99TH GENERAL ASSEMBLY
State of Illinois
2015 and 2016
SB2945

 

Introduced 2/18/2016, by Sen. Terry Link

 

SYNOPSIS AS INTRODUCED:
 
205 ILCS 715/5

    Amends the Data Processing Services for Financial Institutions Act. Changes the definition of "depository institution" to mean any bank subject to the Illinois Banking Act, any savings and loan association subject to the Illinois Savings and Loan Act of 1985, any savings bank subject to the Savings Bank Act, any credit union subject to the Illinois Credit Union Act, or any federally chartered commercial bank, savings and loan association, savings bank, or credit union organized and operated in this State pursuant to the laws of the United States. Effective immediately.


LRB099 19761 SMS 44159 b

 

 

A BILL FOR

 

SB2945LRB099 19761 SMS 44159 b

1    AN ACT concerning regulation.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The Data Processing Services for Financial
5Institutions Act is amended by changing Section 5 as follows:
 
6    (205 ILCS 715/5)
7    Sec. 5. Definitions. As used in this Act, the following
8terms shall have the following meanings:
9    "Corporate fiduciary" has the meaning ascribed to that term
10in the Corporate Fiduciary Act.
11    "Depository institution" means any bank subject to the
12Illinois Banking Act, any savings and loan association subject
13to the Illinois Savings and Loan Act of 1985, any savings bank
14subject to the Savings Bank Act, any credit union subject to
15the Illinois Credit Union Act, or any federally chartered
16commercial bank, savings and loan association, savings bank, or
17credit union organized and operated in this State pursuant to
18the laws of the United States a bank, savings and loan
19association, savings bank, or credit union chartered under the
20laws of Illinois or of the United States.
21    "Financial institution" means any depository institution
22or corporate fiduciary that has its main office in Illinois and
23includes foreign banking corporations that receive

 

 

SB2945- 2 -LRB099 19761 SMS 44159 b

1certificates of authority from the Office of Banks and Real
2Estate under the Foreign Banking Office Act.
3    "Independent data processing servicer" means an entity
4that provides electronic data processing services to a
5financial institution, but does not include an entity to the
6extent the entity processes interchange transactions, as
7defined in the Electronic Fund Transfer Act.
8    "Interface agreement" means a written agreement specifying
9the terms and conditions under which an interface of
10communications, data, or systems between independent data
11processing servicers shall be accomplished.
12    "Main office" means the location designated as the main
13office or principal place of business in the charter, articles
14of incorporation, or certificate of authority of the depository
15institution or corporate fiduciary.
16(Source: P.A. 91-742, eff. 6-2-00.)
 
17    Section 99. Effective date. This Act takes effect upon
18becoming law.