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90_HB1655eng
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.
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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15 upon which reliance is placed is amended, rescinded, or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28 rescinded, or determined by judicial or other authority to be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.
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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
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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
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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)
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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 for provision of
25 this Section imposing any liability shall apply to any act
26 done or omitted in good faith in conformity with any rule, or
27 regulation, or interpretation, or opinion issued thereof by
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, or interpretation, 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.)
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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.