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| Public Act 102-0873 | ||||
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AN ACT concerning regulation.
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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 Illinois Banking Act is amended by changing | ||||
Sections 48.1 and 48.6 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 | ||||
records" means any
original, any copy, or any summary of:
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(1) a document granting signature
authority over a | ||||
deposit or account;
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(2) a statement, ledger card or other
record on any | ||||
deposit or account, which shows each transaction in or | ||||
with
respect to that account;
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(3) a check, draft or money order drawn on a bank
or | ||||
issued and payable by a bank; or
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(4) any other item containing
information pertaining | ||||
to any relationship established in the ordinary
course of | ||||
a bank's business between a bank and its customer, | ||||
including
financial statements or other financial | ||||
information provided by the customer.
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(b) This Section does not prohibit:
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(1) The preparation, examination, handling or | ||||
maintenance of any
financial records by any officer, | ||
employee or agent of a bank
having custody of the records, | ||
or the examination of the records by a
certified public | ||
accountant engaged by the bank to perform an independent
| ||
audit.
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(2) The examination of any financial records by, or | ||
the furnishing of
financial records by a bank to, any | ||
officer, employee or agent of (i) the
Commissioner of | ||
Banks and Real Estate, (ii) after May
31, 1997, a state | ||
regulatory authority authorized to examine a branch of a
| ||
State bank located in another state, (iii) the Comptroller | ||
of the Currency,
(iv) the Federal Reserve Board, or (v) | ||
the Federal Deposit Insurance
Corporation for use solely | ||
in the exercise of his duties as an officer,
employee, or | ||
agent.
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(3) The publication of data furnished from financial | ||
records
relating to customers where the data cannot be | ||
identified to any
particular customer or account.
| ||
(4) The making of reports or returns required under | ||
Chapter 61 of
the Internal Revenue Code of 1986.
| ||
(5) Furnishing information concerning the dishonor of | ||
any negotiable
instrument permitted to be disclosed under | ||
the Uniform Commercial Code.
| ||
(6) The exchange in the regular course of business of | ||
(i) credit
information
between a bank and other banks or | ||
financial institutions or commercial
enterprises, directly | ||
or through a consumer reporting agency or (ii)
financial | ||
records or information derived from financial records | ||
between a bank
and other banks or financial institutions | ||
or commercial enterprises for the
purpose of conducting | ||
due diligence pursuant to a purchase or sale involving
the | ||
bank or assets or liabilities of the bank.
| ||
(7) The furnishing of information to the appropriate | ||
law enforcement
authorities where the bank reasonably | ||
believes it has been the victim of a
crime.
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(8) The furnishing of information under the Revised | ||
Uniform
Unclaimed Property Act.
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(9) The furnishing of information under the Illinois | ||
Income Tax Act and
the Illinois Estate and | ||
Generation-Skipping Transfer Tax Act.
| ||
(10) The furnishing of information under the federal | ||
Currency
and Foreign Transactions Reporting Act Title 31, | ||
United States
Code, Section 1051 et seq.
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(11) The furnishing of information under any other | ||
statute that
by its terms or by regulations promulgated | ||
thereunder requires the disclosure
of financial records | ||
other than by subpoena, summons, warrant, or court order.
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(12) The furnishing of information about the existence | ||
of an account
of a person to a judgment creditor of that | ||
person who has made a written
request for that | ||
information.
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(13) The exchange in the regular course of business of | ||
information
between commonly owned banks in connection | ||
with a transaction authorized
under paragraph (23) of
| ||
Section 5 and conducted at an affiliate facility.
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(14) The furnishing of information in accordance with | ||
the federal
Personal Responsibility and Work Opportunity | ||
Reconciliation Act of 1996.
Any bank governed by this Act | ||
shall enter into an agreement for data
exchanges with a | ||
State agency provided the State agency
pays to the bank a | ||
reasonable fee not to exceed its
actual cost incurred. A | ||
bank providing
information in accordance with this item | ||
shall not be liable to any account
holder or other person | ||
for any disclosure of information to a State agency, for
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encumbering or surrendering any assets held by the bank in | ||
response to a lien
or order to withhold and deliver issued | ||
by a State agency, or for any other
action taken pursuant | ||
to this item, including individual or mechanical errors,
| ||
provided the action does not constitute gross negligence | ||
or willful misconduct.
