(50 ILCS 355/5-20)
    Sec. 5-20. Retention, collection, disclosure, and destruction of financial information.
    (a) A third party in possession of a taxpayer's financial information must permanently destroy that financial information pursuant to this Act. The financial information shall be destroyed upon the soonest of the following to occur:
        (1) if the taxpayer is not referred to the
    
Department, within 30 days after receipt of the taxpayer's financial information from either the municipality or county, unless the third party is monitoring disbursements from the Department on an ongoing basis for a municipality or county, in which case the financial information shall be destroyed no later than 3 years after receipt; or
        (2) within 30 days after the Department receives a
    
taxpayer audit referral from a third party referring the taxpayer to the Department for additional review.
    (b) No third party in possession of financial information may sell, lease, trade, market, or otherwise utilize or profit from a taxpayer's financial information. The municipality or county may, however, negotiate a fee with the third party. The fee may be in the form of a contingency fee for a percentage of the amount of additional distributions the municipality or county receives for no more than 3 years following the first disbursement to the municipality or county as a result of the services of the third party under this Act.
    (c) No third party may permanently or temporarily collect, capture, purchase, use, receive through trade, or otherwise retain a taxpayer's financial information beyond the scope of subsection (a) of this Section.
    (d) No third party in possession of confidential information may disclose, redisclose, share, or otherwise disseminate a taxpayer's financial information.
    (e) A third party must dispose of the materials containing financial information in a manner that renders the financial information unreadable, unusable, and undecipherable. Proper disposal methods include, but are not limited to, the following:
        (1) in the case of paper documents, burning,
    
pulverizing, or shredding so that the information cannot practicably be read or reconstructed; and
        (2) in the case of electronic media and other
    
non-paper media containing information, destroying or erasing so that information cannot practicably be read, reconstructed, or otherwise utilized by the third party or others.
(Source: P.A. 101-628, eff. 6-1-20; 102-40, eff. 6-25-21; 102-687, eff. 12-17-21.)