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SB2763 Engrossed |
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LRB094 18898 MKM 54586 b |
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| AN ACT concerning confidentiality.
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| Be it enacted by the People of the State of Illinois,
|
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| represented in the General Assembly:
|
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| Section 5. The Abuse of Adults with Disabilities |
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| Intervention Act is amended by adding Section 59 as follows: |
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| (20 ILCS 2435/59 new) |
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| Sec. 59. Subpoena; document production. The Office of |
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| Inspector General has the power to subpoena witnesses and |
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| compel the production of books, papers, and documents, |
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| including financial records and medical records, pertinent to |
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| an assessment authorized by this Act. Mental health records of |
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| victims shall be confidential as provided under the Mental |
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| Health and Developmental Disabilities Confidentiality Act. |
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| Financial records obtained during the course of an assessment |
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| are confidential and may be released only with the consent of |
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| the victim or the victim's guardian or in response to a court |
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| order, a grand jury subpoena, or a subpoena from a law |
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| enforcement authority. |
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| Section 10. The Illinois Banking Act is amended by changing |
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| Section 48.1 as follows:
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| (205 ILCS 5/48.1) (from Ch. 17, par. 360)
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| Sec. 48.1. Customer financial records; confidentiality.
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| (a) For the purpose of this Section, the term "financial |
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| records" means any
original, any copy, or any summary of:
|
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| (1) a document granting signature
authority over a |
26 |
| deposit or account;
|
27 |
| (2) a statement, ledger card or other
record on any |
28 |
| deposit or account, which shows each transaction in or with
|
29 |
| respect to that account;
|
30 |
| (3) a check, draft or money order drawn on a bank
or |
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SB2763 Engrossed |
- 2 - |
LRB094 18898 MKM 54586 b |
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| issued and payable by a bank; or
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| (4) any other item containing
information pertaining |
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| to any relationship established in the ordinary
course of a |
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| bank's business between a bank and its customer, including
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| financial statements or other financial information |
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| provided by the customer.
|
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| (b) This Section does not prohibit:
|
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| (1) The preparation, examination, handling or |
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| maintenance of any
financial records by any officer, |
10 |
| employee or agent of a bank
having custody of the records, |
11 |
| or the examination of the records by a
certified public |
12 |
| accountant engaged by the bank to perform an independent
|
13 |
| audit.
|
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| (2) The examination of any financial records by, or the |
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| furnishing of
financial records by a bank to, any officer, |
16 |
| employee or agent of (i) the
Commissioner of Banks and Real |
17 |
| Estate, (ii) after May
31, 1997, a state regulatory |
18 |
| authority authorized to examine a branch of a
State bank |
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| located in another state, (iii) the Comptroller of the |
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| Currency,
(iv) the Federal Reserve Board, or (v) the |
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| Federal Deposit Insurance
Corporation for use solely in the |
22 |
| exercise of his duties as an officer,
employee, or agent.
|
23 |
| (3) The publication of data furnished from financial |
24 |
| records
relating to customers where the data cannot be |
25 |
| identified to any
particular customer or account.
|
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| (4) The making of reports or returns required under |
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| Chapter 61 of
the Internal Revenue Code of 1986.
|
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| (5) Furnishing information concerning the dishonor of |
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| any negotiable
instrument permitted to be disclosed under |
30 |
| the Uniform Commercial Code.
|
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| (6) The exchange in the regular course of business of |
32 |
| (i) credit
information
between a bank and other banks or |
33 |
| financial institutions or commercial
enterprises, directly |
34 |
| or through a consumer reporting agency or (ii)
financial |
35 |
| records or information derived from financial records |
36 |
| between a bank
and other banks or financial institutions or |
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SB2763 Engrossed |
- 3 - |
LRB094 18898 MKM 54586 b |
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| commercial enterprises for the
purpose of conducting due |
2 |
| diligence pursuant to a purchase or sale involving
the bank |
3 |
| or assets or liabilities of the bank.
|
4 |
| (7) The furnishing of information to the appropriate |
5 |
| law enforcement
authorities where the bank reasonably |
6 |
| believes it has been the victim of a
crime.
|
7 |
| (8) The furnishing of information under the Uniform |
8 |
| Disposition of
Unclaimed Property Act.
|
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| (9) The furnishing of information under the Illinois |
10 |
| Income Tax Act and
the Illinois Estate and |
11 |
| Generation-Skipping Transfer Tax Act.
|
12 |
| (10) The furnishing of information under the federal |
13 |
| Currency
and Foreign Transactions Reporting Act Title 31, |
14 |
| United States
Code, Section 1051 et seq.
|
15 |
| (11) The furnishing of information under any other |
16 |
| statute that
by its terms or by regulations promulgated |
17 |
| thereunder requires the disclosure
of financial records |
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| other than by subpoena, summons, warrant, or court order.
|
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| (12) The furnishing of information about the existence |
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| of an account
of a person to a judgment creditor of that |
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| person who has made a written
request for that information.
|
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| (13) The exchange in the regular course of business of |
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| information
between commonly owned banks in connection |
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| with a transaction authorized
under paragraph (23) of
|
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| Section 5 and conducted at an affiliate facility.
|
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| (14) The furnishing of information in accordance with |
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| the federal
Personal Responsibility and Work Opportunity |
28 |
| Reconciliation Act of 1996.
Any bank governed by this Act |
29 |
| shall enter into an agreement for data
exchanges with a |
30 |
| State agency provided the State agency
pays to the bank a |
31 |
| reasonable fee not to exceed its
actual cost incurred. A |
32 |
| bank providing
information in accordance with this item |
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| shall not be liable to any account
holder or other person |
34 |
| for any disclosure of information to a State agency, for
|
35 |
| encumbering or surrendering any assets held by the bank in |
36 |
| response to a lien
or order to withhold and deliver issued |
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SB2763 Engrossed |
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LRB094 18898 MKM 54586 b |
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| by a State agency, or for any other
action taken pursuant |
2 |
| to this item, including individual or mechanical errors,
|
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| provided the action does not constitute gross negligence or |
4 |
| willful misconduct.
