State of Illinois
91st General Assembly
Legislation

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[ Engrossed ][ House Amendment 001 ]

91_HB1744

 
                                               LRB9103506JSpc

 1        AN ACT to amend the Corporate  Fiduciary  Act  by  adding
 2    Section 3-4.

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

 5        Section 5.  The Corporate Fiduciary  Act  is  amended  by
 6    adding Section 3-4 as follows:

 7        (205 ILCS 620/3-4 new)
 8        Sec. 3-4.  Computer systems.  A corporate fiduciary shall
 9    be  deemed  to  have acted prudently in the administration of
10    its fiduciary accounts with respect to the ability of (a) the
11    computer and other electronic hardware and systems it uses to
12    administer fiduciary accounts, (including,  but  not  limited
13    to,  hardware and systems used or interfaced with in order to
14    account, report,  monitor,  measure,  transfer,  receive,  or
15    distribute  assets) and (b) the computer and other electronic
16    hardware and systems of  companies,  governments,  and  other
17    entities  or  assets  in  which the fiduciary is invested, to
18    accurately  process   date   data,   including   calculating,
19    comparing,   and  sequencing  from,  into,  and  between  all
20    calendar years, including  leap  year  calculations,  if  the
21    corporate    fiduciary's    actions    or   non-actions   are
22    substantially  consistent  with  those  of  other   corporate
23    fiduciaries  administering like fiduciary accounts of similar
24    size in the city, town, village, or other geographic area  in
25    which  the  corporate  fiduciary  is  located.   A  corporate
26    fiduciary   shall  be  deemed  to  have  acted  substantially
27    consistent with other  such  corporate  fiduciaries  in  this
28    regard unless shown to the contrary.

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

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