|
Public Act 102-0553
|
| SB2360 Enrolled | LRB102 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.)
|