A bank shall have no obligation to |
5 |
| hold, encumber, or surrender assets until
it has been |
6 |
| served with a subpoena, summons, warrant, court or |
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| administrative
order,
lien, or levy.
|
8 |
| (15) The exchange in the regular course of business of |
9 |
| information
between
a bank and any commonly owned affiliate |
10 |
| of the bank, subject to the provisions
of the Financial |
11 |
| Institutions Insurance Sales Law.
|
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| (16) The furnishing of information to law enforcement |
13 |
| authorities, the
Illinois Department on
Aging and its |
14 |
| regional administrative and provider agencies, the |
15 |
| Department of
Human Services Office
of Inspector General, |
16 |
| or public guardians : (i) upon subpoena , if there is |
17 |
| suspicion by the investigatory entity or , the guardian, or |
18 |
| (ii) if there is suspicion by the bank that a customer
who |
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| is an elderly or
disabled person has been or may become the |
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| victim of financial exploitation.
For the purposes of this
|
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| item (16), the term: (i) "elderly person" means a person |
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| who is 60 or more
years of age, (ii) "disabled
person" |
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| means a person who has or reasonably appears to the bank to |
24 |
| have a
physical or mental
disability that impairs his or |
25 |
| her ability to seek or obtain protection from or
prevent |
26 |
| financial
exploitation, and (iii) "financial exploitation" |
27 |
| means tortious or illegal use
of the assets or resources of
|
28 |
| an elderly or disabled person, and includes, without |
29 |
| limitation,
misappropriation of the elderly or
disabled |
30 |
| person's assets or resources by undue influence, breach of |
31 |
| fiduciary
relationship, intimidation,
fraud, deception, |
32 |
| extortion, or the use of assets or resources in any manner
|
33 |
| contrary to law. A bank or
person furnishing information |
34 |
| pursuant to this item (16) shall be entitled to
the same |
35 |
| rights and
protections as a person furnishing information |
36 |
| under the Elder Abuse and
Neglect Act, the Illinois
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SB2763 Engrossed |
- 5 - |
LRB094 18898 MKM 54586 b |
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| Domestic Violence Act of 1986, and the Abuse of Adults with |
2 |
| Disabilities Intervention Act.
|
3 |
| (17) The disclosure of financial records or |
4 |
| information as necessary to
effect, administer, or enforce |
5 |
| a transaction requested or authorized by the
customer, or |
6 |
| in connection with:
|
7 |
| (A) servicing or processing a financial product or |
8 |
| service requested or
authorized by the customer;
|
9 |
| (B) maintaining or servicing a customer's account |
10 |
| with the bank; or
|
11 |
| (C) a proposed or actual securitization or |
12 |
| secondary market sale
(including sales of servicing |
13 |
| rights) related to a
transaction of a customer.
|
14 |
| Nothing in this item (17), however, authorizes the sale |
15 |
| of the financial
records or information of a customer |
16 |
| without the consent of the customer.
|
17 |
| (18) The disclosure of financial records or |
18 |
| information as necessary to
protect against actual or |
19 |
| potential fraud, unauthorized transactions, claims,
or |
20 |
| other liability.
|
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| (19) (a) The disclosure of financial records or |
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| information
related to a private label credit program |
23 |
| between a financial
institution and a private label party |
24 |
| in connection with that
private label credit program. Such |
25 |
| information is limited to
outstanding balance, available |
26 |
| credit, payment and performance
and account history, |
27 |
| product references, purchase information,
and information
|
28 |
| related to the identity of the customer.
|
29 |
| (b) (l) For purposes of this paragraph (19) of |
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| subsection
(b) of Section 48.1, a "private label credit |
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| program" means a
credit program involving a financial |
32 |
| institution and a private label
party that is used by a |
33 |
| customer of the financial institution and the
private label |
34 |
| party primarily for payment for goods or services
sold, |
35 |
| manufactured, or distributed by a private label party.
|
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| (2) For purposes of this paragraph (19) of subsection |
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SB2763 Engrossed |
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LRB094 18898 MKM 54586 b |
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|
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| (b)
of Section 48.l, a "private label party" means, with |
2 |
| respect to a
private label credit program, any of the |
3 |
| following: a
retailer, a merchant, a manufacturer, a trade |
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| group,
or any such person's affiliate, subsidiary, member,
|
5 |
| agent, or service provider.
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| (c) Except as otherwise provided by this Act, a bank may |
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| not disclose to
any person, except to the customer or his
duly |
8 |
| authorized agent, any financial records or financial |
9 |
| information
obtained from financial records relating to that |
10 |
| customer of
that bank unless:
|
11 |
| (1) the customer has authorized disclosure to the |
12 |
| person;
|
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| (2) the financial records are disclosed in response to |
14 |
| a lawful
subpoena, summons, warrant or court order which |
15 |
| meets the requirements
of subsection (d) of this Section; |
16 |
| or
|
17 |
| (3) the bank is attempting to collect an obligation |
18 |
| owed to the bank
and the bank complies with the provisions |
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| of Section 2I of the Consumer
Fraud and Deceptive Business |
20 |
| Practices Act.
|
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| (d) A bank shall disclose financial records under paragraph |
22 |
| (2) of
subsection (c) of this Section under a lawful subpoena, |
23 |
| summons, warrant, or
court order only after the bank mails a |
24 |
| copy of the subpoena, summons, warrant,
or court order to the |
25 |
| person establishing the relationship with the bank, if
living, |
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| and, otherwise his personal representative, if known, at his |
27 |
| last known
address by first class mail, postage prepaid, unless |
28 |
| the bank is specifically
prohibited from notifying the person |
29 |
| by order of court or by applicable State
or federal law. A bank |
30 |
| shall not mail a copy of a subpoena to any person
pursuant to |
31 |
| this subsection if the subpoena was issued by a grand jury |
32 |
| under
the Statewide Grand Jury Act.
|
33 |
| (e) Any officer or employee of a bank who knowingly and
|
34 |
| willfully furnishes financial records in violation of this |
35 |
| Section is
guilty of a business offense and, upon conviction, |
36 |
| shall be fined not
more than $1,000.
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|
SB2763 Engrossed |
- 7 - |
LRB094 18898 MKM 54586 b |
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|
1 |
| (f) Any person who knowingly and willfully induces or |
2 |
| attempts to
induce any officer or employee of a bank to |
3 |
| disclose financial
records in violation of this Section is |
4 |
| guilty of a business offense
and, upon conviction, shall be |
5 |
| fined not more than $1,000.
|
6 |
| (g) A bank shall be reimbursed for costs that are |
7 |
| reasonably necessary
and that have been directly incurred in |
8 |
| searching for, reproducing, or
transporting books, papers, |
9 |
| records, or other data of a customer required or
requested to |
10 |
| be produced pursuant to a lawful subpoena, summons, warrant, or
|
11 |
| court order. The Commissioner shall determine the rates and |
12 |
| conditions
under which payment may be made.
|
13 |
| (Source: P.A. 94-495, eff. 8-8-05.)
|
14 |
| Section 15. The Illinois Savings and Loan Act of 1985 is |
15 |
| amended by changing Section 3-8 as follows:
|
16 |
| (205 ILCS 105/3-8) (from Ch. 17, par. 3303-8)
|
17 |
| Sec. 3-8. Access to books and records; communication with |
18 |
| members.
|
19 |
| (a) Every member or holder of capital shall have the right |
20 |
| to inspect
the books and records of the association that |
21 |
| pertain to his account.
