[ Search ] [ Legislation ] [ Bill Summary ]
[ Home ] [ Back ] [ Bottom ]
[ Introduced ] | [ Engrossed ] |
90_HB1655enr 205 ILCS 5/48.4 new 205 ILCS 10/3.075 new 205 ILCS 205/11-5 new 205 ILCS 205/11012 new 205 ILCS 620/8-2 new 205 ILCS 645/20 new 205 ILCS 650/7 new 760 ILCS 5/21 new 760 ILCS 45/8 new 815 ILCS 205/6 from Ch. 17, par. 6413 Amends the Illinois Banking Act, the Corporate Fiduciary Act, the Interest Act, and other financial industry regulatory Acts to provide that there shall be no liability for acts or omissions done in reliance upon a rule of the Commissioner of Banks and Real Estate. Effective immediately. LRB9004770JSmg HB1655 Enrolled LRB9004770JSmg 1 AN ACT concerning reliance on the rules and opinions of 2 the Commissioner of Banks and Real Estate, amending named 3 Acts. 4 Be it enacted by the People of the State of Illinois, 5 represented in the General Assembly: 6 Section 5. The Illinois Banking Act is amended by adding 7 Section 48.4 as follows: 8 (205 ILCS 5/48.4 new) 9 Sec. 48.4. Reliance on Commissioner. No bank or other 10 person shall be liable under this Act for any act done or 11 omitted in good faith in conformity with any rule, 12 interpretation, or opinion issued by the Commissioner of 13 Banks and Real Estate, notwithstanding that after the act or 14 omission has occurred, the rule, opinion, or interpretation 15 upon which reliance is placed is amended, rescinded, or 16 determined by judicial or other authority to be invalid for 17 any reason. 18 Section 10. The Illinois Bank Holding Company Act of 19 1957 is amended by adding Section 3.075 as follows: 20 (205 ILCS 10/3.075 new) 21 Sec. 3.075. Reliance on Commissioner. No bank holding 22 company or other person shall be liable under this Act for 23 any act done or omitted in good faith in conformity with any 24 rule, interpretation, or opinion issued by the Commissioner 25 of Banks and Real Estate, notwithstanding that after the act 26 or omission has occurred, the rule, opinion, or 27 interpretation upon which reliance is placed is amended, 28 rescinded, or determined by judicial or other authority to be 29 invalid for any reason. HB1655 Enrolled -2- LRB9004770JSmg 1 Section 15. The Illinois Savings and Loan Act of 1985 is 2 amended by adding Section 11-5 as follows: 3 (205 ILCS 205/11-5 new) 4 Sec. 11-5. Reliance on Commissioner. No association or 5 other person shall be liable under this Act for any act done 6 or omitted in good faith in conformity with any rule, 7 interpretation, or opinion issued by the Commissioner of 8 Banks and Real Estate, notwithstanding that after the act or 9 omission has occurred, the rule, opinion, or interpretation 10 upon which reliance is placed is amended, rescinded, or 11 determined by judicial or other authority to be invalid for 12 any reason. 13 Section 20. The Savings Bank Act is amended by adding 14 Section 11012 as follows: 15 (205 ILCS 205/11012 new) 16 Sec. 11012. Reliance on Commissioner. No savings bank 17 or other person shall be liable under this Act for any act 18 done or omitted in good faith in conformity with any rule, 19 interpretation, or opinion issued by the Commissioner of 20 Banks and Real Estate, notwithstanding that after the act or 21 omission has occurred, the rule, opinion, or interpretation 22 upon which reliance is placed is amended, rescinded, or 23 determined by judicial or other authority to be invalid for 24 any reason. 25 Section 25. The Corporate Fiduciary Act is amended by 26 adding Section 8-2 as follows: 27 (205 ILCS 620/8-2 new) 28 Sec. 8-2. Reliance on Commissioner. No corporate 29 fiduciary or other person shall be liable under this Act for HB1655 Enrolled -3- LRB9004770JSmg 1 any act done or omitted in good faith in conformity with any 2 rule, interpretation, or opinion issued by the Commissioner 3 of Banks and Real Estate, notwithstanding that after the act 4 or omission has occurred, the rule, opinion, or 5 interpretation upon which reliance is placed is amended, 6 rescinded, or determined by judicial or other authority to be 7 invalid for any reason. 8 Section 30. The Foreign Banking Office Act is amended by 9 adding Section 20 as follows: 10 (205 ILCS 645/20 new) 11 Sec. 20. Reliance on Commissioner. No foreign banking 12 corporation or other person shall be liable under this Act 13 for any act done or omitted in good faith in conformity with 14 any rule, interpretation, or opinion issued by the 15 Commissioner of Banks and Real Estate, notwithstanding that 16 after the act or omission has occurred, the rule, opinion, or 17 interpretation upon which reliance is placed is amended, 18 rescinded, or determined by judicial or other authority to be 19 invalid for any reason. 