101ST GENERAL ASSEMBLY
State of Illinois
2019 and 2020
HB4897

 

Introduced 2/18/2020, by Rep. Camille Y. Lilly

 

SYNOPSIS AS INTRODUCED:
 
205 ILCS 5/48.1  from Ch. 17, par. 360
205 ILCS 5/48.6
205 ILCS 5/80  from Ch. 17, par. 392
205 ILCS 630/17  from Ch. 17, par. 2201

    Amends the Illinois Banking Act. Provides that, unless the bank has actual knowledge of the falsity of an allegation or assertion received by the bank relating to financial exploitation of an elderly or disabled customer, the bank is entitled to rely in good faith on such an allegation or assertion when formulating a suspicion that there might be a reportable case of financial exploitation. Defines "suspicion by the bank". Provides that, if a subpoena, summons, warrant, or other request for a customer's records is presented to the bank by an agency or department of the federal government, or by an officer, agent, or employee of such federal agency or department, a bank is not required to release records until the bank has been furnished with a written certification that the requesting agency or department has satisfied its obligations under the federal Right to Financial Privacy Act of 1978. Provides that, unless a federal law requires otherwise, the Secretary of Financial and Professional Regulation shall (rather than may) by rule prescribe periods of time for which banks operating under this Act must retain records and after the expiration of which, the bank may destroy those records. Includes within the powers of the State Banking Board of Illinois the power to review and examine bank call report fee revenue and the disbursement of the fees. Makes other changes. Amends the Promissory Note and Bank Holiday Act. Provides that, if the bank is going to be closed for no more than a half day to permit personnel to attend a funeral, visitation, or other memorial service held for a deceased officer, employee, or director of the bank, or a family member of such person, the bank need only notify the Secretary and post conspicuously in the lobby of any affected office or branch of the bank notice of the hours during which the bank will be closed. Requires the notification to the Secretary and posting of notice in the lobby of the office or branch to be accomplished not less than 24 hours in advance of the day during which such closing will occur.


LRB101 16595 BMS 65979 b

 

 

A BILL FOR

 

HB4897LRB101 16595 BMS 65979 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 Illinois Banking Act is amended by changing
5Sections 48.1, 48.6, and 80 as follows:
 
6    (205 ILCS 5/48.1)  (from Ch. 17, par. 360)
7    Sec. 48.1. Customer financial records; confidentiality.
8    (a) For the purpose of this Section, the term "financial
9records" means any original, any copy, or any summary of:
10        (1) a document granting signature authority over a
11    deposit or account;
12        (2) a statement, ledger card or other record on any
13    deposit or account, which shows each transaction in or with
14    respect to that account;
15        (3) a check, draft or money order drawn on a bank or
16    issued and payable by a bank; or
17        (4) any other item containing information pertaining
18    to any relationship established in the ordinary course of a
19    bank's business between a bank and its customer, including
20    financial statements or other financial information
21    provided by the customer.
22    (b) This Section does not prohibit:
23        (1) The preparation, examination, handling or

 

 

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1    maintenance of any financial records by any officer,
2    employee or agent of a bank having custody of the records,
3    or the examination of the records by a certified public
4    accountant engaged by the bank to perform an independent
5    audit.
6        (2) The examination of any financial records by, or the
7    furnishing of financial records by a bank to, any officer,
8    employee or agent of (i) the Commissioner of Banks and Real
9    Estate, (ii) after May 31, 1997, a state regulatory
10    authority authorized to examine a branch of a State bank
11    located in another state, (iii) the Comptroller of the
12    Currency, (iv) the Federal Reserve Board, or (v) the
13    Federal Deposit Insurance Corporation for use solely in the
14    exercise of his duties as an officer, employee, or agent.
15        (3) The publication of data furnished from financial
16    records relating to customers where the data cannot be
17    identified to any particular customer or account.
18        (4) The making of reports or returns required under
19    Chapter 61 of the Internal Revenue Code of 1986.
20        (5) Furnishing information concerning the dishonor of
21    any negotiable instrument permitted to be disclosed under
22    the Uniform Commercial Code.
23        (6) The exchange in the regular course of business of
24    (i) credit information between a bank and other banks or
25    financial institutions or commercial enterprises, directly
26    or through a consumer reporting agency or (ii) financial