Otherwise, the right of inspection and |
22 |
| examination of the books and
records shall be limited as |
23 |
| provided in this Act, and no other person
shall have access to |
24 |
| the books and records or shall be entitled to a
list of the |
25 |
| members.
|
26 |
| (b) For the purpose of this Section, the term "financial |
27 |
| records"
means any original, any copy, or any summary of (i) a |
28 |
| document granting
signature authority over a deposit or |
29 |
| account; (ii) a statement, ledger
card, or other record on any |
30 |
| deposit or account that
shows each transaction in or with |
31 |
| respect to that account; (iii) a check,
draft, or money order |
32 |
| drawn on an association or issued and payable by
an |
33 |
| association; or (iv) any other item containing information |
34 |
| pertaining to
any relationship established in the ordinary |
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|
|
SB2763 Engrossed |
- 8 - |
LRB094 18898 MKM 54586 b |
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|
1 |
| course of an association's
business between an association and |
2 |
| its customer, including financial
statements or other |
3 |
| financial information provided by the member or holder of
|
4 |
| capital.
|
5 |
| (c) This Section does not prohibit:
|
6 |
| (1) The preparation, examination, handling, or |
7 |
| maintenance of any
financial records by any officer, |
8 |
| employee, or agent of an association having
custody of |
9 |
| those records or the examination of those records by a |
10 |
| certified
public accountant engaged by the association to |
11 |
| perform an independent
audit.
|
12 |
| (2) The examination of any financial records by, or the |
13 |
| furnishing of
financial records by an association to, any |
14 |
| officer, employee, or agent of the
Commissioner of Banks |
15 |
| and Real Estate or federal depository institution
|
16 |
| regulator for use solely in the exercise
of
his duties as |
17 |
| an officer, employee, or agent.
|
18 |
| (3) The publication of data furnished from financial |
19 |
| records
relating to members or holders of capital where the |
20 |
| data cannot be
identified to any particular member, holder |
21 |
| of capital, or account.
|
22 |
| (4) The making of reports or returns required under |
23 |
| Chapter 61 of
the Internal Revenue Code of 1986.
|
24 |
| (5) Furnishing information concerning the dishonor of |
25 |
| any negotiable
instrument permitted to be disclosed under |
26 |
| the Uniform Commercial
Code.
|
27 |
| (6) The exchange in the regular course of business of |
28 |
| (i) credit
information between an association and other |
29 |
| associations or financial
institutions or commercial |
30 |
| enterprises, directly or through a consumer
reporting |
31 |
| agency
or (ii) financial records or information derived |
32 |
| from financial records
between an association and other |
33 |
| associations or financial institutions or
commercial |
34 |
| enterprises for the purpose of conducting due diligence |
35 |
| pursuant to
a purchase or sale involving the association or |
36 |
| assets or liabilities of the
association.
|
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|
SB2763 Engrossed |
- 9 - |
LRB094 18898 MKM 54586 b |
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|
1 |
| (7) The furnishing of information to the appropriate |
2 |
| law enforcement
authorities where the association |
3 |
| reasonably believes it has been the
victim of a crime.
|
4 |
| (8) The furnishing of information pursuant to the |
5 |
| Uniform Disposition
of Unclaimed Property Act.
|
6 |
| (9) The furnishing of information pursuant to the |
7 |
| Illinois Income Tax
Act and the Illinois Estate and |
8 |
| Generation-Skipping Transfer Tax Act.
|
9 |
| (10) The furnishing of information pursuant to the |
10 |
| federal "Currency
and Foreign Transactions Reporting Act", |
11 |
| (Title 31, United States
Code, Section 1051 et seq.).
|
12 |
| (11) The furnishing of information pursuant to any |
13 |
| other statute that
by its terms or by regulations |
14 |
| promulgated thereunder requires the disclosure
of |
15 |
| financial records other than by subpoena, summons, |
16 |
| warrant, or court
order.
|
17 |
| (12) The exchange of information between an |
18 |
| association and an affiliate
of the association; as used in |
19 |
| this item, "affiliate" includes any
company, partnership, |
20 |
| or organization that controls, is controlled by, or is
|
21 |
| under common control with an association.
|
22 |
| (13) The furnishing of information
in accordance with |
23 |
| the federal Personal Responsibility and Work Opportunity
|
24 |
| Reconciliation Act of 1996. Any association governed by |
25 |
| this Act shall enter
into an agreement for data
exchanges |
26 |
| with a State agency provided the State agency
pays to the |
27 |
| association a reasonable fee not to exceed its
actual cost |
28 |
| incurred. An association
providing
information in |
29 |
| accordance with this item shall not be liable to any |
30 |
| account
holder or other person for any disclosure of |
31 |
| information to a State agency, for
encumbering or |
32 |
| surrendering any assets held by the association in response |
33 |
| to a
lien
or order to withhold and deliver issued by a |
34 |
| State agency, or for any other
action taken pursuant to |
35 |
| this item, including individual or mechanical errors,
|
36 |
| provided the action does not constitute gross negligence or |
|
|
|
SB2763 Engrossed |
- 10 - |
LRB094 18898 MKM 54586 b |
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|
1 |
| willful misconduct.
An association shall have no |
2 |
| obligation to hold, encumber, or surrender assets
until it |
3 |
| has been served with a subpoena, summons, warrant, court or
|
4 |
| administrative order, lien, or levy.
|
5 |
| (14) The furnishing of information to law enforcement |
6 |
| authorities, the
Illinois Department on
Aging and its |
7 |
| regional administrative and provider agencies, the |
8 |
| Department of
Human Services Office
of Inspector General, |
9 |
| or public guardians : (i) upon subpoena , if there is |
10 |
| suspicion by the investigatory entity or , the guardian, or |
11 |
| (ii) if there is suspicion by the association that a
|
12 |
| customer who is an elderly or
disabled person has been or |
13 |
| may become the victim of financial exploitation.