A bank shall have no obligation to | ||
hold, encumber, or surrender assets until
it has been | ||
served with a subpoena, summons, warrant, court or | ||
administrative
order,
lien, or levy.
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(15) The exchange in the regular course of business of | ||
information
between
a bank and any commonly owned | ||
affiliate of the bank, subject to the provisions
of the | ||
Financial Institutions Insurance Sales Law.
| ||
(16) The furnishing of information to law enforcement | ||
authorities, the
Illinois Department on
Aging and its | ||
regional administrative and provider agencies, the | ||
Department of
Human Services Office
of Inspector General, | ||
or public guardians: (i) upon subpoena by the | ||
investigatory entity or the guardian, or (ii) if there is | ||
suspicion by the bank that a customer
who is an elderly | ||
person or person with a disability has been or may become | ||
the victim of financial exploitation.
For the purposes of | ||
this
item (16), the term: (i) "elderly person" means a | ||
person who is 60 or more
years of age, (ii) "disabled
| ||
person" means a person who has or reasonably appears to | ||
the bank to have a
physical or mental
disability that | ||
impairs his or her ability to seek or obtain protection | ||
from or
prevent financial
exploitation, and (iii) | ||
"financial exploitation" means tortious or illegal use
of | ||
the assets or resources of
an elderly or disabled person, | ||
and includes, without limitation,
misappropriation of the | ||
elderly or
disabled person's assets or resources by undue | ||
influence, breach of fiduciary
relationship, intimidation,
| ||
fraud, deception, extortion, or the use of assets or | ||
resources in any manner
contrary to law. A bank or
person | ||
furnishing information pursuant to this item (16) shall be | ||
entitled to
the same rights and
protections as a person | ||
furnishing information under the Adult Protective Services | ||
Act and the Illinois
Domestic Violence Act of 1986.
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(17) The disclosure of financial records or | ||
information as necessary to
effect, administer, or enforce | ||
a transaction requested or authorized by the
customer, or | ||
in connection with:
| ||
(A) servicing or processing a financial product or | ||
service requested or
authorized by the customer;
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(B) maintaining or servicing a customer's account | ||
with the bank; or
| ||
(C) a proposed or actual securitization or | ||
secondary market sale
(including sales of servicing | ||
rights) related to a
transaction of a customer.
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Nothing in this item (17), however, authorizes the | ||
sale of the financial
records or information of a customer | ||
without the consent of the customer.
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(18) The disclosure of financial records or | ||
information as necessary to
protect against actual or | ||
potential fraud, unauthorized transactions, claims,
or | ||
other liability.
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(19)(A) The disclosure of financial records or | ||
information
related to a private label credit program | ||
between a financial
institution and a private label party | ||
in connection with that
private label credit program. Such | ||
information is limited to
outstanding balance, available | ||
credit, payment and performance
and account history, | ||
product references, purchase information,
and information
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related to the identity of the customer.
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(B)(1) For purposes of this paragraph (19) of | ||
subsection
(b) of Section 48.1, a "private label credit | ||
program" means a
credit program involving a financial | ||
institution and a private label
party that is used by a | ||
customer of the financial institution and the
private | ||
label party primarily for payment for goods or services
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sold, manufactured, or distributed by a private label | ||
party. | ||
(2) For purposes of this paragraph (19) of subsection | ||
(b)
of Section 48.1, a "private label party" means, with | ||
respect to a
private label credit program, any of the | ||
following: a
retailer, a merchant, a manufacturer, a trade | ||
group,
or any such person's affiliate, subsidiary, member,
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agent, or service provider. | ||
(20)(A) The furnishing of financial records of a | ||
customer to the Department to aid the Department's initial | ||
determination or subsequent re-determination of the | ||
customer's eligibility for Medicaid and Medicaid long-term | ||
care benefits for long-term care services, provided that | ||
the bank receives the written consent and authorization of | ||
the customer, which shall: | ||
(1) have the customer's signature notarized; | ||
(2) be signed by at least one witness who | ||
certifies that he or she believes the customer to be of | ||
sound mind and memory; | ||
(3) be tendered to the bank at the earliest | ||
practicable time following its execution, | ||
certification, and notarization; | ||
(4) specifically limit the disclosure of the | ||
customer's financial records to the Department; and | ||
(5) be in substantially the following form: | ||
CUSTOMER CONSENT AND AUTHORIZATION | ||
FOR RELEASE OF FINANCIAL RECORDS | ||
I, ......................................., hereby authorize | ||
(Name of Customer) | ||
............................................................. | ||
(Name of Financial Institution) | ||
............................................................. | ||
(Address of Financial Institution) | ||
to disclose the following financial records: | ||
any and all information concerning my deposit, savings, money | ||
market, certificate of deposit, individual retirement, | ||
retirement plan, 401(k) plan, incentive plan, employee benefit | ||
plan, mutual fund and loan accounts (including, but not | ||
limited to, any indebtedness or obligation for which I am a | ||
co-borrower, co-obligor, guarantor, or surety), and any and | ||
