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| | 101ST GENERAL ASSEMBLY
State of Illinois
2019 and 2020
HB1397 Introduced , by Rep. Michael J. Madigan SYNOPSIS AS INTRODUCED:
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Amends the Data Processing Services for Financial Institutions Act. Makes a
technical change in a Section relating to arbitration.
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| | A BILL FOR |
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| | HB1397 | | LRB101 03405 JRG 48413 b |
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| 1 | | AN ACT concerning regulation.
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| 2 | | Be it enacted by the People of the State of Illinois, |
| 3 | | represented in the General Assembly:
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| 4 | | Section 5. The Data Processing Services for Financial |
| 5 | | Institutions Act is amended by changing Section 15 as follows:
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| 6 | | (205 ILCS 715/15)
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| 7 | | Sec. 15. Arbitration of disputes. In the
the case of a |
| 8 | | dispute between the
independent data processing
servicers |
| 9 | | regarding any terms or conditions
of an interface agreement, or |
| 10 | | in the event that a dispute regarding proposed
terms and |
| 11 | | conditions results in the failure of
the independent data |
| 12 | | processing servicers to enter into an interface agreement
as |
| 13 | | required by this Act, the parties shall be
deemed to have |
| 14 | | agreed to the appointment of an
arbitrator for a binding |
| 15 | | resolution of the dispute consistent with the
provisions of the |
| 16 | | Uniform Arbitration Act unless the parties agree to some
other |
| 17 | | process for binding arbitration or unless the aggrieved party |
| 18 | | seeks court
action.
Any decision by the arbitrator in |
| 19 | | connection with any arbitration
shall be determined only after |
| 20 | | an
opportunity for a hearing.
Anything to the contrary in this
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| 21 | | Act notwithstanding, any right of arbitration
granted under |
| 22 | | this Act is subject to the right of either party to seek court
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| 23 | | action. |