SB2945 99TH GENERAL ASSEMBLY

LRB099 19761 SMS 44159 b

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.

A BILL FOR

AN ACT concerning regulation.

Be it enacted by the People of the State of Illinois, represented in the General Assembly:

Section 5. The Data Processing Services for Financial Institutions Act is amended by changing Section 5 as follows:

(205 ILCS 715/5)

Sec. 5. Definitions. As used in this Act, the following terms shall have the following meanings:

"Corporate fiduciary" has the meaning ascribed to that term in the Corporate Fiduciary Act.

"Depository institution" means 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 a bank, savings and loan association, savings bank, or credit union chartered under the laws of Illinois or of the United States.

"Financial institution" means any depository institution or corporate fiduciary that has its main office in Illinois and includes foreign banking corporations that receive certificates of authority from the Office of Banks and Real Estate under the Foreign Banking Office Act.

"Independent data processing servicer" means an entity that provides electronic data processing services to a financial institution, but does not include an entity to the extent the entity processes interchange transactions, as defined in the Electronic Fund Transfer Act.

"Interface agreement" means a written agreement specifying the terms and conditions under which an interface of communications, data, or systems between independent data processing servicers shall be accomplished.

"Main office" means the location designated as the main office or principal place of business in the charter, articles of incorporation, or certificate of authority of the depository institution or corporate fiduciary.

(Source: P.A. 91-742, eff. 6-2-00.)

Section 99. Effective date. This Act takes effect upon becoming law.