all other accounts in which I have an interest and any other | ||
information regarding me in the possession of the Financial | ||
Institution, | ||
to the Illinois Department of Human Services or the Illinois | ||
Department of Healthcare and Family Services, or both ("the | ||
Department"), for the following purpose(s): | ||
to aid in the initial determination or re-determination by the | ||
State of Illinois of my eligibility for Medicaid long-term | ||
care benefits, pursuant to applicable law. | ||
I understand that this Consent and Authorization may be | ||
revoked by me in writing at any time before my financial | ||
records, as described above, are disclosed, and that this | ||
Consent and Authorization is valid until the Financial | ||
Institution receives my written revocation. This Consent and | ||
Authorization shall constitute valid authorization for the | ||
Department identified above to inspect all such financial | ||
records set forth above, and to request and receive copies of | ||
such financial records from the Financial Institution (subject | ||
to such records search and reproduction reimbursement policies | ||
as the Financial Institution may have in place). An executed | ||
copy of this Consent and Authorization shall be sufficient and | ||
as good as the original and permission is hereby granted to | ||
honor a photostatic or electronic copy of this Consent and | ||
Authorization. Disclosure is strictly limited to the | ||
Department identified above and no other person or entity | ||
shall receive my financial records pursuant to this Consent | ||
and Authorization. By signing this form, I agree to indemnify | ||
and hold the Financial Institution harmless from any and all | ||
claims, demands, and losses, including reasonable attorneys | ||
fees and expenses, arising from or incurred in its reliance on | ||
this Consent and Authorization. As used herein, "Customer" | ||
shall mean "Member" if the Financial Institution is a credit | ||
union. | ||
....................... ...................... | ||
(Date) (Signature of Customer) | ||
...................... | ||
...................... | ||
(Address of Customer) | ||
...................... | ||
(Customer's birth date) | ||
(month/day/year) | ||
The undersigned witness certifies that ................., | ||
known to me to be the same person whose name is subscribed as | ||
the customer to the foregoing Consent and Authorization, | ||
appeared before me and the notary public and acknowledged | ||
signing and delivering the instrument as his or her free and | ||
voluntary act for the uses and purposes therein set forth. I | ||
believe him or her to be of sound mind and memory. The | ||
undersigned witness also certifies that the witness is not an | ||
owner, operator, or relative of an owner or operator of a | ||
long-term care facility in which the customer is a patient or | ||
resident. | ||
Dated: ................. ...................... | ||
(Signature of Witness) | ||
...................... | ||
(Print Name of Witness) | ||
...................... | ||
...................... | ||
(Address of Witness) | ||
State of Illinois) | ||
) ss. | ||
County of .......) | ||
The undersigned, a notary public in and for the above county | ||
and state, certifies that .........., known to me to be the | ||
same person whose name is subscribed as the customer to the | ||
foregoing Consent and Authorization, appeared before me | ||
together with the witness, .........., in person and | ||
acknowledged signing and delivering the instrument as the free | ||
and voluntary act of the customer for the uses and purposes | ||
therein set forth. | ||
Dated:....................................................... | ||
Notary Public:............................................... | ||
My commission expires:....................................... | ||
(B) In no event shall the bank distribute the | ||
customer's financial records to the long-term care | ||
facility from which the customer seeks initial or | ||
continuing residency or long-term care services. | ||
(C) A bank providing financial records of a customer | ||
in good faith relying on a consent and authorization | ||
executed and tendered in accordance with this paragraph | ||
(20) shall not be liable to the customer or any other | ||
person in relation to the bank's disclosure of the | ||
customer's financial records to the Department. The | ||
customer signing the consent and authorization shall | ||
indemnify and hold the bank harmless that relies in good | ||
faith upon the consent and authorization and incurs a loss | ||
because of such reliance. The bank recovering under this | ||
indemnification provision shall also be entitled to | ||
reasonable attorney's fees and the expenses of recovery. | ||
(D) A bank shall be reimbursed by the customer for all | ||
costs reasonably necessary and directly incurred in | ||
searching for, reproducing, and disclosing a customer's | ||
financial records required or requested to be produced | ||
pursuant to any consent and authorization executed under | ||
this paragraph (20). The requested financial records shall | ||
be delivered to the Department within 10 days after | ||
receiving a properly executed consent and authorization or | ||
at the earliest practicable time thereafter if the | ||
requested records cannot be delivered within 10 days, but | ||
delivery may be delayed until the final reimbursement of | ||
all costs is received by the bank. The bank may honor a | ||
photostatic or electronic copy of a properly executed | ||
consent and authorization. | ||
(E) Nothing in this paragraph (20) shall impair, | ||
abridge, or abrogate the right of a customer to: | ||
(1) directly disclose his or her financial records | ||
to the Department or any other person; or | ||
(2) authorize his or her attorney or duly | ||
appointed agent to request and obtain the customer's | ||
financial records and disclose those financial records | ||
to the Department. | ||
(F) For purposes of this paragraph (20), "Department" | ||
means the Department of Human Services and the Department | ||
of Healthcare and Family Services or any successor | ||
administrative agency of either agency.
