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90_SB1076ham003
LRB9003110JSgcam01
1 AMENDMENT TO SENATE BILL 1076
2 AMENDMENT NO. . Amend Senate Bill 1076, AS AMENDED,
3 in Section 20 of the bill, in the first paragraph, by
4 changing "in Section 10" to "in Section 15"; and
5 by inserting immediately below the last line of Section 40 of
6 the bill the following:
7 "Section 91. The Illinois Banking Act is amended by
8 changing Section 48.1 as follows:
9 (205 ILCS 5/48.1) (from Ch. 17, par. 360)
10 Sec. 48.1. Customer financial records; confidentiality.
11 (a) For the purpose of this Section, the term "financial
12 records" means any original, any copy, or any summary of (1)
13 a document granting signature authority over a deposit or
14 account, (2) a statement, ledger card or other record on any
15 deposit or account, which shows each transaction in or with
16 respect to that account, (3) a check, draft or money order
17 drawn on a bank or issued and payable by a bank, or (4) any
18 other item containing information pertaining to any
19 relationship established in the ordinary course of a bank's
20 business between a bank and its customer.
21 (b) This Section does not prohibit:
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1 (1) The preparation, examination, handling or
2 maintenance of any financial records by any officer,
3 employee or agent of a bank having custody of the
4 records, or the examination of the records by a certified
5 public accountant engaged by the bank to perform an
6 independent audit.
7 (2) The examination of any financial records by, or
8 the furnishing of financial records by a bank to, any
9 officer, employee or agent of (i) the Commissioner of
10 Banks and Real Estate, (ii) after May 31, 1997, a state
11 regulatory authority authorized to examine a branch of a
12 State bank located in another state, (iii) the
13 Comptroller of the Currency, (iv) the Federal Reserve
14 Board, or (v) the Federal Deposit Insurance Corporation
15 for use solely in the exercise of his duties as an
16 officer, employee, or agent.
17 (3) The publication of data furnished from
18 financial records relating to customers where the data
19 cannot be identified to any particular customer or
20 account.
21 (4) The making of reports or returns required under
22 Chapter 61 of the Internal Revenue Code of 1986.
23 (5) Furnishing information concerning the dishonor
24 of any negotiable instrument permitted to be disclosed
25 under the Uniform Commercial Code.
26 (6) The exchange in the regular course of business
27 of credit information between a bank and other banks or
28 financial institutions or commercial enterprises,
29 directly or through a consumer reporting agency.
30 (7) The furnishing of information to the
31 appropriate law enforcement authorities where the bank
32 reasonably believes it has been the victim of a crime.
33 (8) The furnishing of information under the Uniform
34 Disposition of Unclaimed Property Act.
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1 (9) The furnishing of information under the
2 Illinois Income Tax Act and the Illinois Estate and
3 Generation-Skipping Transfer Tax Act.
4 (10) The furnishing of information under the
5 federal Currency and Foreign Transactions Reporting Act
6 Title 31, United States Code, Section 1051 et seq.
7 (11) The furnishing of information under any other
8 statute that by its terms or by regulations promulgated
9 thereunder requires the disclosure of financial records
10 other than by subpoena, summons, warrant, or court order.
11 (12) The furnishing of information about the
12 existence of an account of a person to a judgment
13 creditor of that person who has made a written request
14 for that information.
15 (13) The exchange in the regular course of business
16 of information between commonly owned banks in connection
17 with a transaction authorized under paragraph (23) of
18 Section 5 and conducted at an affiliate facility.
19 (14) The furnishing of information pursuant to an
20 agreement for data exchanges with a State agency provided
21 the State agency pays a reasonable fee not to exceed the
22 actual cost incurred by the bank. A bank providing
23 information in accordance with this item shall not be
24 liable to any account holder or other person for any
25 disclosure of information to a State agency, for
26 encumbering or surrendering any assets held by the bank
27 in response to a lien or order to withhold and deliver
28 issued by a State agency, or for any other action taken
29 pursuant to this item, including individual or mechanical
30 errors, provided the action does not constitute gross
31 negligence or willful misconduct. A bank shall have no
32 obligation to hold, encumber, or surrender assets until
33 it has been served with a subpoena, summons, warrant, or
34 court order.