For the |
14 |
| purposes of this
item (14), the term: (i) "elderly person" |
15 |
| means a person who is 60 or more
years of age, (ii) |
16 |
| "disabled
person" means a person who has or reasonably |
17 |
| appears to the association to have
a physical or mental
|
18 |
| disability that impairs his or her ability to seek or |
19 |
| obtain protection from or
prevent financial
exploitation, |
20 |
| and (iii) "financial exploitation" means tortious or |
21 |
| illegal use
of the assets or resources of
an elderly or |
22 |
| disabled person, and includes, without limitation,
|
23 |
| misappropriation of the elderly or
disabled person's |
24 |
| assets or resources by undue influence, breach of fiduciary
|
25 |
| relationship, intimidation,
fraud, deception, extortion, |
26 |
| or the use of assets or resources in any manner
contrary to |
27 |
| law. An
association or person furnishing information |
28 |
| pursuant to this item (14) shall
be entitled to the same
|
29 |
| rights and protections as a person furnishing information |
30 |
| under the Elder Abuse
and Neglect Act, the
Illinois |
31 |
| Domestic Violence Act of 1986, and the Abuse of Adults with |
32 |
| Disabilities Intervention Act.
|
33 |
| (15) The disclosure of financial records or |
34 |
| information as necessary to
effect, administer, or enforce |
35 |
| a transaction requested or authorized by the
member or |
36 |
| holder of capital, or in connection with:
|
|
|
|
SB2763 Engrossed |
- 11 - |
LRB094 18898 MKM 54586 b |
|
|
1 |
| (A) servicing or processing a financial product or |
2 |
| service requested or
authorized by the member or holder |
3 |
| of capital;
|
4 |
| (B) maintaining or servicing an account of a member |
5 |
| or holder of capital
with the association; or
|
6 |
| (C) a proposed or actual securitization or |
7 |
| secondary market sale
(including
sales of servicing |
8 |
| rights) related to a transaction of
a member or holder |
9 |
| of capital.
|
10 |
| Nothing in this item (15), however, authorizes the sale |
11 |
| of the financial
records or information of a member or |
12 |
| holder of capital without the consent of
the member or |
13 |
| holder of capital.
|
14 |
| (16) The disclosure of financial records or |
15 |
| information as necessary to
protect against or prevent |
16 |
| actual or potential fraud, unauthorized
transactions, |
17 |
| claims, or other liability.
|
18 |
| (17) (a) The disclosure of financial records or |
19 |
| information
related to a private label credit program |
20 |
| between a financial
institution and a private label party |
21 |
| in connection
with that private label credit program. Such |
22 |
| information
is limited to outstanding balance, available |
23 |
| credit, payment and
performance and account history, |
24 |
| product references, purchase
information,
and information |
25 |
| related to the identity of the
customer.
|
26 |
| (b) (l) For purposes of this paragraph (17) of |
27 |
| subsection
(c) of Section 3-8, a "private label credit |
28 |
| program" means a
credit program involving a financial |
29 |
| institution and a private label
party that is used by a |
30 |
| customer of the financial institution and the
private label |
31 |
| party primarily for payment for goods or services
sold, |
32 |
| manufactured, or distributed by a private label party.
|
33 |
| (2) For purposes of this paragraph (17) of subsection |
34 |
| (c)
of Section 3-8, a "private label party" means, with |
35 |
| respect to a
private label credit program, any of the |
36 |
| following: a
retailer, a merchant, a manufacturer, a trade |
|
|
|
SB2763 Engrossed |
- 12 - |
LRB094 18898 MKM 54586 b |
|
|
1 |
| group,
or any such person's affiliate, subsidiary, member,
|
2 |
| agent, or service provider.
|
3 |
| (d) An association may not disclose to any person, except |
4 |
| to the
member or holder of capital or his duly authorized |
5 |
| agent, any financial
records relating to that member or holder |
6 |
| of capital of that association
unless:
|
7 |
| (1) The member or holder of capital has authorized |
8 |
| disclosure to the
person; or
|
9 |
| (2) The financial records are disclosed in response to |
10 |
| a lawful
subpoena, summons, warrant, or court order that |
11 |
| meets the
requirements of subsection (e) of this Section.
|
12 |
| (e) An association shall disclose financial records under |
13 |
| subsection
(d) of this Section pursuant to a lawful subpoena, |
14 |
| summons,
warrant, or court order only after the association |
15 |
| mails a copy of the
subpoena, summons, warrant, or court order |
16 |
| to the person establishing
the relationship with the |
17 |
| association, if living, and, otherwise, his
personal |
18 |
| representative, if known, at his last known address by first |
19 |
| class
mail, postage prepaid, unless the association is |
20 |
| specifically prohibited
from notifying that person by order of |
21 |
| court.
|
22 |
| (f) (1) Any officer or employee of an association who |
23 |
| knowingly and
willfully furnishes financial records in |
24 |
| violation of this Section is
guilty of a business offense and, |
25 |
| upon conviction, shall be fined not
more than $1,000.
|
26 |
| (2) Any person who knowingly and willfully induces or |
27 |
| attempts to
induce any officer or employee of an association to |
28 |
| disclose financial
records in violation of this Section is |
29 |
| guilty of a business offense
and, upon conviction, shall be |
30 |
| fined not more than $1,000.
|
31 |
| (g) However, if any member desires to communicate with the |
32 |
| other
members of the association with reference to any question |
33 |
| pending or to
be presented at a meeting of the members, the |
34 |
| association shall give him
upon request a statement of the |
35 |
| approximate number of members entitled
to vote at the meeting |
36 |
| and an estimate of the cost of
preparing and mailing the |
|
|
|
SB2763 Engrossed |
- 13 - |
LRB094 18898 MKM 54586 b |
|
|
1 |
| communication. The requesting
member then shall submit the |
2 |
| communication to the Commissioner who, if he
finds it to be |
3 |
| appropriate and truthful, shall direct that it be prepared
and |
4 |
| mailed to the members upon the requesting member's payment or
|
5 |
| adequate provision for payment of the expenses of preparation |
6 |
| and mailing.
|
7 |
| (h) An association shall be reimbursed for costs that are |
8 |
| necessary and
that have been directly incurred in searching |
9 |
| for, reproducing, or
transporting books, papers, records, or |
10 |
| other data of a customer required
to be reproduced pursuant to |
11 |
| a lawful subpoena, warrant, or court order.
|
12 |
| (Source: P.A. 93-271, eff. 7-22-03; 94-495, eff. 8-8-05.)