 

 

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1    records or information derived from financial records
2    between a bank and other banks or financial institutions or
3    commercial enterprises for the purpose of conducting due
4    diligence pursuant to a purchase or sale involving the bank
5    or assets or liabilities of the bank.
6        (7) The furnishing of information to the appropriate
7    law enforcement authorities where the bank reasonably
8    believes it has been the victim of a crime.
9        (8) The furnishing of information under the Revised
10    Uniform Unclaimed Property Act.
11        (9) The furnishing of information under the Illinois
12    Income Tax Act and the Illinois Estate and
13    Generation-Skipping Transfer Tax Act.
14        (10) The furnishing of information under the federal
15    Currency and Foreign Transactions Reporting Act Title 31,
16    United States Code, Section 1051 et seq.
17        (11) The furnishing of information under any other
18    statute that by its terms or by regulations promulgated
19    thereunder requires the disclosure of financial records
20    other than by subpoena, summons, warrant, or court order.
21        (12) The furnishing of information about the existence
22    of an account of a person to a judgment creditor of that
23    person who has made a written request for that information.
24        (13) The exchange in the regular course of business of
25    information between commonly owned banks in connection
26    with a transaction authorized under paragraph (23) of

 

 

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1    Section 5 and conducted at an affiliate facility.
2        (14) The furnishing of information in accordance with
3    the federal Personal Responsibility and Work Opportunity
4    Reconciliation Act of 1996. Any bank governed by this Act
5    shall enter into an agreement for data exchanges with a
6    State agency provided the State agency pays to the bank a
7    reasonable fee not to exceed its actual cost incurred. A
8    bank providing information in accordance with this item
9    shall not be liable to any account holder or other person
10    for any disclosure of information to a State agency, for
11    encumbering or surrendering any assets held by the bank in
12    response to a lien or order to withhold and deliver issued
13    by a State agency, or for any other action taken pursuant
14    to this item, including individual or mechanical errors,
15    provided the action does not constitute gross negligence or
16    willful misconduct. A bank shall have no obligation to
17    hold, encumber, or surrender assets until it has been
18    served with a subpoena, summons, warrant, court or
19    administrative order, lien, or levy.
20        (15) The exchange in the regular course of business of
21    information between a bank and any commonly owned affiliate
22    of the bank, subject to the provisions of the Financial
23    Institutions Insurance Sales Law.
24        (16) The furnishing of information to law enforcement
25    authorities, the Illinois Department on Aging and its
26    regional administrative and provider agencies, the

 

 

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1    Department of Human Services Office of Inspector General,
2    or public guardians: (i) upon subpoena by the investigatory
3    entity or the guardian, or (ii) if there is suspicion by
4    the bank that a customer who is an elderly person or person
5    with a disability has been or may become the victim of
6    financial exploitation. For the purposes of this item (16),
7    the term: (i) "elderly person" means a person who is 60 or
8    more years of age, (ii) "disabled person" means a person
9    who has or reasonably appears to the bank to have a
10    physical or mental disability that impairs his or her
11    ability to seek or obtain protection from or prevent
12    financial exploitation, and (iii) "financial exploitation"
13    means tortious or illegal use of the assets or resources of
14    an elderly or disabled person, and includes, without
15    limitation, misappropriation of the elderly or disabled
16    person's assets or resources by undue influence, breach of
17    fiduciary relationship, intimidation, fraud, deception,
18    extortion, or the use of assets or resources in any manner
19    contrary to law, and (iv) "suspicion by the bank" means an
20    honest and good faith concern but does not require
21    investigation by the bank and does not mean proof,
22    certainty, or probability. A bank or person furnishing
23    information pursuant to this item (16) shall be entitled to
24    the same rights and protections as a person furnishing
25    information under the Adult Protective Services Act and the
26    Illinois Domestic Violence Act of 1986. Unless the bank has