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1 (c) A bank may not disclose to any person, except to the
2 customer or his duly authorized agent, any financial records
3 relating to that customer of that bank unless:
4 (1) the customer has authorized disclosure to the
5 person;
6 (2) the financial records are disclosed in response
7 to a lawful subpoena, summons, warrant or court order
8 which meets the requirements of subsection (d) of this
9 Section; or
10 (3) the bank is attempting to collect an obligation
11 owed to the bank and the bank complies with the
12 provisions of Section 2I of the Consumer Fraud and
13 Deceptive Business Practices Act.
14 (d) A bank shall disclose financial records under
15 paragraph (2) of subsection (c) of this Section under a
16 lawful subpoena, summons, warrant, or court order only after
17 the bank mails a copy of the subpoena, summons, warrant, or
18 court order to the person establishing the relationship with
19 the bank, if living, and, otherwise his personal
20 representative, if known, at his last known address by first
21 class mail, postage prepaid, unless the bank is specifically
22 prohibited from notifying the person by order of court or by
23 applicable State or federal law. A bank shall not mail a
24 copy of a subpoena to any person pursuant to this subsection
25 if the subpoena was issued by a grand jury under the
26 Statewide Grand Jury Act.
27 (e) Any officer or employee of a bank who knowingly and
28 willfully furnishes financial records in violation of this
29 Section is guilty of a business offense and, upon conviction,
30 shall be fined not more than $1,000.
31 (f) Any person who knowingly and willfully induces or
32 attempts to induce any officer or employee of a bank to
33 disclose financial records in violation of this Section is
34 guilty of a business offense and, upon conviction, shall be
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1 fined not more than $1,000.
2 (g) A bank shall be reimbursed for costs that are
3 reasonably necessary and that have been directly incurred in
4 searching for, reproducing, or transporting books, papers,
5 records, or other data of a customer required or requested to
6 be produced pursuant to a lawful subpoena, summons, warrant,
7 or court order. The Commissioner shall determine the rates
8 and conditions under which payment may be made.
9 (Source: P.A. 88-273; 89-208, eff. 9-29-95; 89-364, eff.
10 8-18-95; 89-508, eff. 7-3-96; 89-626, eff. 8-9-96.)
11 Section 92. The Illinois Savings and Loan Act of 1985 is
12 amended by changing Section 3-8 as follows:
13 (205 ILCS 105/3-8) (from Ch. 17, par. 3303-8)
14 Sec. 3-8. Access to books and records; communication
15 with members.
16 (a) Every member or holder of capital shall have the
17 right to inspect the books and records of the association
18 that pertain to his account. Otherwise, the right of
19 inspection and examination of the books and records shall be
20 limited as provided in this Act, and no other person shall
21 have access to the books and records or shall be entitled to
22 a list of the members.
23 (b) For the purpose of this Section, the term "financial
24 records" means any original, any copy, or any summary of (i)
25 a document granting signature authority over a deposit or
26 account; (ii) a statement, ledger card, or other record on
27 any deposit or account that shows each transaction in or with
28 respect to that account; (iii) a check, draft, or money order
29 drawn on an association or issued and payable by an
30 association; or (iv) any other item containing information
31 pertaining to any relationship established in the ordinary
32 course of an association's business between an association
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1 and its customer.