|
13 |
| Section 20. The Savings Bank Act is amended by changing |
14 |
| Section 4013 as follows:
|
15 |
| (205 ILCS 205/4013) (from Ch. 17, par. 7304-13)
|
16 |
| Sec. 4013. Access to books and records; communication with |
17 |
| members
and shareholders. |
18 |
| (a) Every member or shareholder shall have the right to |
19 |
| inspect books
and records of the savings bank that pertain to |
20 |
| his accounts. Otherwise,
the right of inspection and |
21 |
| examination of the books and records shall be
limited as |
22 |
| provided in this Act, and no other person shall have access to
|
23 |
| the books and records nor shall be entitled to a list of the |
24 |
| members or
shareholders.
|
25 |
| (b) For the purpose of this Section, the term "financial |
26 |
| records" means
any original, any copy, or any summary of (1) a |
27 |
| document granting signature
authority over a deposit or |
28 |
| account; (2) a statement, ledger card, or other
record on any |
29 |
| deposit or account that shows each transaction in or with
|
30 |
| respect to that account; (3) a check, draft, or money order |
31 |
| drawn on a
savings bank or issued and payable by a savings |
32 |
| bank; or (4) any other item
containing information pertaining |
33 |
| to any relationship established in the
ordinary course of a |
34 |
| savings bank's business between a savings bank and
its |
|
|
|
SB2763 Engrossed |
- 14 - |
LRB094 18898 MKM 54586 b |
|
|
1 |
| customer, including financial statements or other financial |
2 |
| information
provided by the member or shareholder.
|
3 |
| (c) This Section does not prohibit:
|
4 |
| (1) The preparation examination, handling, or |
5 |
| maintenance of any
financial records by any officer, |
6 |
| employee, or agent of a savings bank
having custody of |
7 |
| records or examination of records by a certified public
|
8 |
| accountant engaged by the savings bank to perform an |
9 |
| independent audit.
|
10 |
| (2) The examination of any financial records by, or the |
11 |
| furnishing of
financial records by a savings bank to, any |
12 |
| officer, employee, or agent of
the Commissioner of Banks |
13 |
| and Real Estate or the federal depository
institution |
14 |
| regulator for use
solely in
the exercise of his duties as |
15 |
| an officer, employee, or agent.
|
16 |
| (3) The publication of data furnished from financial |
17 |
| records relating
to members or holders of capital where the |
18 |
| data cannot be identified to any
particular member, |
19 |
| shareholder, or account.
|
20 |
| (4) The making of reports or returns required under |
21 |
| Chapter 61 of the
Internal Revenue Code of 1986.
|
22 |
| (5) Furnishing information concerning the dishonor of |
23 |
| any negotiable
instrument permitted to be disclosed under |
24 |
| the Uniform Commercial Code.
|
25 |
| (6) The exchange in the regular course of business of |
26 |
| (i) credit
information between a savings bank and other |
27 |
| savings banks or financial
institutions or commercial |
28 |
| enterprises, directly or through a consumer
reporting |
29 |
| agency
or (ii) financial records or information derived |
30 |
| from financial records
between a savings bank and other |
31 |
| savings banks or financial institutions or
commercial |
32 |
| enterprises for the purpose of conducting due diligence |
33 |
| pursuant to
a purchase or sale involving the savings bank |
34 |
| or assets or liabilities of the
savings bank.
|
35 |
| (7) The furnishing of information to the appropriate |
36 |
| law enforcement
authorities where the savings bank |
|
|
|
SB2763 Engrossed |
- 15 - |
LRB094 18898 MKM 54586 b |
|
|
1 |
| reasonably believes it has been the
victim of a crime.
|
2 |
| (8) The furnishing of information pursuant to the |
3 |
| Uniform Disposition
of Unclaimed Property Act.
|
4 |
| (9) The furnishing of information pursuant to the |
5 |
| Illinois Income Tax
Act
and the Illinois Estate and |
6 |
| Generation-Skipping Transfer Tax Act.
|
7 |
| (10) The furnishing of information pursuant to the |
8 |
| federal "Currency
and Foreign Transactions Reporting Act", |
9 |
| (Title 31, United States Code,
Section 1051 et seq.).
|
10 |
| (11) The furnishing of information pursuant to any |
11 |
| other statute which
by its terms or by regulations |
12 |
| promulgated thereunder requires the
disclosure of |
13 |
| financial records other than by subpoena, summons, |
14 |
| warrant, or
court order.
|
15 |
| (12) The furnishing of information in accordance with |
16 |
| the federal
Personal Responsibility and Work Opportunity |
17 |
| Reconciliation Act of 1996.
Any savings bank governed by |
18 |
| this Act shall enter into an agreement for data
exchanges |
19 |
| with a State agency provided the State agency
pays to the |
20 |
| savings bank a reasonable fee not to exceed its
actual cost |
21 |
| incurred. A savings bank
providing
information in |
22 |
| accordance with this item shall not be liable to any |
23 |
| account
holder or other person for any disclosure of |
24 |
| information to a State agency, for
encumbering or |
25 |
| surrendering any assets held by the savings bank in |
26 |
| response to
a lien
or order to withhold and deliver issued |
27 |
| by a State agency, or for any other
action taken pursuant |
28 |
| to this item, including individual or mechanical errors,
|
29 |
| provided the action does not constitute gross negligence or |
30 |
| willful misconduct.
A savings bank shall have no obligation |
31 |
| to hold, encumber, or surrender
assets until
it has been |
32 |
| served with a subpoena, summons, warrant, court or |
33 |
| administrative
order,
lien, or levy.
|
34 |
| (13) The furnishing of information to law enforcement |
35 |
| authorities, the
Illinois Department on
Aging and its |
36 |
| regional administrative and provider agencies, the |
|
|
|
SB2763 Engrossed |
- 16 - |
LRB094 18898 MKM 54586 b |
|
|
1 |
| Department of
Human Services Office
of Inspector General, |
2 |
| or public guardians : (i) upon subpoena , if there is |
3 |
| suspicion by the investigatory entity or , the guardian, or |
4 |
| (ii) if there is suspicion by the savings bank that a
|
5 |
| customer who is an elderly
or disabled person has been or |
6 |
| may become the victim of financial exploitation.