 

 

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1    actual knowledge of the falsity of an allegation or
2    assertion received by the bank relating to financial
3    exploitation of an elderly or disabled customer, the bank
4    is entitled to rely in good faith on such an allegation or
5    assertion when formulating a suspicion that there might be
6    a reportable case of financial exploitation.
7        (17) The disclosure of financial records or
8    information as necessary to effect, administer, or enforce
9    a transaction requested or authorized by the customer, or
10    in connection with:
11            (A) servicing or processing a financial product or
12        service requested or authorized by the customer;
13            (B) maintaining or servicing a customer's account
14        with the bank; or
15            (C) a proposed or actual securitization or
16        secondary market sale (including sales of servicing
17        rights) related to a transaction of a customer.
18        Nothing in this item (17), however, authorizes the sale
19    of the financial records or information of a customer
20    without the consent of the customer.
21        (18) The disclosure of financial records or
22    information as necessary to protect against actual or
23    potential fraud, unauthorized transactions, claims, or
24    other liability.
25        (19)(A) The disclosure of financial records or
26    information related to a private label credit program

 

 

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1    between a financial institution and a private label party
2    in connection with that private label credit program. Such
3    information is limited to outstanding balance, available
4    credit, payment and performance and account history,
5    product references, purchase information, and information
6    related to the identity of the customer.
7        (B)(1) For purposes of this paragraph (19) of
8    subsection (b) of Section 48.1, a "private label credit
9    program" means a credit program involving a financial
10    institution and a private label party that is used by a
11    customer of the financial institution and the private label
12    party primarily for payment for goods or services sold,
13    manufactured, or distributed by a private label party.
14        (2) For purposes of this paragraph (19) of subsection
15    (b) of Section 48.1, a "private label party" means, with
16    respect to a private label credit program, any of the
17    following: a retailer, a merchant, a manufacturer, a trade
18    group, or any such person's affiliate, subsidiary, member,
19    agent, or service provider.
20        (20)(A) The furnishing of financial records of a
21    customer to the Department of Human Services or the
22    Department of Healthcare and Family Services, or both ("the
23    Department") to aid the Department's initial determination
24    or subsequent re-determination of the customer's
25    eligibility for Medicaid and Medicaid long-term care
26    benefits for long-term care services, provided that the

 

 

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1    bank receives the written consent and authorization of the
2    customer, which shall:
3            (1) have the customer's signature notarized;
4            (2) be signed by at least one witness who certifies
5        that he or she believes the customer to be of sound
6        mind and memory;
7            (3) be tendered to the bank at the earliest
8        practicable time following its execution,
9        certification, and notarization;
10            (4) specifically limit the disclosure of the
11        customer's financial records to the Department; and
12            (5) be in substantially the following form:
 
13
CUSTOMER CONSENT AND AUTHORIZATION
14
FOR RELEASE OF FINANCIAL RECORDS

 
15I, ......................................., hereby authorize 
16       (Name of Customer) 
 
17............................................................. 
18(Name of Financial Institution)
 
19............................................................. 
20(Address of Financial Institution)
 
21to disclose the following financial records:
 

 

 

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1any and all information concerning my deposit, savings, money
2market, certificate of deposit, individual retirement,
3retirement plan, 401(k) plan, incentive plan, employee benefit
4plan, mutual fund and loan accounts (including, but not limited
5to, any indebtedness or obligation for which I am a
6co-borrower, co-obligor, guarantor, or surety), and any and all
7other accounts in which I have an interest and any other
8information regarding me in the possession of the Financial
9Institution,
 
10to the Illinois Department of Human Services or the Illinois
11Department of Healthcare and Family Services, or both ("the
12Department"), for the following purpose(s):
 
13to aid in the initial determination or re-determination by the
14State of Illinois of my eligibility for Medicaid long-term care
15benefits, pursuant to applicable law.
 