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(c) Except as otherwise provided by this Act, a bank may | ||
not disclose to
any person, except to the customer or his
duly | ||
authorized agent, any financial records or financial | ||
information
obtained from financial records relating to that | ||
customer of
that bank unless:
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(1) the customer has authorized disclosure to the | ||
person;
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(2) the financial records are disclosed in response to | ||
a lawful
subpoena, summons, warrant, citation to discover | ||
assets, or court order which meets the requirements
of | ||
subsection (d) of this Section; or
| ||
(3) the bank is attempting to collect an obligation | ||
owed to the bank
and the bank complies with the provisions | ||
of Section 2I of the Consumer
Fraud and Deceptive Business | ||
Practices Act.
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(d) A bank shall disclose financial records under | ||
paragraph (2) of
subsection (c) of this Section under a lawful | ||
subpoena, summons, warrant, citation to discover assets, or
| ||
court order only after the bank sends mails a copy of the | ||
subpoena, summons, warrant, citation to discover assets,
or | ||
court order to the person establishing the relationship with | ||
the bank, if
living, and, otherwise the person's his personal | ||
representative, if known, at the person's his last known
| ||
address by first class mail, postage prepaid, through a | ||
third-party commercial carrier or courier with delivery charge | ||
fully prepaid, by hand delivery, or by electronic delivery at | ||
an email address on file with the bank (if the person | ||
establishing the relationship with the bank has consented to | ||
receive electronic delivery and, if the person establishing | ||
the relationship with the bank is a consumer, the person has | ||
consented under the consumer consent provisions set forth in | ||
Section 7001 of Title 15 of the United States Code), unless the | ||
bank is specifically
prohibited from notifying the person by | ||
order of court or by applicable State
or federal law. A bank | ||
shall not mail a copy of a subpoena to any person
pursuant to | ||
this subsection if the subpoena was issued by a grand jury | ||
under
the Statewide Grand Jury Act.
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(e) Any officer or employee of a bank who knowingly and
| ||
willfully furnishes financial records in violation of this | ||
Section is
guilty of a business offense and, upon conviction, | ||
shall be fined not
more than $1,000.
| ||
(f) Any person who knowingly and willfully induces or | ||
attempts to
induce any officer or employee of a bank to | ||
disclose financial
records in violation of this Section is | ||
guilty of a business offense
and, upon conviction, shall be | ||
fined not more than $1,000.
| ||
(g) A bank shall be reimbursed for costs that are | ||
reasonably necessary
and that have been directly incurred in | ||
searching for, reproducing, or
transporting books, papers, | ||
records, or other data required or
requested to be produced | ||
pursuant to a lawful subpoena, summons, warrant, citation to | ||
discover assets, or
court order. The Commissioner shall | ||
determine the rates and conditions
under which payment may be | ||
made.
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(Source: P.A. 100-22, eff. 1-1-18; 100-664, eff. 1-1-19; | ||
100-888, eff. 8-14-18; 101-81, eff. 7-12-19.)
