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Public Act 102-0553


 

Public Act 0553 102ND GENERAL ASSEMBLY

  
  
  

 


 
Public Act 102-0553
 
SB2360 EnrolledLRB102 14792 BMS 20145 b

    AN ACT concerning regulation.
 
    Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
 
    Section 5. The Banking Emergencies Act is amended by
changing Sections 2, 3, and 4 and by adding Section 6 as
follows:
 
    (205 ILCS 610/2)  (from Ch. 17, par. 1002)
    Sec. 2. Power of Commissioner.
    (a) Whenever the Commissioner is notified by any officer
of a bank or by any other means becomes aware that an emergency
exists, or is impending, he may, by proclamation, authorize
all banks in the State of Illinois to close or alter the hours
at any or all of their offices, or if only a bank or banks, or
offices thereof, in a particular area or areas of the State of
Illinois are affected by the emergency or impending emergency,
the Commissioner may authorize only the affected bank, banks,
or offices thereof, to close. The office or offices so closed
may remain closed until the Commissioner declares, by further
proclamation, that the emergency or impending emergency has
ended, or until an earlier time when the officers of the bank
determine that the office or offices so closed should reopen,
and, in either event, for the further amount of time
reasonably necessary to reopen. The Commissioner during an
emergency or while an impending emergency exists, which
affects, or may affect, a particular bank or banks, or a
particular office or offices thereof, but not banks located in
the area generally of the said county or municipality, may
authorize the particular bank or banks, or office or offices
so affected, to close. The office or offices so closed shall
remain closed until the Commissioner is notified by a bank
officer of the closed bank that the emergency has ended, or
until an earlier time when the officers of the bank determine
that the office or offices so closed should reopen, and, in
either event, for the further amount of time reasonably
necessary to reopen. The Commissioner shall notify, at such
time, the officers of the bank that one or more offices,
heretofore closed because of the emergency, should reopen and,
in either event, for such further time thereafter as may
reasonably be required to reopen.
    (b) Whenever the Secretary becomes aware that an emergency
exists, or is impending, he or she may, by proclamation, waive
any requirements to the notices, applications, or reports
required to be filed and authorize any bank organized under
the laws of this State, of another state, or of the United
States, to open and operate offices in this State,
notwithstanding any other laws of this State to the contrary.
Any office or offices opened in accordance with this
subsection may remain open until the Commissioner declares, by
further proclamation, that the emergency or impending
emergency has ended. The Department of Financial and
Professional Regulation may adopt rules to implement this
subsection (b).
    (c) When the officers of a bank are of the opinion that an
emergency exists, or is impending, which affects or may affect
the bank's offices, they shall have the authority, in the
reasonable exercise of their discretion, to determine not to
open any of the bank's offices on any day or, if having opened,
to close an office during the continuation of the emergency,
even if the Commissioner does not issue a proclamation. The
office closed shall remain closed until the time that the
officers determine the emergency has ended, and for the
further amount of time reasonably necessary to reopen. No bank
office shall remain closed for more than 48 consecutive hours,
excluding legal holidays and other days on which the bank is
permitted to remain closed under the Promissory Note and Bank
Holiday Act, without the prior approval of the Commissioner.
(Source: P.A. 95-77, eff. 8-13-07; 96-1365, eff. 7-28-10.)
 
    (205 ILCS 610/3)  (from Ch. 17, par. 1003)
    Sec. 3. Notice to Commissioner and the Public. A bank
closing an office or offices pursuant to the authority granted
herein under Section 2 of this Act shall give as prompt notice
of its action as conditions will permit and by any means
available, to the Commissioner, or in the case of a national
bank, to the Comptroller of the Currency. In addition the bank
shall post notice of the temporary closing and the
authorization for the closing on the main entrance doors of
the office or offices bank affected.
(Source: P.A. 77-1782.)
 
    (205 ILCS 610/4)  (from Ch. 17, par. 1004)
    Sec. 4. Effect of Closing. Any day on which a bank, or any
one or more of its offices, is closed during all or any part of
its normal banking hours pursuant to the authorization granted
under Section 2 of this Act shall be, with respect to such bank
or, if not all of its offices are closed, then with respect to
any office or offices which are closed, a legal holiday for all
purposes with respect to any banking business of any
character. No liability, or loss of rights of any kind, on the
part of any bank, or director, officer, or employee thereof,
shall accrue or result by virtue of any closing authorized by
this Act.
    The provisions of this Act shall be construed and applied
as being in addition to, and not in substitution for or
limitation of, any other law of this State or of the United
States, authorizing the closing of a bank or excusing the
delay by a bank in the performance of its duties and
obligations because of emergencies or conditions beyond the
bank's control, or otherwise.
(Source: P.A. 77-1782.)
 
    (205 ILCS 610/6 new)
    Sec. 6. Rulemaking. The Department of Financial and
Professional Regulation may adopt rules to address the closing
or alteration of hours by banks at one or more of their offices
when affected by an emergency or impending emergency.

Effective Date: 1/1/2022