16I understand that this Consent and Authorization may be revoked
17by me in writing at any time before my financial records, as
18described above, are disclosed, and that this Consent and
19Authorization is valid until the Financial Institution
20receives my written revocation. This Consent and Authorization
21shall constitute valid authorization for the Department
22identified above to inspect all such financial records set

 

 

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1forth above, and to request and receive copies of such
2financial records from the Financial Institution (subject to
3such records search and reproduction reimbursement policies as
4the Financial Institution may have in place). An executed copy
5of this Consent and Authorization shall be sufficient and as
6good as the original and permission is hereby granted to honor
7a photostatic or electronic copy of this Consent and
8Authorization. Disclosure is strictly limited to the
9Department identified above and no other person or entity shall
10receive my financial records pursuant to this Consent and
11Authorization. By signing this form, I agree to indemnify and
12hold the Financial Institution harmless from any and all
13claims, demands, and losses, including reasonable attorneys
14fees and expenses, arising from or incurred in its reliance on
15this Consent and Authorization. As used herein, "Customer"
16shall mean "Member" if the Financial Institution is a credit
17union.
 
18....................... ...................... 
19(Date)                  (Signature of Customer)             
 
20                         ...................... 
21                         ...................... 
22                         (Address of Customer) 
 
23                         ...................... 

 

 

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1                         (Customer's birth date) 
2                         (month/day/year) 
 
3The undersigned witness certifies that .................,
4known to me to be the same person whose name is subscribed as
5the customer to the foregoing Consent and Authorization,
6appeared before me and the notary public and acknowledged
7signing and delivering the instrument as his or her free and
8voluntary act for the uses and purposes therein set forth. I
9believe him or her to be of sound mind and memory. The
10undersigned witness also certifies that the witness is not an
11owner, operator, or relative of an owner or operator of a
12long-term care facility in which the customer is a patient or
13resident.
 
14Dated: ................. ...................... 
15                         (Signature of Witness) 
 
16                         ...................... 
17                         (Print Name of Witness) 
 
18                         ...................... 
19                         ...................... 
20                         (Address of Witness) 
 
21State of Illinois)

 

 

HB4897- 12 -LRB101 16595 BMS 65979 b

1                 ) ss.
2County of .......)
 
3The undersigned, a notary public in and for the above county
4and state, certifies that .........., known to me to be the
5same person whose name is subscribed as the customer to the
6foregoing Consent and Authorization, appeared before me
7together with the witness, .........., in person and
8acknowledged signing and delivering the instrument as the free
9and voluntary act of the customer for the uses and purposes
10therein set forth.
 
11Dated:.......................................................
12Notary Public:...............................................
13My commission expires:.......................................
 
14        (B) In no event shall the bank distribute the
15    customer's financial records to the long-term care
16    facility from which the customer seeks initial or
17    continuing residency or long-term care services.
18        (C) A bank providing financial records of a customer in
19    good faith relying on a consent and authorization executed
20    and tendered in accordance with this paragraph (20) shall
21    not be liable to the customer or any other person in
22    relation to the bank's disclosure of the customer's
23    financial records to the Department. The customer signing

 

 

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1    the consent and authorization shall indemnify and hold the
2    bank harmless that relies in good faith upon the consent
3    and authorization and incurs a loss because of such
4    reliance. The bank recovering under this indemnification
5    provision shall also be entitled to reasonable attorney's
6    fees and the expenses of recovery.
7        (D) A bank shall be reimbursed by the customer for all
8    costs reasonably necessary and directly incurred in
9    searching for, reproducing, and disclosing a customer's
10    financial records required or requested to be produced
11    pursuant to any consent and authorization executed under
12    this paragraph (20). The requested financial records shall
13    be delivered to the Department within 10 days after
14    receiving a properly executed consent and authorization or
15    at the earliest practicable time thereafter if the
16    requested records cannot be delivered within 10 days, but
17    delivery may be delayed until the final reimbursement of
18    all costs is received by the bank. The bank may honor a
19    photostatic or electronic copy of a properly executed
20    consent and authorization.
21        (E) Nothing in this paragraph (20) shall impair,
22    abridge, or abrogate the right of a customer to:
23            (1) directly disclose his or her financial records
24        to the Department or any other person; or
25            (2) authorize his or her attorney or duly appointed
26        agent to request and obtain the customer's financial