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(205 ILCS 5/48.6)
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Sec. 48.6. Retention of records. | ||
(a) Each bank shall retain its records in a manner | ||
consistent with prudent business practices and in accordance | ||
with this Act and applicable State or federal laws, rules, and | ||
regulations. The record retention system utilized must be able | ||
to accurately produce such records. | ||
(b) Except where a retention period is required by State | ||
or federal laws, rules, or regulations, a bank may destroy its | ||
records subject to the considerations set forth in subsection | ||
(a). In the destruction of records, the bank shall take | ||
reasonable precautions to ensure the confidentiality of | ||
information in the records. | ||
Unless a federal law requires otherwise,
the Commissioner may | ||
by rule prescribe periods of time for which banks
operating | ||
under this Act must retain records and after the expiration of | ||
which,
the bank may destroy those records. No liability shall | ||
accrue against the
bank, the Commissioner, or this State for | ||
the destruction of records according
to rules of the | ||
Commissioner promulgated under the authority of this Section.
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In any cause or proceeding in which any records may be called | ||
in question or be
demanded by any bank, a showing of the | ||
expiration of the period so prescribed
shall be sufficient | ||
excuse for failure to produce them.
| ||
(Source: P.A. 91-929, eff. 12-15-00.)
| ||
Section 10. The Savings Bank Act is amended by changing | ||
Sections 4013 and 9011 as follows:
| ||
(205 ILCS 205/4013) (from Ch. 17, par. 7304-13)
| ||
Sec. 4013. Access to books and records; communication with | ||
members
and shareholders. | ||
(a) Every member or shareholder shall have the right to | ||
inspect books
and records of the savings bank that pertain to | ||
his accounts. Otherwise,
the right of inspection and | ||
examination of the books and records shall be
limited as | ||
provided in this Act, and no other person shall have access to
| ||
the books and records nor shall be entitled to a list of the | ||
members or
shareholders.
| ||
(b) For the purpose of this Section, the term "financial | ||
records" means
any original, any copy, or any summary of (1) a | ||
document granting signature
authority over a deposit or | ||
account; (2) a statement, ledger card, or other
record on any | ||
deposit or account that shows each transaction in or with
| ||
respect to that account; (3) a check, draft, or money order | ||
drawn on a
savings bank or issued and payable by a savings | ||
bank; or (4) any other item
containing information pertaining | ||
to any relationship established in the
ordinary course of a | ||
savings bank's business between a savings bank and
its | ||
customer, including financial statements or other financial | ||
information
provided by the member or shareholder.
| ||
(c) This Section does not prohibit:
| ||
(1) The preparation, examination, handling, or | ||
maintenance of any
financial records by any officer, | ||
employee, or agent of a savings bank
having custody of | ||
records or examination of records by a certified public
| ||
accountant engaged by the savings bank to perform an | ||
independent audit.
| ||
(2) The examination of any financial records by, or | ||
the furnishing of
financial records by a savings bank to, | ||
any officer, employee, or agent of
the Commissioner of | ||
Banks and Real Estate or the federal depository
| ||
institution regulator for use
solely in
the exercise of | ||
his duties as an officer, employee, or agent.
| ||
(3) The publication of data furnished from financial | ||
records relating
to members or holders of capital where | ||
the data cannot be identified to any
particular member, | ||
shareholder, or account.
| ||
(4) The making of reports or returns required under | ||
Chapter 61 of the
Internal Revenue Code of 1986.
| ||
(5) Furnishing information concerning the dishonor of | ||
any negotiable
instrument permitted to be disclosed under | ||
the Uniform Commercial Code.
| ||
(6) The exchange in the regular course of business of | ||
(i) credit
information between a savings bank and other | ||
savings banks or financial
institutions or commercial | ||
enterprises, directly or through a consumer
reporting | ||
agency
or (ii) financial records or information derived | ||
from financial records
between a savings bank and other | ||
savings banks or financial institutions or
commercial | ||
enterprises for the purpose of conducting due diligence | ||
pursuant to
a purchase or sale involving the savings bank | ||
or assets or liabilities of the
savings bank.
| ||
(7) The furnishing of information to the appropriate | ||
law enforcement
authorities where the savings bank | ||
reasonably believes it has been the
victim of a crime.
| ||
(8) The furnishing of information pursuant to the | ||
Revised Uniform Unclaimed Property Act.
| ||
(9) The furnishing of information pursuant to the | ||
Illinois Income Tax
Act
and the Illinois Estate and | ||
Generation-Skipping Transfer Tax Act.
| ||
(10) The furnishing of information pursuant to the | ||
federal Currency
and Foreign Transactions Reporting Act, | ||
(Title 31, United States Code,
Section 1051 et seq.).
| ||
(11) The furnishing of information pursuant to any | ||
other statute which
by its terms or by regulations | ||
promulgated thereunder requires the
disclosure of | ||
financial records other than by subpoena, summons, | ||
warrant, or
court order.
| ||
(12) The furnishing of information in accordance with | ||
the federal
Personal Responsibility and Work Opportunity | ||
Reconciliation Act of 1996.
