Senate Sponsors: DILLARD-WEAVER,S-SHADID. House Sponsors: CAPPARELLI-LANG-HOWARD-BUGIELSKI Short description: Y2K SAFETY AND SOUNDNESS ACT Synopsis of Bill as introduced: Creates the Illinois Financial Institutions Year 2000 Safety and Soundness Act. Provides that no Illinois financial institution, as defined, shall be liable to any person for actual or consequential damages in an action alleging the failure of a computer system. Effective immediately. SENATE AMENDMENT NO. 1. Adds reference to: 205 ILCS 605/6 new 815 ILCS 205/6 from Ch. 17, par. 6413 Provides that an Illinois financial institution shall not be liable for damages resulting from the alleged failure of a computer system to a person not in privity of contract with the Illinois financial institution. Deletes provisions limiting liability to instances of fraud or intentional willful and wanton conduct. Requires an aggrieved person to give notice to the financial institution and allow the financial institution 30 days to resolve the claim before bringing suit. Amends the Consumer Deposit Account Act and the Interest Act to provide that certain charges erroneously im- posed upon a customer as a result of a computer failure be rescinded. JUDICIAL NOTE, H-AM 1 (Administrative Office of Ill. Courts) Will neither increase nor decrease the number of judges needed. HOUSE AMENDMENT NO. 1. Deletes reference to: 205 ILCS 605/6 new 815 ILCS 205/6 . Adds reference to: 205 ILCS 610/5 new Replaces everything after the enacting clause. Creates the Illinois Financial Institutions Year 2000 Safety and Soundness Act. Provides that Illinois financial institutions are not liable to persons for damages incurred by persons not in privity of contract with the financial institution in connection to a claim based upon a computer related malfunction or failure. Removes Consumer Installment Loan Act licensees, Residential Mortgage License Act of 1987 licensees, Sales Finance Agency Act Licensees, Retail Installment Sales Act licensees, and Motor Vehicle Retail Installment Sales Act licensees from the scope of the bill. Requires an aggrieved person to notify the financial institution and allow 60 days for the financial institution to resolve the claim before bringing an action. Amends the Banking Emergencies Act to require financial institutions to waive late fees and to delay by 30 days actions to collect debts from consumers whose default is caused by a computer failure on the part of a person other than the consumer. Requires credit reporting agencies to allow consumers to rebut entries related to adverse information caused by computer failure. Effective immediately. Last action on Bill: PUBLIC ACT.............................. 91-0645 Last action date: 99-08-20 Location: Senate Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 1 SENATE - 1 END OF INQUIRY Full Text Bill Status