the meaning ascribed to that term | 10 | | in the
Corporate Fiduciary Act.
| 11 | | "Depository institution" means any bank subject to the | 12 | | Illinois Banking Act, any savings and loan association subject | 13 | | to the Illinois Savings and Loan Act of 1985, any savings bank | 14 | | subject to the Savings Bank Act, any credit union subject to | 15 | | the Illinois Credit Union Act, or any federally chartered | 16 | | commercial bank, savings and loan association, savings bank, or | 17 | | credit union organized and operated in this State pursuant to | 18 | | the laws of the United States a bank, savings and loan | 19 | | association,
savings bank, or credit union chartered under the | 20 | | laws of Illinois or of the
United States .
| 21 | | "Financial institution" means any depository institution | 22 | | or corporate
fiduciary that has its main office in Illinois and | 23 | | includes foreign
banking corporations that receive |
| | | SB2945 | - 2 - | LRB099 19761 SMS 44159 b |
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| 1 | | certificates of authority from the Office of
Banks and Real | 2 | | Estate under the Foreign Banking Office Act.
| 3 | | "Independent data processing servicer" means an entity | 4 | | that provides
electronic data processing services to a
| 5 | | financial institution, but does not include an entity to the | 6 | | extent the entity
processes interchange transactions, as | 7 | | defined in the Electronic Fund Transfer
Act.
| 8 | | "Interface agreement" means a written agreement specifying | 9 | | the terms and
conditions under which an interface
of | 10 | | communications, data, or systems between independent data | 11 | | processing
servicers shall be accomplished.
| 12 | | "Main office" means the location designated as the main | 13 | | office or
principal place of business in the charter,
articles | 14 | | of incorporation, or certificate of authority of the depository
| 15 | | institution or corporate fiduciary.
| 16 | | (Source: P.A. 91-742, eff. 6-2-00.)
| 17 | | Section 99. Effective date. This Act takes effect upon | 18 | | becoming law.
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