Any savings bank governed by | ||
this Act shall enter into an agreement for data
exchanges | ||
with a State agency provided the State agency
pays to the | ||
savings bank a reasonable fee not to exceed its
actual | ||
cost incurred. A savings bank
providing
information in | ||
accordance with this item shall not be liable to any | ||
account
holder or other person for any disclosure of | ||
information to a State agency, for
encumbering or | ||
surrendering any assets held by the savings bank in | ||
response to
a lien
or order to withhold and deliver issued | ||
by a State agency, or for any other
action taken pursuant | ||
to this item, including individual or mechanical errors,
| ||
provided the action does not constitute gross negligence | ||
or willful misconduct.
A savings bank shall have no | ||
obligation to hold, encumber, or surrender
assets until
it | ||
has been served with a subpoena, summons, warrant, court | ||
or administrative
order,
lien, or levy.
| ||
(13) The furnishing of information to law enforcement | ||
authorities, the
Illinois Department on
Aging and its | ||
regional administrative and provider agencies, the | ||
Department of
Human Services Office
of Inspector General, | ||
or public guardians: (i) upon subpoena by the | ||
investigatory entity or the guardian, or (ii) if there is | ||
suspicion by the savings bank that a
customer who is an | ||
elderly
person or person with a disability has been or may | ||
become the victim of financial exploitation.
For the | ||
purposes of this
item (13), the term: (i) "elderly person" | ||
means a person who is 60 or more
years of age, (ii) "person | ||
with a disability" means a person who has or reasonably | ||
appears to the savings bank to
have a physical or mental
| ||
disability that impairs his or her ability to seek or | ||
obtain protection from or
prevent financial
exploitation, | ||
and (iii) "financial exploitation" means tortious or | ||
illegal use
of the assets or resources of
an elderly | ||
person or person with a disability, and includes, without | ||
limitation,
misappropriation of the assets or resources of | ||
the elderly person or person with a disability by undue | ||
influence, breach of fiduciary
relationship, intimidation,
| ||
fraud, deception, extortion, or the use of assets or | ||
resources in any manner
contrary to law. A savings
bank or | ||
person furnishing information pursuant to this item (13) | ||
shall be
entitled to the same rights and
protections as a | ||
person furnishing information under the Adult Protective | ||
Services Act and the Illinois
Domestic Violence Act of | ||
1986.
| ||
(14) The disclosure of financial records or | ||
information as necessary to
effect, administer, or enforce | ||
a transaction requested or authorized by the
member or | ||
holder of capital, or in connection with:
| ||
(A) servicing or processing a financial product or | ||
service requested or
authorized by the member or | ||
holder of capital;
| ||
(B) maintaining or servicing an account of a | ||
member or holder of capital
with the savings bank; or
| ||
(C) a proposed or actual securitization or | ||
secondary market sale
(including sales of servicing | ||
rights) related to a
transaction of a member or holder | ||
of capital.
| ||
Nothing in this item (14), however, authorizes the | ||
sale of the financial
records or information of a member | ||
or holder of capital without the consent of
the member or | ||
holder of capital.
| ||
(15) The exchange in the regular course of business of | ||
information between
a
savings bank and any commonly owned | ||
affiliate of the savings bank, subject to
the provisions | ||
of the Financial Institutions Insurance Sales Law.
| ||
(16) The disclosure of financial records or | ||
information as necessary to
protect against or prevent | ||
actual or potential fraud, unauthorized
transactions, | ||
claims, or other liability.
| ||
(17)(a) The disclosure of financial records or | ||
information
related to a private label credit program | ||
between a financial
institution and a private label party | ||
in connection
with that private label credit program. Such | ||
information
is limited to outstanding balance, available | ||
credit, payment and
performance and account history, | ||
product references, purchase
information,
and information | ||
related to the identity of the
customer.