2 (c) This Section does not prohibit:
3 (1) The preparation, examination, handling, or
4 maintenance of any financial records by any officer,
5 employee, or agent of an association having custody of
6 those records or the examination of those records by a
7 certified public accountant engaged by the association to
8 perform an independent audit;
9 (2) The examination of any financial records by, or
10 the furnishing of financial records by an association to,
11 any officer, employee, or agent of the Commissioner of
12 Banks and Real Estate, Federal Savings and Loan Insurance
13 Corporation and its successors, Federal Deposit Insurance
14 Corporation, Resolution Trust Corporation and its
15 successors, Federal Home Loan Bank Board and its
16 successors, Office of Thrift Supervision, Federal Housing
17 Finance Board, Board of Governors of the Federal Reserve
18 System, any Federal Reserve Bank, or the Office of the
19 Comptroller of the Currency for use solely in the
20 exercise of his duties as an officer, employee, or agent;
21 (3) The publication of data furnished from
22 financial records relating to members or holders of
23 capital where the data cannot be identified to any
24 particular member, holder of capital, or account;
25 (4) The making of reports or returns required under
26 Chapter 61 of the Internal Revenue Code of 1986;
27 (5) Furnishing information concerning the dishonor
28 of any negotiable instrument permitted to be disclosed
29 under the Uniform Commercial Code;
30 (6) The exchange in the regular course of business
31 of credit information between an association and other
32 associations or financial institutions or commercial
33 enterprises, directly or through a consumer reporting
34 agency;
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1 (7) The furnishing of information to the
2 appropriate law enforcement authorities where the
3 association reasonably believes it has been the victim of
4 a crime;
5 (8) The furnishing of information pursuant to the
6 Uniform Disposition of Unclaimed Property Act;
7 (9) The furnishing of information pursuant to the
8 Illinois Income Tax Act and the Illinois Estate and
9 Generation-Skipping Transfer Tax Act;
10 (10) The furnishing of information pursuant to the
11 federal "Currency and Foreign Transactions Reporting
12 Act", (Title 31, United States Code, Section 1051 et
13 seq.);
14 (11) The furnishing of information pursuant to any
15 other statute that by its terms or by regulations
16 promulgated thereunder requires the disclosure of
17 financial records other than by subpoena, summons,
18 warrant, or court order;
19 (12) The exchange of information between an
20 association and an affiliate of the association; as used
21 in this item, "affiliate" includes any company,
22 partnership, or organization that controls, is controlled
23 by, or is under common control with an association.
24 (13) The furnishing of information pursuant to an
25 agreement for data exchanges with a State agency provided
26 the State agency pays a reasonable fee not to exceed the
27 actual cost incurred by the association. An association
28 providing information in accordance with this item shall
29 not be liable to any account holder or other person for
30 any disclosure of information to a State agency, for
31 encumbering or surrendering any assets held by the
32 association in response to a lien or order to withhold
33 and deliver issued by a State agency, or for any other
34 action taken pursuant to this item, including individual
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1 or mechanical errors, provided the action does not
2 constitute gross negligence or willful misconduct. An
3 association shall have no obligation to hold, encumber,
4 or surrender assets until it has been served with a
5 subpoena, summons, warrant, or court order.
6 (d) An association may not disclose to any person,
7 except to the member or holder of capital or his duly
8 authorized agent, any financial records relating to that
9 member or holder of capital of that association unless:
10 (1) The member or holder of capital has authorized
11 disclosure to the person; or
12 (2) The financial records are disclosed in response
13 to a lawful subpoena, summons, warrant, or court order
14 that meets the requirements of subsection (e) of this
15 Section.
16 (e) An association shall disclose financial records
17 under subsection (d) of this Section pursuant to a lawful
18 subpoena, summons, warrant, or court order only after the
19 association mails a copy of the subpoena, summons, warrant,
20 or court order to the person establishing the relationship
21 with the association, if living, and, otherwise, his personal
22 representative, if known, at his last known address by first
23 class mail, postage prepaid, unless the association is
24 specifically prohibited from notifying that person by order
25 of court.
26 (f) (1) Any officer or employee of an association who
27 knowingly and willfully furnishes financial records in
28 violation of this Section is guilty of a business offense
29 and, upon conviction, shall be fined not more than $1,000.
30 (2) Any person who knowingly and willfully induces or
31 attempts to induce any officer or employee of an association
32 to disclose financial records in violation of this Section is
33 guilty of a business offense and, upon conviction, shall be
34 fined not more than $1,000.
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1 (g) However, if any member desires to communicate with
2 the other members of the association with reference to any
3 question pending or to be presented at a meeting of the
4 members, the association shall give him upon request a
5 statement of the approximate number of members entitled to
6 vote at the meeting and an estimate of the cost of preparing
7 and mailing the communication. The requesting member then
8 shall submit the communication to the Commissioner who, if he
9 finds it to be appropriate and truthful, shall direct that it
10 be prepared and mailed to the members upon the requesting
11 member's payment or adequate provision for payment of the
12 expenses of preparation and mailing.
13 (h) An Association shall be reimbursed for costs that
14 are necessary and that have been directly incurred in
15 searching for, reproducing, or transporting books, papers,
16 records, or other data of a customer required to be
17 reproduced pursuant to a lawful subpoena, warrant, or court
18 order.