 

 

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1        records and disclose those financial records to the
2        Department.
3        (F) For purposes of this paragraph (20), "Department"
4    means the Department of Human Services and the Department
5    of Healthcare and Family Services or any successor
6    administrative agency of either agency.
7    (c) Except as otherwise provided by this Act, a bank may
8not disclose to any person, except to the customer or his duly
9authorized agent, any financial records or financial
10information obtained from financial records relating to that
11customer of that bank unless:
12        (1) the customer has authorized disclosure to the
13    person;
14        (2) the financial records are disclosed in response to
15    a lawful subpoena, summons, warrant, citation to discover
16    assets, or court order which meets the requirements of
17    subsection (d) of this Section; or
18        (3) the bank is attempting to collect an obligation
19    owed to the bank and the bank complies with the provisions
20    of Section 2I of the Consumer Fraud and Deceptive Business
21    Practices Act.
22    (d) A bank shall disclose financial records under paragraph
23(2) of subsection (c) of this Section under a lawful subpoena,
24summons, warrant, citation to discover assets, or court order
25only after the bank mails a copy of the subpoena, summons,
26warrant, citation to discover assets, or court order to the

 

 

HB4897- 15 -LRB101 16595 BMS 65979 b

1person establishing the relationship with the bank, if living,
2and, otherwise his personal representative, if known, at his
3last known address by first class mail, postage prepaid, unless
4the bank is specifically prohibited from notifying the person
5by order of court or by applicable State or federal law. A bank
6shall not mail a copy of a subpoena to any person pursuant to
7this subsection if the subpoena was issued by a grand jury
8under the Statewide Grand Jury Act.
9    (d-1) If a subpoena, summons, warrant, or other request for
10a customer's records is presented to the bank by an agency or
11department of the federal government, or by an officer, agent,
12or employee of such federal agency or department, a bank is not
13required to release records until the bank has been furnished
14with a written certification that the requesting agency or
15department has satisfied its obligations under the federal
16Right to Financial Privacy Act of 1978.
17    (e) Any officer or employee of a bank who knowingly and
18willfully furnishes financial records in violation of this
19Section is guilty of a business offense and, upon conviction,
20shall be fined not more than $1,000.
21    (f) Any person who knowingly and willfully induces or
22attempts to induce any officer or employee of a bank to
23disclose financial records in violation of this Section is
24guilty of a business offense and, upon conviction, shall be
25fined not more than $1,000.
26    (g) A bank shall be reimbursed for costs that are

 

 

HB4897- 16 -LRB101 16595 BMS 65979 b

1reasonably necessary and that have been directly incurred in
2searching for, reproducing, or transporting books, papers,
3records, or other data required or requested to be produced
4pursuant to a lawful subpoena, summons, warrant, citation to
5discover assets, or court order. The Commissioner shall
6determine the rates and conditions under which payment may be
7made.
8(Source: P.A. 100-22, eff. 1-1-18; 100-664, eff. 1-1-19;
9100-888, eff. 8-14-18; 101-81, eff. 7-12-19.)
 
10    (205 ILCS 5/48.6)
11    Sec. 48.6. Retention of records. Unless a federal law
12requires otherwise, the Secretary shall Commissioner may by
13rule prescribe periods of time for which banks operating under
14this Act must retain records and after the expiration of which,
15the bank may destroy those records. No liability shall accrue
16against the bank, the Secretary Commissioner, or this State for
17the destruction of records according to rules of the Secretary
18adopted Commissioner promulgated under the authority of this
19Section. In any cause or proceeding in which any records may be
20called in question or be demanded by any bank, a showing of the
21expiration of the period so prescribed shall be sufficient
22excuse for failure to produce them.
23(Source: P.A. 91-929, eff. 12-15-00.)
 
