|
Public Act 100-0170
|
| HB3282 Enrolled | LRB100 10205 SMS 20387 b |
|
|
AN ACT concerning regulation.
|
Be it enacted by the People of the State of Illinois,
|
represented in the General Assembly:
|
Section 5. The Data Processing Services for Financial |
Institutions Act is amended by changing Section 5 and by adding |
Section 17 as follows:
|
(205 ILCS 715/5)
|
Sec. 5. Definitions. As used in this Act, the following |
terms shall have
the following meanings:
|
"Corporate fiduciary" has the meaning ascribed to that term |
in the
Corporate Fiduciary Act.
|
"Depository institution" means a bank, savings and loan |
association,
savings bank, or credit union chartered under the |
laws of Illinois or of the
United States.
|
"Financial institution" means a bank, savings bank, or |
credit union chartered under the laws of Illinois or of the |
United States or a subsidiary thereof, any depository |
institution or a corporate
fiduciary that has its main office |
in Illinois and includes foreign
banking corporations that |
receive certificates of authority from the Department of |
Financial and Professional Regulation Office of
Banks and Real |
Estate under the Foreign Banking Office Act.
|
"Independent data processing servicer" means an entity |
|
that provides
electronic data processing services to a
|
financial institution, but does not include an entity to the |
extent the entity
processes interchange transactions, as |
defined in the Electronic Fund Transfer
Act.
|
"Interface agreement" means a written agreement specifying |
the terms and
conditions under which an interface
of |
communications, data, or systems between independent data |
processing
servicers shall be accomplished.
|
"Main office" means the location designated as the main |
office or
principal place of business in the charter,
articles |
of incorporation, or certificate of authority of the depository
|
institution or corporate fiduciary.
|
(Source: P.A. 91-742, eff. 6-2-00.)
|
(205 ILCS 715/17 new) |
Sec. 17. Ownership of financial institution data. If a |
financial institution transfers or otherwise makes available |
to an independent data processing servicer any data from the |
financial institution's records, such data shall at all times |
remain the property of the financial institution. The |
independent data processing servicer shall have no right, |
title, or interest in claiming legal ownership of the data. The |
transfer of the data by the financial institution, pursuant to |
an interface agreement or other agreement with the independent |
data processing servicer, only authorizes the independent data |
processing servicer to exercise temporary control of the data |