19 (Source: P.A. 88-222; 89-508, eff. 7-3-96.)
20 Section 93. The Savings Bank Act is amended by changing
21 Section 4013 as follows:
22 (205 ILCS 205/4013) (from Ch. 17, par. 7304-13)
23 Sec. 4013. Access to books and records; communication
24 with members and shareholders.
25 (a) Every member or shareholder shall have the right to
26 inspect books and records of the savings bank that pertain to
27 his accounts. Otherwise, the right of inspection and
28 examination of the books and records shall be limited as
29 provided in this Act, and no other person shall have access
30 to the books and records nor shall be entitled to a list of
31 the members or shareholders.
32 (b) For the purpose of this Section, the term "financial
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1 records" means any original, any copy, or any summary of (1)
2 a document granting signature authority over a deposit or
3 account; (2) a statement, ledger card, or other record on any
4 deposit or account that shows each transaction in or with
5 respect to that account; (3) a check, draft, or money order
6 drawn on a savings bank or issued and payable by a savings
7 bank; or (4) any other item containing information pertaining
8 to any relationship established in the ordinary course of a
9 savings bank's business between a savings bank and its
10 customer.
11 (c) This Section does not prohibit:
12 (1) The preparation examination, handling, or
13 maintenance of any financial records by any officer,
14 employee, or agent of a savings bank having custody of
15 records or examination of records by a certified public
16 accountant engaged by the savings bank to perform an
17 independent audit.
18 (2) The examination of any financial records by, or
19 the furnishing of financial records by a savings bank to,
20 any officer, employee, or agent of the Commissioner of
21 Banks and Real Estate or the Federal Deposit Insurance
22 Corporation for use solely in the exercise of his duties
23 as an officer, employee, or agent.
24 (3) The publication of data furnished from
25 financial records relating to members or holders of
26 capital where the data cannot be identified to any
27 particular member, shareholder, or account.
28 (4) The making of reports or returns required under
29 Chapter 61 of the Internal Revenue Code of 1986.
30 (5) Furnishing information concerning the dishonor
31 of any negotiable instrument permitted to be disclosed
32 under the Uniform Commercial Code.
33 (6) The exchange in the regular course of business
34 of credit information between a savings bank and other
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1 savings banks or financial institutions or commercial
2 enterprises, directly or through a consumer reporting
3 agency.
4 (7) The furnishing of information to the
5 appropriate law enforcement authorities where the savings
6 bank reasonably believes it has been the victim of a
7 crime.
8 (8) The furnishing of information pursuant to the
9 Uniform Disposition of Unclaimed Property Act.
10 (9) The furnishing of information pursuant to the
11 Illinois Income Tax Act and the Illinois Estate and
12 Generation-Skipping Transfer Tax Act.
13 (10) The furnishing of information pursuant to the
14 federal "Currency and Foreign Transactions Reporting
15 Act", (Title 31, United States Code, Section 1051 et
16 seq.).
17 (11) The furnishing of information pursuant to any
18 other statute which by its terms or by regulations
19 promulgated thereunder requires the disclosure of
20 financial records other than by subpoena, summons,
21 warrant, or court order.
22 (12) The furnishing of information pursuant to an
23 agreement for data exchanges with a State agency provided
24 the State agency pays a reasonable fee not to exceed the
25 actual cost incurred by the savings bank. A savings bank
26 providing information in accordance with this item shall
27 not be liable to any account holder or other person for
28 any disclosure of information to a State agency, for
29 encumbering or surrendering any assets held by the
30 savings bank in response to a lien or order to withhold
31 and deliver issued by a State agency, or for any other
32 action taken pursuant to this item, including individual
33 or mechanical errors, provided the action does not
34 constitute gross negligence or willful misconduct. A
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1 savings bank shall have no obligation to hold, encumber,
2 or surrender assets until it has been served with a
3 subpoena, summons, warrant, or court order.
