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90_HB3135
205 ILCS 616/85 new
205 ILCS 675/12 new
Amends the Electronic Fund Transfer Act and the Illinois
Financial Services Development Act. Provides that entities
and persons subject to those Acts are not liable for acts
taken or omissions made in reliance upon a rule or opinion of
the Commissioner of Banks and Real Estate. Effective
immediately.
LRB9009212JSpc
LRB9009212JSpc
1 AN ACT concerning rulings of the Commissioner of Banks
2 and Real Estate, amending named Acts.
3 Be it enacted by the People of the State of Illinois,
4 represented in the General Assembly:
5 Section 5. The Electronic Fund Transfer Act is amended
6 by adding Section 85 as follows:
7 (205 ILCS 616/85 new)
8 Sec. 85. Reliance on Commissioner. No person shall be
9 liable under this Act for any act done or omitted in good
10 faith in conformity with any rule, interpretation, or opinion
11 issued by the Commissioner of Banks and Real Estate,
12 notwithstanding that after the act or omission has occurred,
13 the rule, interpretation, or opinion upon which reliance is
14 placed is amended, rescinded, or determined by judicial or
15 other authority to be invalid for any reason.
16 Section 10. The Illinois Financial Services Development
17 Act is amended by adding Section 12 as follows:
18 (205 ILCS 675/12 new)
19 Sec. 12. Reliance on Commissioner. No person shall be
20 liable under this Act for any act done or omitted in good
21 faith in conformity with any rule, interpretation, or opinion
22 issued by the Commissioner of Banks and Real Estate,
23 notwithstanding that after the act or omission has occurred,
24 the rule, interpretation, or opinion upon which reliance is
25 placed is amended, rescinded, or determined by judicial or
26 other authority to be invalid for any reason.
27 Section 99. Effective date. This Act takes effect upon
28 becoming law.