| ||
(b)(1) For purposes of this paragraph (17) of | ||
subsection
(c) of Section 4013, a "private label credit | ||
program" means a
credit program involving a financial | ||
institution and a private label
party that is used by a | ||
customer of the financial institution and the
private | ||
label party primarily for payment for goods or services
| ||
sold, manufactured, or distributed by a private label | ||
party.
| ||
(2) For purposes of this paragraph (17) of subsection | ||
(c)
of Section 4013, a "private label party" means, with | ||
respect to a
private label credit program, any of the | ||
following: a
retailer, a merchant, a manufacturer, a trade | ||
group,
or any such person's affiliate, subsidiary, member,
| ||
agent, or service provider.
| ||
(18)(a) The furnishing of financial records of a | ||
customer to the Department to aid the Department's initial | ||
determination or subsequent re-determination of the | ||
customer's eligibility for Medicaid and Medicaid long-term | ||
care benefits for long-term care services, provided that | ||
the savings bank receives the written consent and | ||
authorization of the customer, which shall: | ||
(1) have the customer's signature notarized; | ||
(2) be signed by at least one witness who | ||
certifies that he or she believes the customer to be of | ||
sound mind and memory; | ||
(3) be tendered to the savings bank at the | ||
earliest practicable time following its execution, | ||
certification, and notarization; | ||
(4) specifically limit the disclosure of the | ||
customer's financial records to the Department; and | ||
(5) be in substantially the following form: | ||
CUSTOMER CONSENT AND AUTHORIZATION | ||
FOR RELEASE OF FINANCIAL RECORDS | ||
I, ......................................., hereby authorize | ||
(Name of Customer) | ||
............................................................. | ||
(Name of Financial Institution) | ||
............................................................. | ||
(Address of Financial Institution) | ||
to disclose the following financial records: | ||
any and all information concerning my deposit, savings, money | ||
market, certificate of deposit, individual retirement, | ||
retirement plan, 401(k) plan, incentive plan, employee benefit | ||
plan, mutual fund and loan accounts (including, but not | ||
limited to, any indebtedness or obligation for which I am a | ||
co-borrower, co-obligor, guarantor, or surety), and any and | ||
all other accounts in which I have an interest and any other | ||
information regarding me in the possession of the Financial | ||
Institution, | ||
to the Illinois Department of Human Services or the Illinois | ||
Department of Healthcare and Family Services, or both ("the | ||
Department"), for the following purpose(s): | ||
to aid in the initial determination or re-determination by the | ||
State of Illinois of my eligibility for Medicaid long-term | ||
care benefits, pursuant to applicable law. | ||
I understand that this Consent and Authorization may be | ||
revoked by me in writing at any time before my financial | ||
records, as described above, are disclosed, and that this | ||
Consent and Authorization is valid until the Financial | ||
Institution receives my written revocation. This Consent and | ||
Authorization shall constitute valid authorization for the | ||
Department identified above to inspect all such financial | ||
records set forth above, and to request and receive copies of | ||
such financial records from the Financial Institution (subject | ||
to such records search and reproduction reimbursement policies | ||
as the Financial Institution may have in place). An executed | ||
copy of this Consent and Authorization shall be sufficient and | ||
as good as the original and permission is hereby granted to | ||
honor a photostatic or electronic copy of this Consent and | ||
Authorization. Disclosure is strictly limited to the | ||
Department identified above and no other person or entity | ||
shall receive my financial records pursuant to this Consent | ||
and Authorization. By signing this form, I agree to indemnify | ||
and hold the Financial Institution harmless from any and all | ||
claims, demands, and losses, including reasonable attorneys | ||
fees and expenses, arising from or incurred in its reliance on | ||
this Consent and Authorization. As used herein, "Customer" | ||
shall mean "Member" if the Financial Institution is a credit | ||
union. | ||
....................... ...................... | ||
(Date) (Signature of Customer) | ||
...................... | ||
...................... | ||
(Address of Customer) | ||
...................... | ||
(Customer's birth date) | ||
(month/day/year) | ||
The undersigned witness certifies that ................., | ||
known to me to be the same person whose name is subscribed as | ||
the customer to the foregoing Consent and Authorization, | ||
appeared before me and the notary public and acknowledged | ||
signing and delivering the instrument as his or her free and | ||
voluntary act for the uses and purposes therein set forth. I | ||
believe him or her to be of sound mind and memory. The | ||
undersigned witness also certifies that the witness is not an | ||
