HB3282 EnrolledLRB100 10205 SMS 20387 b

1    AN ACT concerning regulation.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The Data Processing Services for Financial
5Institutions Act is amended by changing Section 5 and by adding
6Section 17 as follows:
 
7    (205 ILCS 715/5)
8    Sec. 5. Definitions. As used in this Act, the following
9terms shall have the following meanings:
10    "Corporate fiduciary" has the meaning ascribed to that term
11in the Corporate Fiduciary Act.
12    "Depository institution" means a bank, savings and loan
13association, savings bank, or credit union chartered under the
14laws of Illinois or of the United States.
15    "Financial institution" means a bank, savings bank, or
16credit union chartered under the laws of Illinois or of the
17United States or a subsidiary thereof, any depository
18institution or a corporate fiduciary that has its main office
19in Illinois and includes foreign banking corporations that
20receive certificates of authority from the Department of
21Financial and Professional Regulation Office of Banks and Real
22Estate under the Foreign Banking Office Act.
23    "Independent data processing servicer" means an entity

 

 

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1that provides electronic data processing services to a
2financial institution, but does not include an entity to the
3extent the entity processes interchange transactions, as
4defined in the Electronic Fund Transfer Act.
5    "Interface agreement" means a written agreement specifying
6the terms and conditions under which an interface of
7communications, data, or systems between independent data
8processing servicers shall be accomplished.
9    "Main office" means the location designated as the main
10office or principal place of business in the charter, articles
11of incorporation, or certificate of authority of the depository
12institution or corporate fiduciary.
13(Source: P.A. 91-742, eff. 6-2-00.)
 
14    (205 ILCS 715/17 new)
15    Sec. 17. Ownership of financial institution data. If a
16financial institution transfers or otherwise makes available
17to an independent data processing servicer any data from the
18financial institution's records, such data shall at all times
19remain the property of the financial institution. The
20independent data processing servicer shall have no right,
21title, or interest in claiming legal ownership of the data. The
22transfer of the data by the financial institution, pursuant to
23an interface agreement or other agreement with the independent
24data processing servicer, only authorizes the independent data
25processing servicer to exercise temporary control of the data

 

 

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1for the limited purpose of performing the contracted services
2requested by the financial institution.
 
3    Section 99. Effective date. This Act takes effect upon
4becoming law.