House Sponsors: BUGIELSKI-CAPPARELLI-MEYER-MULLIGAN-HULTGREN, BURKE, ACEVEDO, BRADLEY, JONES,LOU, JONES,SHIRLEY, LOPEZ, SAVIANO, DAVIS,MONIQUE, LANG AND RUTHERFORD. Senate Sponsors: O'MALLEY Short description: BANKS CUSTOMER INFORMATION Synopsis of Bill as introduced: Amends the Illinois Banking Act, the Illinois Savings and Loan Act of 1985, the Savings Bank Act, and the Illinois Credit Union Act to authorize disclosure of customer financial information to third parties if the financial institution believes that the customer is an elderly or disabled person who may be a victim of financial exploitation or other crime. Provides immunity to financial institutions for disclosure and for failure to disclose. Amends the Joint Tenancy Act to provide for the creation of convenience accounts in the name of the depositor, who is the account owner, and another person to whom the account may also be paid. Provides that there is no right of survivorship solely by reason of an account being designated a convenience account. Effective immediately. HOUSE AMENDMENT NO. 1. Deletes reference to: 765 ILCS 1005/5 new Adds reference to: 205 ILCS 5/48.6 new 205 ILCS 105/1-10.14 from Ch. 17, par. 3301-10.14 205 ILCS 105/1-10.21 from Ch. 17, par. 3301-10.21 205 ILCS 205/1007.90 from Ch. 17, par. 7301-7.90 205 ILCS 205/1007.105 from Ch. 17, par. 7301-7.105 205 ILCS 305/15 from Ch. 17, par. 4416 205 ILCS 305/20 from Ch. 17, par. 4421 205 ILCS 305/22 from Ch. 17, par. 4423 205 ILCS 305/31 from Ch. 17, par. 4432 205 ILCS 305/32 from Ch. 17, par. 4433 205 ILCS 305/33 from Ch. 17, par. 4434 205 ILCS 305/35 from Ch. 17, par. 4436 205 ILCS 305/52 from Ch. 17, par. 4453 Replaces the contents of the bill with similar provisions. Amends the Illinois Banking Act, the Illinois Savings and Loan Act of 1985, the Savings Bank Act, and the Illinois Credit Union Act to authorize disclosure of customer financial information to third parties if the financial institution believes that the customer is an elderly or disabled person who may be a victim of financial exploitation or other crime. Provides that financial institutions are immune from civil or criminal liability with respect to the disclosure of financial information concerning elderly or disabled persons. Authorizes disclosure to the Department of Human Services Office of Inspector General. Amends the Illinois Banking Act. Provides that the Commissioner of Banks and Real Estate shall issue rules prescribing the period of time for which banks must retain records. Provides that banks may destroy the records upon the expiration of the prescribed time period. Provides immunity from liability for destruction of records in accordance with the rules of the Commissioner. Amends the Illinois Savings and Loan Act of 1985. Includes a limited liability company within the scope of the term "person" and provides that service corporations may be organized as limited liability companies. Amends the Savings Bank Act. Includes limited liability companies within the scope of the term "person" and provides that service corporations may be organized as limited liability companies. Amends the Illinois Credit Union Act. Allows a credit union to expel a member who has been verbally abusive toward credit union employees. Provides that the board of directors of a credit union may, but is not required to, appoint a credit committee consisting of members of the credit union. Provides that a credit manager may act in place of the credit committee. Effective immediately. HOUSE AMENDMENT NO. 2. Deletes authorization for disclosure of financial information to persons other than the Department on Aging and its regional administrative and provider agencies, the Department of Human Services Office of Inspector General, and public guardians. Provides that the disclosing financial institution shall have the same rights and protections as a person furnishing information under the Elder Abuse and Neglect Act and the Illinois Domestic Violence Act of 1986 rather than immunity from civil and criminal liability and licensing disciplinary action. GOVERNOR'S AMENDATORY VETO MESSAGE Recommends the deletion of provisions that would allow credit unions to expel members or deny services to members who engage in repeated verbally or physically abusive behavior toward credit union officials, staff, agents, or volunteers. Last action on Bill: PUBLIC ACT.............................. 91-0929 Last action date: 00-12-15 Location: House Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 2 SENATE - 0 END OF INQUIRY Full Text Bill Status