24    (205 ILCS 5/80)  (from Ch. 17, par. 392)

 

 

HB4897- 17 -LRB101 16595 BMS 65979 b

1    Sec. 80. Board; powers. The Board shall have the following
2powers in addition to any others that may be granted to it by
3law:
4    (a) (Blank).
5    (b) To review, consider, and make recommendations to the
6Director of Banking upon any banking matters.
7    (c) (Blank).
8    (d) (Blank).
9    (e) To review, consider, and submit to the Director of
10Banking and to the Governor proposals for amendments to this
11Act or for changes in or additions to the administration
12thereof which in the opinion of the Board are necessary or
13desirable in order to assure the safe and sound conduct of the
14banking business.
15    (f) To require the Secretary to furnish the Board space for
16meetings to be held by the Board as well as to require the
17Secretary to provide such clerical and technical assistance as
18the Board may require.
19    (g) To adopt its own by-laws with respect to Board meetings
20and procedures. Such by-laws shall provide that:
21        (i) A majority of the whole Board constitutes a quorum.
22        (ii) A majority of the quorum shall constitute
23    effective action except that a vote of a majority of the
24    whole Board shall be necessary for recommendations made to
25    the Director of Banking and to the Governor with regard to
26    proposed amendments to this Act or to the administrative

 

 

HB4897- 18 -LRB101 16595 BMS 65979 b

1    practices hereunder.
2        (iii) The Board shall meet at least once in each
3    calendar year and upon the call of the Director of Banking
4    or a majority of the Board. The Director of Banking or a
5    majority of the Board may call such special or additional
6    meetings as may be deemed necessary or desirable.
7    (h) (Blank).
8    (i) (Blank).
9    (j) (Blank).
10    (k) (Blank).
11    (l) (Blank).
12    (m) To authorize the transfer of funds from the Illinois
13Bank Examiners' Education Fund to the Bank and Trust Company
14Fund. Any amount transferred shall be retransferred to the
15Illinois Bank Examiners' Education Fund from the Bank and Trust
16Company Fund within 3 years.
17    (n) To maintain and direct the investments of the Illinois
18Bank Examiners' Education Fund.
19    (o) To evaluate various courses, programs, curricula, and
20schools of continuing education and professional training that
21are available from within the United States for State banking
22department examination personnel and develop a program known as
23the Illinois Bank Examiners' Education Program. The Board shall
24determine which courses, programs, curricula, and schools will
25be included in the Program to be funded by the Foundation.
26    (p) To review and examine bank call report fee revenue and

 

 

HB4897- 19 -LRB101 16595 BMS 65979 b

1the disbursement of the fees.
2(Source: P.A. 96-1163, eff. 1-1-11.)
 
3    Section 10. The Promissory Note and Bank Holiday Act is
4amended by changing Section 17 as follows:
 
5    (205 ILCS 630/17)  (from Ch. 17, par. 2201)
6    Sec. 17. Holidays.
7    (a) The following days shall be legal holidays in the State
8of Illinois upon which day a bank may, but is not required to,
9remain closed:
10    the first day of January (New Year's Day);
11    the third Monday in January (observance of Martin Luther
12King, Jr.'s birthday);
13    the twelfth day in February (Abraham Lincoln's birthday);
14    the third Monday in February (Presidents Day);
15    the first Monday in March (observance of Casimir Pulaski's
16birthday);
17    the Friday preceding Easter Sunday (Good Friday);
18    the last Monday of May (Memorial Day);
19    the fourth day of July (Independence Day);
20    the first Monday in September (Labor Day);
21    the second Monday in October (Columbus Day);
22    the eleventh day of November (Veterans' Day);
23    the fourth Thursday in November (Thanksgiving Day);
24    the twenty-fifth day in December (Christmas Day);

 

 

