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Public Act 91-0201
SB447 Enrolled LRB9105227JSpc
AN ACT to amend the Illinois Banking Act by changing
Section 48.3.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
Section 5. The Illinois Banking Act is amended by
changing Section 48.3 as follows:
(205 ILCS 5/48.3) (from Ch. 17, par. 360.2)
Sec. 48.3. Disclosure of reports of examinations and
confidential supervisory information; limitations.
(a) Any report of examination, visitation, or
investigation prepared by the Commissioner under Section 48
of this Act, Section 25 of the Electronic Fund Transfer Act,
Section 5-2 of the Corporate Fiduciary Act, Section 3.1 of
the Illinois Bank Holding Company Act of 1957, and Section 18
of the Foreign Banking Office Act, and any report of
examination, visitation, or investigation prepared by the
state regulatory authority of another state that examines a
branch of an Illinois State bank in that state, or any
document or record prepared or obtained in connection with or
relating to any examination, visitation, or investigation,
and any record prepared or obtained by the Commissioner to
the extent that the record summarizes or contains information
derived from any report, document, or record described in
this subsection shall be deemed "confidential supervisory
information". Confidential supervisory information shall not
include any information or record routinely prepared by a
bank or other financial institution and maintained in the
ordinary course of business or any information or record that
is required to be made publicly available pursuant to State
or federal law or rule. Confidential supervisory information
shall be the property of the Commissioner and shall only be
disclosed under the circumstances and for the purposes set
forth in this Section.
The Commissioner, his officers, agents, and employees
may disclose confidential supervisory information a report of
examination, or any document or record obtained in connection
with any examination, only under the following circumstances:
(1) The Commissioner may furnish confidential
supervisory information to the Board of Governors of the
Federal Reserve System, the federal reserve bank of the
federal reserve district in which the State bank is
located or in which the parent or other affiliate of the
State bank is located, any official or examiner thereof
duly accredited for the purpose, or any other state
regulator, federal regulator, or in the case of a foreign
bank possessing a certificate of authority pursuant to
the Foreign Banking Office Act or a license pursuant to
the Foreign Bank Representative Office Act, the bank
regulator in the country where the foreign bank is
chartered, that the Commissioner determines to have an
appropriate regulatory interest, a copy or copies of any
or all examinations of the bank and of any or all reports
made by the bank. He may give access to and disclose to
the Board, federal reserve bank, or any official or
examiner thereof duly accredited for the purpose, any and
all information possessed by the Commissioner with
reference to the condition or affairs of the State bank.
Nothing contained in this Act shall be construed to limit
the obligation of any member State bank to comply with
the requirements relative to examinations and reports of
the Federal Reserve Act and of the Board of Governors of
the Federal Reserve System or the federal reserve bank of
the federal reserve district in which the bank is
located, nor to limit in any way the powers of the
Commissioner with reference to examinations and reports.
(2) The Commissioner may furnish confidential
supervisory information to the United States, any agency
thereof that has insured a bank's deposits in whole or in
part, or any official or examiner thereof duly accredited
for the purpose a copy or copies of any or all
examinations of the bank and of any or all reports made
by the bank. He may also give access to and disclose to
the United States, such an agency thereof, or any
official or examiner thereof duly accredited for the
purpose any and all information possessed by the
Commissioner with reference to the condition or affairs
of any such insured bank. Nothing contained in this Act
shall be construed to limit the obligation relative to
examinations and reports of any State bank, deposits in
which are to any extent insured by the United States, any
agency thereof, nor to limit in any way the powers of the
Commissioner with reference to examination and reports of
such bank.
(3) The Commissioner may furnish confidential
supervisory information to the appropriate law
enforcement authorities when the Commissioner he
reasonably believes a bank, which the Commissioner he has
caused to be examined, has been a victim of a crime.
(4) The Commissioner may furnish confidential
supervisory information relating to a bank or other
financial institution, which the Commissioner he has
caused to be examined, to be sent to the administrator of
the Uniform Disposition of Unclaimed Property Act.
(5) The Commissioner may furnish confidential
supervisory information relating to a bank or other
financial institution, which the Commissioner he has
caused to be examined, relating to its performance of
obligations under the Illinois Income Tax Act and the
Illinois Estate and Generation-Skipping Transfer Tax Act
to the Illinois Department of Revenue.
(6) The Commissioner may furnish confidential
supervisory information relating to a bank or other
financial institution, which the Commissioner he has
caused to be examined, under the federal Currency and
Foreign Transactions Reporting Act, Title 31, United
States Code, Section 1051 et seq.
(6.5) The Commissioner may furnish confidential
supervisory information, including excerpts or summaries
of information contained in a report of examination
prepared by the Commissioner, to any other agency or
entity that the Commissioner determines to have a
legitimate regulatory interest.
(7) The Commissioner may furnish confidential
supervisory information under any other statute that by
its terms or by regulations promulgated thereunder
requires the disclosure of financial records other than
by subpoena, summons, warrant, or court order.
(8) At the request of the affected bank or other
financial institution, the Commissioner may furnish
confidential supervisory information relating to a bank
or other financial institution, which the Commissioner he
has caused to be examined, in connection with the
obtaining of insurance coverage or the pursuit of an
insurance claim for or on behalf of the bank or other
financial institution; provided that, when possible, the
Commissioner shall disclose only relevant information
while maintaining the confidentiality of financial
records not relevant to such insurance coverage or claim
and, when appropriate, may delete identifying data
relating to any person or individual.