For the |
7 |
| purposes of this
item (13), the term: (i) "elderly person" |
8 |
| means a person who is 60 or more
years of age, (ii) |
9 |
| "disabled
person" means a person who has or reasonably |
10 |
| appears to the savings bank to
have a physical or mental
|
11 |
| disability that impairs his or her ability to seek or |
12 |
| obtain protection from or
prevent financial
exploitation, |
13 |
| and (iii) "financial exploitation" means tortious or |
14 |
| illegal use
of the assets or resources of
an elderly or |
15 |
| disabled person, and includes, without limitation,
|
16 |
| misappropriation of the elderly or
disabled person's |
17 |
| assets or resources by undue influence, breach of fiduciary
|
18 |
| relationship, intimidation,
fraud, deception, extortion, |
19 |
| or the use of assets or resources in any manner
contrary to |
20 |
| law. A savings
bank or person furnishing information |
21 |
| pursuant to this item (13) shall be
entitled to the same |
22 |
| rights and
protections as a person furnishing information |
23 |
| under the Elder Abuse and
Neglect Act, the Illinois
|
24 |
| Domestic Violence Act of 1986, and the Abuse of Adults with |
25 |
| Disabilities Intervention Act.
|
26 |
| (14) The disclosure of financial records or |
27 |
| information as necessary to
effect, administer, or enforce |
28 |
| a transaction requested or authorized by the
member or |
29 |
| holder of capital, or in connection with:
|
30 |
| (A) servicing or processing a financial product or |
31 |
| service requested or
authorized by the member or holder |
32 |
| of capital;
|
33 |
| (B) maintaining or servicing an account of a member |
34 |
| or holder of capital
with the savings bank; or
|
35 |
| (C) a proposed or actual securitization or |
36 |
| secondary market sale
(including sales of servicing |
|
|
|
SB2763 Engrossed |
- 17 - |
LRB094 18898 MKM 54586 b |
|
|
1 |
| rights) related to a
transaction of a member or holder |
2 |
| of capital.
|
3 |
| Nothing in this item (14), however, authorizes the sale |
4 |
| of the financial
records or information of a member or |
5 |
| holder of capital without the consent of
the member or |
6 |
| holder of capital.
|
7 |
| (15) The exchange in the regular course of business of |
8 |
| information between
a
savings bank and any commonly owned |
9 |
| affiliate of the savings bank, subject to
the provisions of |
10 |
| the Financial Institutions Insurance Sales Law.
|
11 |
| (16) The disclosure of financial records or |
12 |
| information as necessary to
protect against or prevent |
13 |
| actual or potential fraud, unauthorized
transactions, |
14 |
| claims, or other liability.
|
15 |
| (17) (a) The disclosure of financial records or |
16 |
| information
related to a private label credit program |
17 |
| between a financial
institution and a private label party |
18 |
| in connection
with that private label credit program. Such |
19 |
| information
is limited to outstanding balance, available |
20 |
| credit, payment and
performance and account history, |
21 |
| product references, purchase
information,
and information |
22 |
| related to the identity of the
customer.
|
23 |
| (b) (l) For purposes of this paragraph (17) of |
24 |
| subsection
(c) of Section 4013, a "private label credit |
25 |
| program" means a
credit program involving a financial |
26 |
| institution and a private label
party that is used by a |
27 |
| customer of the financial institution and the
private label |
28 |
| party primarily for payment for goods or services
sold, |
29 |
| manufactured, or distributed by a private label party.
|
30 |
| (2) For purposes of this paragraph (17) of subsection |
31 |
| (c)
of Section 4013, a "private label party" means, with |
32 |
| respect to a
private label credit program, any of the |
33 |
| following: a
retailer, a merchant, a manufacturer, a trade |
34 |
| group,
or any such person's affiliate, subsidiary, member,
|
35 |
| agent, or service provider.
|
36 |
| (d) A savings bank may not disclose to any person, except |
|
|
|
SB2763 Engrossed |
- 18 - |
LRB094 18898 MKM 54586 b |
|
|
1 |
| to the member
or holder of capital or his duly authorized |
2 |
| agent, any financial records
relating to that member or |
3 |
| shareholder of the savings bank unless:
|
4 |
| (1) the member or shareholder has authorized |
5 |
| disclosure to the person; or
|
6 |
| (2) the financial records are disclosed in response to |
7 |
| a lawful
subpoena, summons, warrant, or court order that |
8 |
| meets the requirements of
subsection (e) of this Section.
|
9 |
| (e) A savings bank shall disclose financial records under |
10 |
| subsection (d)
of this Section pursuant to a lawful subpoena, |
11 |
| summons, warrant, or court
order only after the savings bank |
12 |
| mails a copy of the subpoena, summons,
warrant, or court order |
13 |
| to the person establishing the relationship with
the savings |
14 |
| bank, if living, and otherwise, his personal representative, if
|
15 |
| known, at his last known address by first class mail, postage |
16 |
| prepaid,
unless the savings bank is specifically prohibited |
17 |
| from notifying the
person by order of court.
|
18 |
| (f) Any officer or employee of a savings bank who knowingly |
19 |
| and
willfully furnishes financial records in violation of this |
20 |
| Section is
guilty of a business offense and, upon conviction, |
21 |
| shall be fined not
more than $1,000.
|
22 |
| (g) Any person who knowingly and willfully induces or |
23 |
| attempts to
induce any officer or employee of a savings bank to |
24 |
| disclose financial
records in violation of this Section is |
25 |
| guilty of a business offense and,
upon conviction, shall be |
26 |
| fined not more than $1,000.
|
27 |
| (h) If any member or shareholder desires to communicate |
28 |
| with the other
members or shareholders of the savings bank with |
29 |
| reference to any question
pending or to be presented at an |
30 |
| annual or special meeting, the savings
bank shall give that |
31 |
| person, upon request, a statement of the approximate
number of |
32 |
| members or shareholders entitled to vote at the meeting and an
|
33 |
| estimate of the cost of preparing and mailing the |
34 |
| communication. The
requesting member shall submit the |
35 |
| communication to the Commissioner
who, upon finding it to be |
36 |
| appropriate and truthful, shall direct that it
be prepared and |
|
|
|
SB2763 Engrossed |
- 19 - |
LRB094 18898 MKM 54586 b |
|
|
1 |
| mailed to the members upon the requesting member's or
|
2 |
| shareholder's payment or adequate provision for payment of the |
3 |
| expenses of
preparation and mailing.
|
4 |
| (i) A savings bank shall be reimbursed for costs that are |
5 |
| necessary and
that have been directly incurred in searching |
6 |
| for, reproducing, or
transporting books, papers, records, or |
7 |
| other data of a customer required
to be reproduced pursuant to |
8 |
| a lawful subpoena, warrant, or court order.