20 Section 35. The Foreign Bank Representative Office Act 21 is amended by adding Section 7 as follows: 22 (205 ILCS 650/7 new) 23 Sec. 7. Reliance on Commissioner. No foreign bank or 24 other person shall be liable under this Act for any act done 25 or omitted in good faith in conformity with any rule, 26 interpretation, or opinion issued by the Commissioner of 27 Banks and Real Estate, notwithstanding that after the act or 28 omission has occurred, the rule, opinion, or interpretation 29 upon which reliance is placed is amended, rescinded, or 30 determined by judicial or other authority to be invalid for HB1655 Enrolled -4- LRB9004770JSmg 1 any reason. 2 Section 40. The Trust and Trustees Act is amended by 3 adding Section 21 as follows: 4 (760 ILCS 5/21 new) 5 Sec. 21. Reliance on Commissioner of Banks and Real 6 Estate. No trustee or other person shall be liable under 7 this Act for any act done or omitted in good faith in 8 conformity with any rule, interpretation, or opinion issued 9 by the Commissioner of Banks and Real Estate, notwithstanding 10 that after the act or omission has occurred, the rule, 11 opinion, or interpretation upon which reliance is placed is 12 amended, rescinded, or determined by judicial or other 13 authority to be invalid for any reason. 14 Section 45. The Common Trust Fund Act is amended by 15 adding Section 8 as follows: 16 (760 ILCS 45/8 new) 17 Sec. 8. Reliance on Commissioner of Banks and Real 18 Estate. No fiduciary or other person shall be liable under 19 this Act for any act done or omitted in good faith in 20 conformity with any rule, interpretation, or opinion issued 21 by the Commissioner of Banks and Real Estate, notwithstanding 22 that after the act or omission has occurred, the rule, 23 opinion, or interpretation upon which reliance is placed is 24 amended, rescinded, or determined by judicial or other 25 authority to be invalid for any reason. 26 Section 50. The Interest Act is amended by changing 27 Section 6 as follows: 28 (815 ILCS 205/6) (from Ch. 17, par. 6413) HB1655 Enrolled -5- LRB9004770JSmg 1 Sec. 6. If any person or corporation knowingly contracts 2 for or receives, directly or indirectly, by any device, 3 subterfuge or other means, unlawful interest, discount or 4 charges for or in connection with any loan of money, the 5 obligor may, recover by means of an action or defense an 6 amount equal to twice the total of all interest, discount and 7 charges determined by the loan contract or paid by the 8 obligor, whichever is greater, plus such reasonable 9 attorney's fees and court costs as may be assessed by a court 10 against the lender. The payments due and to become due 11 including all interest, discount and charges included therein 12 under the terms of the loan contract, shall be reduced by the 13 amount which the obligor is thus entitled to recover. 14 Recovery by means of a defense may be had at any time after 15 the loan is transacted. Recovery by means of an action may be 16 had at any time after the loan is transacted and prior to the 17 expiration of 2 years after the earlier of (1) the date of 18 the last scheduled payment of the loan after giving effect to 19 all renewals or extensions thereof, if any, or (2) the date 20 on which the total amount due under the terms of the loan 21 contract is fully paid. A bona fide error in connection with 22 a loan shall not be a violation under this section if the 23 lender corrects the error within a reasonable time. 24 No person shall be liable under this Act forprovision of25this Section imposing any liability shall apply toany act 26 done or omitted in good faith in conformity with any rule,or27 regulation,orinterpretation, or opinion issuedthereofby 28 the Commissioner of Banks and Real Estate or the Department 29 of Financial Institutions or any other department or agency 30 of the State, notwithstanding that after such act or omission 31 has occurred, such rule, regulation,orinterpretation, or 32 opinion is amended, rescinded, or determined by judicial or 33 other authority to be invalid for any reason. 34 (Source: P.A. 86-1222.) HB1655 Enrolled -6- LRB9004770JSmg 1 Section 55. The provisions of this amendatory Act of 2 1997 and the changes made to existing statutory law by this 3 amendatory Act of 1997 are severable under Section 1.31 of 4 the Statute on Statutes. 5 Section 99. Effective date. This Act takes effect upon 6 becoming law.