101ST GENERAL ASSEMBLY
State of Illinois
2019 and 2020
HB1397

 

Introduced , by Rep. Michael J. Madigan

 

SYNOPSIS AS INTRODUCED:
 
205 ILCS 715/15

    Amends the Data Processing Services for Financial Institutions Act. Makes a technical change in a Section relating to arbitration.


LRB101 03405 JRG 48413 b

 

 

A BILL FOR

 

HB1397LRB101 03405 JRG 48413 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 15 as follows:
 
6    (205 ILCS 715/15)
7    Sec. 15. Arbitration of disputes. In the the case of a
8dispute between the independent data processing servicers
9regarding any terms or conditions of an interface agreement, or
10in the event that a dispute regarding proposed terms and
11conditions results in the failure of the independent data
12processing servicers to enter into an interface agreement as
13required by this Act, the parties shall be deemed to have
14agreed to the appointment of an arbitrator for a binding
15resolution of the dispute consistent with the provisions of the
16Uniform Arbitration Act unless the parties agree to some other
17process for binding arbitration or unless the aggrieved party
18seeks court action. Any decision by the arbitrator in
19connection with any arbitration shall be determined only after
20an opportunity for a hearing. Anything to the contrary in this
21Act notwithstanding, any right of arbitration granted under
22this Act is subject to the right of either party to seek court
23action.

 

 

HB1397- 2 -LRB101 03405 JRG 48413 b

1(Source: P.A. 91-742, eff. 6-2-00.)