91st General Assembly
Summary of SB1421
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Short description: 
BANK INVESTMENT SECURITIES                                                 

Synopsis of Bill as introduced:
        Amends the Illinois Banking Act.  Provides that  the  eligibility      
   of a marketable investment security to be purchased by a State bank is      
   determined  at the time of the purchase.  Requires that the marketable      
   investment security must receive the requisite investment rating  from      
   at least one national rating service.  Effective immediately.               
        SENATE AMENDMENT NO. 1.                                                
          Deletes reference to:                                                
          205 ILCS 5/33                                                        
          Adds reference to:                                                   
          New Act                                                              
        Deletes everything. Creates the Data Processing Services for           
   Financial Institutions Act. Provides that when a financial institution      
   contracts with an independent data processing servicer for any product      
   or service that requires an interface of communications with a second       
   independent data processing servicer with which the financial institu-      
   tion has a contractual relationship, the second independent data pro-       
   cessing servicer shall permit the necessary interface to occur pur-         
   suant to a commercially reasonable interface agreement. Provides for        
   arbitration of disputes in accordance with the Uniform Arbitration          
   Act. Effective immediately.                                                 
Last action on Bill: PUBLIC ACT.............................. 91-0742

   Last action date: 00-06-02

           Location: Senate

 Amendments to Bill: AMENDMENTS ADOPTED: HOUSE -   0     SENATE -   1


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