State of Illinois
90th General Assembly
Legislation

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90_HB3135

      205 ILCS 616/85 new
      205 ILCS 675/12 new
          Amends the Electronic Fund Transfer Act and the  Illinois
      Financial  Services  Development Act.  Provides that entities
      and persons subject to those Acts are  not  liable  for  acts
      taken or omissions made in reliance upon a rule or opinion of
      the   Commissioner  of  Banks  and  Real  Estate.   Effective
      immediately.
                                                     LRB9009212JSpc
                                               LRB9009212JSpc
 1        AN ACT concerning rulings of the  Commissioner  of  Banks
 2    and Real Estate, amending named Acts.
 3        Be  it  enacted  by  the People of the State of Illinois,
 4    represented in the General Assembly:
 5        Section 5.  The Electronic Fund Transfer Act  is  amended
 6    by adding Section 85 as follows:
 7        (205 ILCS 616/85 new)
 8        Sec.  85.  Reliance  on Commissioner.  No person shall be
 9    liable under this Act for any act done  or  omitted  in  good
10    faith in conformity with any rule, interpretation, or opinion
11    issued   by  the  Commissioner  of  Banks  and  Real  Estate,
12    notwithstanding that after the act or omission has  occurred,
13    the  rule,  interpretation, or opinion upon which reliance is
14    placed is amended, rescinded, or determined  by  judicial  or
15    other authority to be invalid for any reason.
16        Section  10.  The Illinois Financial Services Development
17    Act is amended by adding Section 12 as follows:
18        (205 ILCS 675/12 new)
19        Sec. 12.  Reliance on Commissioner.  No person  shall  be
20    liable  under  this  Act  for any act done or omitted in good
21    faith in conformity with any rule, interpretation, or opinion
22    issued  by  the  Commissioner  of  Banks  and  Real   Estate,
23    notwithstanding  that after the act or omission has occurred,
24    the rule, interpretation, or opinion upon which  reliance  is
25    placed  is  amended,  rescinded, or determined by judicial or
26    other authority to be invalid for any reason.
27        Section 99.  Effective date.  This Act takes effect  upon
28    becoming law.

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