|
9 |
| (j) Notwithstanding the provisions of this Section, a |
10 |
| savings bank may
sell or otherwise make use of lists of |
11 |
| customers' names and addresses. All
other information |
12 |
| regarding a customer's account are subject to the
disclosure |
13 |
| provisions of this Section. At the request of any customer,
|
14 |
| that customer's name and address shall be deleted from any list |
15 |
| that is to
be sold or used in any other manner beyond |
16 |
| identification of the customer's
accounts.
|
17 |
| (Source: P.A. 93-271, eff. 7-22-03; 94-495, eff. 8-8-05.)
|
18 |
| Section 25. The Illinois Credit Union Act is amended by |
19 |
| changing Section 10 as follows:
|
20 |
| (205 ILCS 305/10) (from Ch. 17, par. 4411)
|
21 |
| Sec. 10. Credit union records; member financial records.
|
22 |
| (1) A credit union shall establish and maintain books, |
23 |
| records, accounting
systems and procedures which accurately |
24 |
| reflect its operations and which
enable the Department to |
25 |
| readily ascertain the true financial condition
of the credit |
26 |
| union and whether it is complying with this Act.
|
27 |
| (2) A photostatic or photographic reproduction of any |
28 |
| credit union records
shall be admissible as evidence of |
29 |
| transactions with the credit union.
|
30 |
| (3)(a) For the purpose of this Section, the term "financial |
31 |
| records"
means any original, any copy, or any summary of (1) a |
32 |
| document granting
signature authority over an account, (2) a |
33 |
| statement, ledger card or other
record on any account which |
34 |
| shows each transaction in or with respect to
that account, (3) |
|
|
|
SB2763 Engrossed |
- 20 - |
LRB094 18898 MKM 54586 b |
|
|
1 |
| a check, draft or money order drawn on a financial
institution |
2 |
| or other entity or issued and payable by or through a financial
|
3 |
| institution or other entity, or (4) any other item containing |
4 |
| information
pertaining to any relationship established in the |
5 |
| ordinary course of
business between a credit union and its |
6 |
| member, including financial
statements or other financial |
7 |
| information provided by the member.
|
8 |
| (b) This Section does not prohibit:
|
9 |
| (1) The preparation, examination, handling or |
10 |
| maintenance of any
financial records by any officer, |
11 |
| employee or agent of a credit union
having custody of such |
12 |
| records, or the examination of such records by a
certified |
13 |
| public accountant engaged by the credit union to perform an
|
14 |
| independent audit.
|
15 |
| (2) The examination of any financial records by or the |
16 |
| furnishing of
financial records by a credit union to any |
17 |
| officer, employee or agent of
the Department, the National |
18 |
| Credit Union Administration, Federal Reserve
board or any |
19 |
| insurer of share accounts for use solely in the exercise of
|
20 |
| his duties as an officer, employee or agent.
|
21 |
| (3) The publication of data furnished from financial |
22 |
| records relating
to members where the data cannot be |
23 |
| identified to any particular customer
of account.
|
24 |
| (4) The making of reports or returns required under |
25 |
| Chapter 61 of the
Internal Revenue Code of 1954.
|
26 |
| (5) Furnishing information concerning the dishonor of |
27 |
| any negotiable
instrument permitted to be disclosed under |
28 |
| the Uniform Commercial
Code.
|
29 |
| (6) The exchange in the regular course of business
of |
30 |
| (i) credit information
between a credit union and other |
31 |
| credit unions or financial institutions
or commercial |
32 |
| enterprises, directly or through a consumer reporting |
33 |
| agency
or (ii) financial records or information derived |
34 |
| from financial records
between a credit union and other |
35 |
| credit unions or financial institutions or
commercial |
36 |
| enterprises for
the purpose of conducting due diligence |
|
|
|
SB2763 Engrossed |
- 21 - |
LRB094 18898 MKM 54586 b |
|
|
1 |
| pursuant to a merger or a purchase or
sale of assets or |
2 |
| liabilities of the credit union.
|
3 |
| (7) The furnishing of information to the appropriate |
4 |
| law enforcement
authorities where the credit union |
5 |
| reasonably believes it has been the victim
of a crime.
|
6 |
| (8) The furnishing of information pursuant to the |
7 |
| Uniform Disposition
of Unclaimed Property Act.
|
8 |
| (9) The furnishing of information pursuant to the |
9 |
| Illinois Income Tax
Act and the Illinois Estate and |
10 |
| Generation-Skipping Transfer Tax Act.
|
11 |
| (10) The furnishing of information pursuant to the |
12 |
| federal "Currency
and Foreign Transactions Reporting Act", |
13 |
| Title 31, United States Code,
Section 1051 et sequentia.
|
14 |
| (11) The furnishing of information pursuant to any |
15 |
| other statute which
by its terms or by regulations |
16 |
| promulgated thereunder requires the disclosure
of |
17 |
| financial records other than by subpoena, summons, warrant |
18 |
| or court order.
|
19 |
| (12) The furnishing of information in accordance with |
20 |
| the federal
Personal Responsibility and Work Opportunity |
21 |
| Reconciliation Act of 1996.
Any credit union governed by |
22 |
| this Act shall enter into an agreement for data
exchanges |
23 |
| with a State agency provided the State agency
pays to the |
24 |
| credit union a reasonable fee not to exceed its
actual cost |
25 |
| incurred. A credit union
providing
information in |
26 |
| accordance with this item shall not be liable to any |
27 |
| account
holder or other person for any disclosure of |
28 |
| information to a State agency, for
encumbering or |
29 |
| surrendering any assets held by the credit union in |
30 |
| response to
a lien
or order to withhold and deliver issued |
31 |
| by a State agency, or for any other
action taken pursuant |
32 |
| to this item, including individual or mechanical errors,
|
33 |
| provided the action does not constitute gross negligence or |
34 |
| willful misconduct.
A credit union shall have no obligation |
35 |
| to hold, encumber, or surrender
assets until
it has been |
36 |
| served with a subpoena, summons, warrant, court or |
|
|
|
SB2763 Engrossed |
- 22 - |
LRB094 18898 MKM 54586 b |
|
|
1 |
| administrative
order, lien, or levy.
|
2 |
| (13) The furnishing of information to law enforcement |
3 |
| authorities, the
Illinois Department on
Aging and its |
4 |
| regional administrative and provider agencies, the |
5 |
| Department of
Human Services Office
of Inspector General, |
6 |
| or public guardians : (i) upon subpoena , if there is |
7 |
| suspicion by the investigatory entity or , the guardian, or |
8 |
| (ii) if there is suspicion by the credit union that a
|
9 |
| member who is an elderly or
disabled person has been or may |
10 |
| become the victim of financial exploitation.