4 (d) A savings bank may not disclose to any person,
5 except to the member or holder of capital or his duly
6 authorized agent, any financial records relating to that
7 member or shareholder of the savings bank unless:
8 (1) the member or shareholder has authorized
9 disclosure to the person; or
10 (2) the financial records are disclosed in response
11 to a lawful subpoena, summons, warrant, or court order
12 that meets the requirements of subsection (e) of this
13 Section.
14 (e) A savings bank shall disclose financial records
15 under subsection (d) of this Section pursuant to a lawful
16 subpoena, summons, warrant, or court order only after the
17 savings bank mails a copy of the subpoena, summons, warrant,
18 or court order to the person establishing the relationship
19 with the savings bank, if living, and otherwise, his personal
20 representative, if known, at his last known address by first
21 class mail, postage prepaid, unless the savings bank is
22 specifically prohibited from notifying the person by order of
23 court.
24 (f) Any officer or employee of a savings bank who
25 knowingly and willfully furnishes financial records in
26 violation of this Section is guilty of a business offense
27 and, upon conviction, shall be fined not more than $1,000.
28 (g) Any person who knowingly and willfully induces or
29 attempts to induce any officer or employee of a savings bank
30 to disclose financial records in violation of this Section is
31 guilty of a business offense and, upon conviction, shall be
32 fined not more than $1,000.
33 (h) If any member or shareholder desires to communicate
34 with the other members or shareholders of the savings bank
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1 with reference to any question pending or to be presented at
2 an annual or special meeting, the savings bank shall give
3 that person, upon request, a statement of the approximate
4 number of members or shareholders entitled to vote at the
5 meeting and an estimate of the cost of preparing and mailing
6 the communication. The requesting member shall submit the
7 communication to the Commissioner who, upon finding it to be
8 appropriate and truthful, shall direct that it be prepared
9 and mailed to the members upon the requesting member's or
10 shareholder's payment or adequate provision for payment of
11 the expenses of preparation and mailing.
12 (i) A savings bank shall be reimbursed for costs that
13 are necessary and that have been directly incurred in
14 searching for, reproducing, or transporting books, papers,
15 records, or other data of a customer required to be
16 reproduced pursuant to a lawful subpoena, warrant, or court
17 order.
18 (j) Notwithstanding the provisions of this Section, a
19 savings bank may sell or otherwise make use of lists of
20 customers' names and addresses. All other information
21 regarding a customer's account are subject to the disclosure
22 provisions of this Section. At the request of any customer,
23 that customer's name and address shall be deleted from any
24 list that is to be sold or used in any other manner beyond
25 identification of the customer's accounts.
26 (Source: P.A. 89-508, eff. 7-3-96.)
27 Section 94. The Illinois Credit Union Act is amended by
28 changing Section 10 as follows:
29 (205 ILCS 305/10) (from Ch. 17, par. 4411)
30 Sec. 10. Credit union records; member financial records.
31 (1) A credit union shall establish and maintain books,
32 records, accounting systems and procedures which accurately
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1 reflect its operations and which enable the Department to
2 readily ascertain the true financial condition of the credit
3 union and whether it is complying with this Act.
4 (2) A photostatic or photographic reproduction of any
5 credit union records shall be admissible as evidence of
6 transactions with the credit union.
7 (3) (a) For the purpose of this Section, the term
8 "financial records" means any original, any copy, or any
9 summary of (1) a document granting signature authority
10 over an account, (2) a statement, ledger card or other
11 record on any account which shows each transaction in or
12 with respect to that account, (3) a check, draft or money
13 order drawn on a financial institution or other entity or
14 issued and payable by or through a financial institution
15 or other entity, or (4) any other item containing
16 information pertaining to any relationship established in
17 the ordinary course of business between a credit union
18 and its member.
