093_SB0769eng

 
SB769 Engrossed                      LRB093 03106 JLS 03123 b

 1        AN ACT concerning banking.

 2        Be  it  enacted  by  the People of the State of Illinois,
 3    represented in the General Assembly:

 4        Section  5.  The  Illinois  Banking  Act  is  amended  by
 5    changing Section 5b as follows:

 6        (205 ILCS 5/5b) (from Ch. 17, par. 312.1)
 7        Sec. 5b.  Deposits in outside depository.
 8        (a)  Except as provided in subsection (b), a  every  bank
 9    is liable for deposits made in an outside depository from the
10    time the deposit is made.
11        (b)  A  bank  may  adopt  a policy that its liability for
12    deposits made in outside depositories will be  delayed  until
13    the  deposits  are recorded, and, if such a policy is adopted
14    and depositors are notified in writing at least  21  days  in
15    advance  of  the  effective  date  of such policy, the bank's
16    liability will be delayed in accordance with the policy.   In
17    case  of  deposit  accounts  opened  after  such  a policy is
18    adopted, the policy shall be effective if  the  depositor  is
19    given  written  notice  of the policy at the time the deposit
20    account is opened.
21        (c)  For  the   purposes   of   this   Section   "outside
22    depository"  means  any receptacle attached to a main banking
23    premise, branch as allowed in subsection (15) of Section 5 of
24    this Act,  or  other  location  for  the  purpose  of  making
25    deposits  either  during  or after regular banking hours, but
26    does not include an automatic teller machine or point of sale
27    terminal, as defined in the Electronic Fund Transfer Act.
28    (Source: P.A. 92-483, eff. 8-23-01.)