For the |
11 |
| purposes of this
item (13), the term: (i) "elderly person" |
12 |
| means a person who is 60 or more
years of age, (ii) |
13 |
| "disabled
person" means a person who has or reasonably |
14 |
| appears to the credit union to
have a physical or mental
|
15 |
| disability that impairs his or her ability to seek or |
16 |
| obtain protection from or
prevent financial
exploitation, |
17 |
| and (iii) "financial exploitation" means tortious or |
18 |
| illegal use
of the assets or resources of
an elderly or |
19 |
| disabled person, and includes, without limitation,
|
20 |
| misappropriation of the elderly or
disabled person's |
21 |
| assets or resources by undue influence, breach of fiduciary
|
22 |
| relationship, intimidation,
fraud, deception, extortion, |
23 |
| or the use of assets or resources in any manner
contrary to |
24 |
| law. A credit
union or person furnishing information |
25 |
| pursuant to this item (13) shall be
entitled to the same |
26 |
| rights and
protections as a person furnishing information |
27 |
| under the Elder Abuse and
Neglect Act, the Illinois
|
28 |
| Domestic Violence Act of 1986, and the Abuse of Adults with |
29 |
| Disabilities Intervention Act.
|
30 |
| (14) The disclosure of financial records or |
31 |
| information as necessary
to
effect, administer, or enforce |
32 |
| a transaction requested or authorized by the
member, or in |
33 |
| connection with:
|
34 |
| (A) servicing or processing a financial product or |
35 |
| service requested
or
authorized by the member;
|
36 |
| (B) maintaining or servicing a member's account |
|
|
|
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LRB094 18898 MKM 54586 b |
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1 |
| with the credit union;
or
|
2 |
| (C) a proposed or actual securitization or |
3 |
| secondary market sale
(including sales of servicing |
4 |
| rights) related to a
transaction of a member.
|
5 |
| Nothing in this item (14), however, authorizes the sale |
6 |
| of the financial
records or information of a member without |
7 |
| the consent of the member.
|
8 |
| (15) The disclosure of financial records or |
9 |
| information as necessary to
protect against or prevent |
10 |
| actual or potential fraud, unauthorized
transactions, |
11 |
| claims, or other liability.
|
12 |
| (16)(a) The disclosure of financial records or |
13 |
| information
related to a private label credit program |
14 |
| between a financial
institution and a private label party |
15 |
| in connection
with that private label credit program. Such |
16 |
| information
is limited to outstanding balance, available |
17 |
| credit, payment and
performance and account history, |
18 |
| product references, purchase
information,
and information |
19 |
| related to the identity of the
customer.
|
20 |
| (b)(l) For purposes of this paragraph (16) of |
21 |
| subsection
(b) of Section 10, a "private label credit |
22 |
| program" means a credit
program involving a financial |
23 |
| institution and a private label party
that is used by a |
24 |
| customer of the financial institution and the
private label |
25 |
| party primarily for payment for goods or services
sold, |
26 |
| manufactured, or distributed by a private label party.
|
27 |
| (2) For purposes of this paragraph (16) of subsection |
28 |
| (b)
of Section 10, a "private label party" means, with |
29 |
| respect to a
private label credit program, any of the |
30 |
| following: a
retailer, a merchant, a manufacturer, a trade |
31 |
| group,
or any such person's affiliate, subsidiary, member,
|
32 |
| agent, or service provider.
|
33 |
| (c) Except as otherwise provided by this Act, a credit |
34 |
| union may not
disclose to any person, except to the member
or |
35 |
| his duly authorized agent, any financial records relating to |
36 |
| that member
of the credit union unless:
|
|
|
|
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LRB094 18898 MKM 54586 b |
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|
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| (1) the member has authorized disclosure to the person;
|
2 |
| (2) the financial records are disclosed in response to |
3 |
| a lawful
subpoena,
summons, warrant or court order that |
4 |
| meets the requirements of subparagraph
(d) of this Section; |
5 |
| or
|
6 |
| (3) the credit union is attempting to collect an |
7 |
| obligation owed to
the credit union and the credit union |
8 |
| complies with the provisions of
Section 2I of the Consumer |
9 |
| Fraud and Deceptive Business Practices Act.
|
10 |
| (d) A credit union shall disclose financial records under |
11 |
| subparagraph
(c)(2) of this Section pursuant to a lawful |
12 |
| subpoena, summons, warrant or
court order only after the credit |
13 |
| union mails a copy of the subpoena, summons,
warrant or court |
14 |
| order to the person establishing the relationship with
the |
15 |
| credit union, if living, and otherwise his personal |
16 |
| representative,
if known, at his last known address by first |
17 |
| class mail, postage prepaid
unless the credit union is |
18 |
| specifically prohibited from notifying the person
by order of |
19 |
| court or by applicable State or federal law. In the case
of a |
20 |
| grand jury subpoena, a credit union shall not mail a copy of a |
21 |
| subpoena
to any person pursuant to this subsection if the |
22 |
| subpoena was issued by a grand
jury under the Statewide Grand |
23 |
| Jury Act or notifying the
person would constitute a violation |
24 |
| of the federal Right to Financial
Privacy Act of 1978.
|
25 |
| (e)(1) Any officer or employee of a credit union who |
26 |
| knowingly and
wilfully furnishes financial records in |
27 |
| violation of this Section is guilty of
a business offense and |
28 |
| upon conviction thereof shall be fined not more than
$1,000.
|
29 |
| (2) Any person who knowingly and wilfully induces or |
30 |
| attempts to induce
any officer or employee of a credit union to |
31 |
| disclose financial records
in violation of this Section is |
32 |
| guilty of a business offense and upon
conviction thereof shall |
33 |
| be fined not more than $1,000.
|
34 |
| (f) A credit union shall be reimbursed for costs which are |
35 |
| reasonably
necessary and which have been directly incurred in |
36 |
| searching for,
reproducing or transporting books, papers, |
|
|
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|
1 |
| records or other data of a
member required or requested to be |
2 |
| produced pursuant to a lawful subpoena,
summons, warrant or |
3 |
| court order. The Director may determine, by rule, the
rates and
|
4 |
| conditions under which payment shall be made. Delivery of |
5 |
| requested documents
may be delayed until final reimbursement of |
6 |
| all costs is received.
|
7 |
| (Source: P.A. 94-495, eff. 8-8-05.)
|
8 |
| Section 99. Effective date. This Act takes effect upon |
9 |
| becoming law.
|