(9) The Commissioner may furnish a copy of a report
of any examination performed by the Commissioner of the
condition and affairs of any electronic data processing
entity to the banks serviced by the electronic data
processing entity.
(10) In addition to the foregoing circumstances,
the Commissioner may, but is not required to, furnish
confidential supervisory information a copy of a report
of any examination performed by the Commissioner of the
condition and affairs of any bank or other financial
institution under the same circumstances authorized for
under which the bank or financial institution may
disclose the report of examination pursuant to subsection
(b) of this Section, except that the Commissioner shall
provide confidential supervisory information a copy of a
report of examination under circumstances described in
paragraph (3) of subsection (b) of this Section only upon
the request of the bank or other financial institution.
(b) A bank or other financial institution or its
officers, agents, and employees may disclose confidential
supervisory information a report of examination of the bank
or other financial institution prepared by the Commissioner
only under the following circumstances:
(1) to the board of directors of the bank or other
financial institution, as well as the president,
vice-president, cashier, and other officers of the bank
or other financial institution to whom the board of
directors may delegate duties with respect to compliance
with recommendations for action within the report, and to
the board of directors of a bank holding company that
owns at least 80% of the outstanding stock of the bank or
other financial institution;
(2) to attorneys for the bank or other financial
institution and to a certified public accountant engaged
by the State bank or financial institution to perform an
independent audit provided that the attorney or certified
public accountant shall not permit the confidential
supervisory report of examination or information therein
to be further disseminated;
(3) to any person who seeks to acquire a
controlling interest in, or who seeks to merge with, the
bank or financial institution, provided that all
attorneys, certified public accountants, officers,
agents, or employees of that person shall agree to be
bound to respect the confidentiality of the confidential
supervisory information in the report of examination and
to not further disseminate the information therein
contained;
(4) (blank) in response to a lawful subpoena,
summons, warrant, or court order that meets the
requirements of subsection (c) of this Section; or
(5) to the bank's insurance company in relation to
an insurance claim or the effort by the bank to procure
insurance coverage, provided that, when possible, the
bank shall disclose only information that is relevant to
the insurance claim or that is necessary to procure the
insurance coverage, while maintaining the confidentiality
of financial information pertaining to customers. When
appropriate, the bank may delete identifying data
relating to any person.
The disclosure of confidential supervisory information by
a bank or other financial institution pursuant to this
subsection (b) and the disclosure of information to the
Commissioner or other regulatory agency in connection with
any examination, visitation, or investigation shall not
constitute a waiver of any legal privilege otherwise
available to the bank or other financial institution with
respect to the information.
(c) (1) Notwithstanding any other provision of this Act
or any other law, confidential supervisory information shall
be the property of the Commissioner and shall be privileged
from disclosure to any person except as provided in this
Section. No person in possession of confidential supervisory
information may disclose that information for any reason or
under any circumstances not specified in this Section without
the prior authorization of the Commissioner. Any person upon
whom a demand for production of confidential supervisory
information is made, whether by subpoena, order, or other
judicial or administrative process, must withhold production
of the confidential supervisory information and must notify
the Commissioner of the demand, at which time the
Commissioner is authorized to intervene for the purpose of
enforcing the limitations of this Section or seeking the
withdrawal or termination of the attempt to compel production
of the confidential supervisory information.
(2) Any request for discovery or disclosure of
confidential supervisory information, whether by subpoena,
order, or other judicial or administrative process, shall be
made to the Commissioner, and the Commissioner shall
determine within 15 days whether to disclose the information
pursuant to procedures and standards that the Commissioner
shall establish by rule. If the Commissioner determines that
such information will not be disclosed, the Commissioner's
decision shall be subject to judicial review under the
provisions of the Administrative Review Law, and venue shall
be in either Sangamon County or Cook County.
(3) Any court order that compels disclosure of
confidential supervisory information may be immediately
appealed by the Commissioner, and the order shall be
automatically stayed pending the outcome of the appeal. A
bank or financial institution shall disclose a report of
examination under paragraph (4) of subsection (b) of this
Section pursuant to a lawful subpoena, summons, warrant, or
court order only after the bank or financial institution
mails a copy of the subpoena, summons, warrant, or court
order to the Commissioner by certified mail, postage prepaid,
at least 15 days prior to providing the report. The
Commissioner shall have the right to intervene in a court or
administrative proceeding at any time to obtain a protective
order in the proceeding to protect the confidentiality of the
report. If the date by which the bank or financial
institution is directed to provide the report is sooner than
15 days, then the bank or financial institution shall give
notice telephonically, which notice shall be confirmed in
writing in the manner provided in this subsection (c), and
the Commissioner shall have the right to intervene to obtain
a protective order.
(d) If any officer, agent, attorney, or employee of a
bank or financial institution knowingly and willfully
furnishes confidential supervisory information a report of
examination in violation of this Section, the Commissioner
may impose a civil monetary penalty up to $1,000 for the
violation against the officer, agent, attorney, or employee.
(Source: P.A. 89-208, eff. 9-29-95; 89-310, eff. 1-1-96;
89-567, eff. 7-26-96; 89-626, eff. 8-9-96; 90-301, eff.
8-1-97.)
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