HB4897- 20 -LRB101 16595 BMS 65979 b

1    the days upon which the general elections for members of
2the House of Representatives are held, and any day proclaimed
3by the Governor of this State as a legal holiday. From 12
4o'clock noon to 12 o'clock midnight of each Saturday shall be
5considered a half holiday. In addition to such holidays and
6half-holidays, a bank may select one day of the week to remain
7closed, as provided in subsection (b) of this Section.
8    (b) Any bank doing business within this State may select
9any one day of the week to remain closed on a regular basis
10upon adoption of a resolution by the board of directors of such
11bank designating the day selected and upon filing and
12publishing a copy of such resolution as hereinafter required.
13Any such resolution shall be deemed effective for the purpose
14of this Section only when a copy thereof, certified by an
15officer having charge of the records of such bank, is filed
16with the Recorder of the county in which such bank is located
17and published once each week for 3 successive weeks in a
18newspaper of general circulation in such county. Such
19publication shall be accomplished by, and at the expense of,
20the bank, and the bank shall submit to the Commissioner of
21Banks and Real Estate such evidence of the publication as the
22Commissioner shall deem appropriate. Any such selection shall
23remain in full force and effect until a copy of the later
24resolution of the board of directors of such bank, certified in
25like manner, terminating or altering any such prior selection
26shall be filed and published in the same manner as such prior

 

 

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1resolution.
2    (c) If an occasion arises when a state bank wishes to
3remain closed on a particular day, other than a day on which
4the bank has selected to remain closed on a regular basis as
5provided in this Section, such state bank may remain closed on
6such an occasion after first sending to the Commissioner a copy
7of a resolution adopted by the board of directors authorizing
8the bank to remain closed on such occasion and notice of the
9intent to remain closed on such occasion shall be conspicuously
10posted in the lobby of the main banking office and any branches
11of such bank for at least 3 weeks in advance of such occasion.
12Any day which any bank doing business within the State shall
13select to remain closed pursuant to this Section shall, with
14respect to such bank, be treated and considered as a Sunday.
15Notwithstanding the notification time frames and procedures
16otherwise stated in this subsection, if the bank is going to be
17closed for no more than a half day to permit personnel to
18attend a funeral, visitation, or other memorial service held
19for a deceased officer, employee, or director of the bank, or a
20family member of such person, the bank need only notify the
21Secretary and post conspicuously in the lobby of any affected
22office or branch of the bank notice of the hours during which
23the bank will be closed. Such notification to the Secretary and
24posting of notice in the lobby of the office or branch shall be
25accomplished not less than 24 hours in advance of the day
26during which such closing will occur.

 

 

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1    (d) All legal holidays, the half holidays and any day
2selected by a bank doing business within the State to remain
3closed, shall, for all purposes whatsoever, as regards the
4presenting for payment or acceptance, the maturity and
5protesting and giving of notice of the dishonor of bills of
6exchange, bank checks and promissory notes and other negotiable
7or commercial paper or instrument, be treated and considered as
8a Sunday. When any such holidays fall on Sunday, the Monday
9next following shall be held and considered such holiday. All
10notes, bills, drafts, checks or other evidence of indebtedness,
11falling due or maturing on either of such days, shall be deemed
12as due or maturing upon the day following, and when 2 or more
13of these days come together, or immediately succeeding each
14other, then such instruments, paper or indebtedness shall be
15deemed as due or having matured on the day following the last
16of such days.
17    (e) Any act authorized, required or permitted to be
18performed at or by or with respect to any bank doing business
19within the State on a day which it has selected to remain
20closed under this Section may be so performed on the next
21succeeding business day and no liability or loss of rights of
22any kind shall result from such delay.
23    (f) Nothing in this Act shall in any manner affect the
24validity of, or render void or voidable, the payment,
25certification, or acceptance of a check or other negotiable
26instrument, or any other transaction by a bank in this State,

 

 

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1because done or performed on any Saturday, Sunday, holiday, or
2any day selected by a bank to remain closed, or during any time
3other than regular banking hours; but no bank in this State,
4which by law or custom is entitled to remain open or to close
5for the whole or any part of any day selected by it to remain
6open or to close, is compelled to close, or to remain open for
7the transaction of business or to perform any of the acts or
8transactions aforesaid except at its own option.
9(Source: P.A. 89-508, eff. 7-3-96; 89-567, eff. 7-26-96; 90-14,
10eff. 7-1-97.)