19 (b) This Section does not prohibit:
20 (1) The preparation, examination, handling or
21 maintenance of any financial records by any officer,
22 employee or agent of a credit union having custody
23 of such records, or the examination of such records
24 by a certified public accountant engaged by the
25 credit union to perform an independent audit;
26 (2) The examination of any financial records
27 by or the furnishing of financial records by a
28 credit union to any officer, employee or agent of
29 the Department, the National Credit Union
30 Administration, Federal Reserve board or any insurer
31 of share accounts for use solely in the exercise of
32 his duties as an officer, employee or agent;
33 (3) The publication of data furnished from
34 financial records relating to members where the data
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1 cannot be identified to any particular customer of
2 account;
3 (4) The making of reports or returns required
4 under Chapter 61 of the Internal Revenue Code of
5 1954;
6 (5) Furnishing information concerning the
7 dishonor of any negotiable instrument permitted to
8 be disclosed under the Uniform Commercial Code;
9 (6) The exchange in the regular course of
10 business of credit information between a credit
11 union and other credit unions or financial
12 institutions or commercial enterprises, directly or
13 through a consumer reporting agency;
14 (7) The furnishing of information to the
15 appropriate law enforcement authorities where the
16 credit union reasonably believes it has been the
17 victim of a crime;
18 (8) The furnishing of information pursuant to
19 the Uniform Disposition of Unclaimed Property Act;
20 (9) The furnishing of information pursuant to
21 the Illinois Income Tax Act and the Illinois Estate
22 and Generation-Skipping Transfer Tax Act;
23 (10) The furnishing of information pursuant to
24 the federal "Currency and Foreign Transactions
25 Reporting Act", Title 31, United States Code,
26 Section 1051 et sequentia; or
27 (11) The furnishing of information pursuant to
28 any other statute which by its terms or by
29 regulations promulgated thereunder requires the
30 disclosure of financial records other than by
31 subpoena, summons, warrant or court order.
32 (12) The furnishing of information pursuant to
33 an agreement for data exchanges with a State agency
34 provided the State agency pays a reasonable fee not
-16- LRB9003110JSgcam01
1 to exceed the actual cost incurred by the credit
2 union. A credit union providing information in
3 accordance with this item shall not be liable to any
4 account holder or other person for any disclosure of
5 information to a State agency, for encumbering or
6 surrendering any assets held by the credit union in
7 response to a lien or order to withhold and deliver
8 issued by a State agency, or for any other action
9 taken pursuant to this item, including individual or
10 mechanical errors, provided the action does not
11 constitute gross negligence or willful misconduct. A
12 credit union shall have no obligation to hold,
13 encumber, or surrender assets until it has been
14 served with a subpoena, summons, warrant, or court
15 order.
16 (c) A credit union may not disclose to any person,
17 except to the member or his duly authorized agent, any
18 financial records relating to that member of the credit union
19 unless:
20 (1) the member has authorized disclosure to the
21 person;
22 (2) the financial records are disclosed in response
23 to a lawful subpoena, summons, warrant or court order
24 that meets the requirements of subparagraph (d) of this
25 Section; or
26 (3) the credit union is attempting to collect an
27 obligation owed to the credit union and the credit union
28 complies with the provisions of Section 2I of the
29 Consumer Fraud and Deceptive Business Practices Act.
30 (d) A credit union shall disclose financial records
31 under subparagraph (c)(2) of this Section pursuant to a
32 lawful subpoena, summons, warrant or court order only after
33 the credit union mails a copy of the subpoena, summons,
34 warrant or court order to the person establishing the
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1 relationship with the credit union, if living, and otherwise
2 his personal representative, if known, at his last known
3 address by first class mail, postage prepaid unless the
4 credit union is specifically prohibited from notifying the
5 person by order of court or by applicable State or federal
6 law. In the case of a grand jury subpoena, a credit union
7 shall not mail a copy of a subpoena to any person pursuant to
8 this subsection if the subpoena was issued by a grand jury
9 under the Statewide Grand Jury Act or notifying the person
10 would constitute a violation of the federal Right to
11 Financial Privacy Act of 1978.
12 (e) (1) Any officer or employee of a credit union who
13 knowingly and wilfully furnishes financial records in
14 violation of this Section is guilty of a business offense
15 and upon conviction thereof shall be fined not more than
16 $1,000.
17 (2) Any person who knowingly and wilfully induces
18 or attempts to induce any officer or employee of a credit
19 union to disclose financial records in violation of this
20 Section is guilty of a business offense and upon
21 conviction thereof shall be fined not more than $1,000.
22 (f) A credit union shall be reimbursed for costs which
23 are reasonably necessary and which have been directly
24 incurred in searching for, reproducing or transporting books,
25 papers, records or other data of a member required or
26 requested to be produced pursuant to a lawful subpoena,
27 summons, warrant or court order.
28 (Source: P.A. 89-603, eff. 8-2-96.)".