owner, operator, or relative of an owner or operator of a | ||
long-term care facility in which the customer is a patient or | ||
resident. | ||
Dated: ................. ...................... | ||
(Signature of Witness) | ||
...................... | ||
(Print Name of Witness) | ||
...................... | ||
...................... | ||
(Address of Witness) | ||
State of Illinois) | ||
) ss. | ||
County of .......) | ||
The undersigned, a notary public in and for the above county | ||
and state, certifies that .........., known to me to be the | ||
same person whose name is subscribed as the customer to the | ||
foregoing Consent and Authorization, appeared before me | ||
together with the witness, .........., in person and | ||
acknowledged signing and delivering the instrument as the free | ||
and voluntary act of the customer for the uses and purposes | ||
therein set forth. | ||
Dated:....................................................... | ||
Notary Public:............................................... | ||
My commission expires:....................................... | ||
(b) In no event shall the savings bank distribute the | ||
customer's financial records to the long-term care | ||
facility from which the customer seeks initial or | ||
continuing residency or long-term care services. | ||
(c) A savings bank providing financial records of a | ||
customer in good faith relying on a consent and | ||
authorization executed and tendered in accordance with | ||
this paragraph (18) shall not be liable to the customer or | ||
any other person in relation to the savings bank's | ||
disclosure of the customer's financial records to the | ||
Department. The customer signing the consent and | ||
authorization shall indemnify and hold the savings bank | ||
harmless that relies in good faith upon the consent and | ||
authorization and incurs a loss because of such reliance. | ||
The savings bank recovering under this indemnification | ||
provision shall also be entitled to reasonable attorney's | ||
fees and the expenses of recovery. | ||
(d) A savings bank shall be reimbursed by the customer | ||
for all costs reasonably necessary and directly incurred | ||
in searching for, reproducing, and disclosing a customer's | ||
financial records required or requested to be produced | ||
pursuant to any consent and authorization executed under | ||
this paragraph (18). The requested financial records shall | ||
be delivered to the Department within 10 days after | ||
receiving a properly executed consent and authorization or | ||
at the earliest practicable time thereafter if the | ||
requested records cannot be delivered within 10 days, but | ||
delivery may be delayed until the final reimbursement of | ||
all costs is received by the savings bank. The savings | ||
bank may honor a photostatic or electronic copy of a | ||
properly executed consent and authorization. | ||
(e) Nothing in this paragraph (18) shall impair, | ||
abridge, or abrogate the right of a customer to: | ||
(1) directly disclose his or her financial records | ||
to the Department or any other person; or | ||
(2) authorize his or her attorney or duly | ||
appointed agent to request and obtain the customer's | ||
financial records and disclose those financial records | ||
to the Department. | ||
(f) For purposes of this paragraph (18), "Department" | ||
means the Department of Human Services and the Department | ||
of Healthcare and Family Services or any successor | ||
administrative agency of either agency. | ||
(d) A savings bank may not disclose to any person, except | ||
to the member
or holder of capital or his duly authorized | ||
agent, any financial records
relating to that member or | ||
shareholder of the savings bank unless:
| ||
(1) the member or shareholder has authorized | ||
disclosure to the person; or
| ||
(2) the financial records are disclosed in response to | ||
a lawful
subpoena, summons, warrant, citation to discover | ||
assets, or court order that meets the requirements of
| ||
subsection (e) of this Section.
| ||
(e) A savings bank shall disclose financial records under | ||
subsection (d)
of this Section pursuant to a lawful subpoena, | ||
summons, warrant, citation to discover assets, or court
order | ||
only after the savings bank sends mails a copy of the subpoena, | ||
summons,
warrant, citation to discover assets, or court order | ||
to the person establishing the relationship with
the savings | ||
bank, if living, and otherwise, the person's his personal | ||
representative, if
known, at the person's his last known | ||
address by first class mail, postage prepaid, through a | ||
third-party commercial carrier or courier with delivery charge | ||
fully prepaid, by hand delivery, or by electronic delivery at | ||
an email address on file with the savings bank (if the person | ||
establishing the relationship with the savings bank has | ||
consented to receive electronic delivery and, if the person | ||
establishing the relationship with the savings bank is a | ||
consumer, the person has consented under the consumer consent | ||
provisions set forth in Section 7001 of Title 15 of the United | ||
States Code),
unless the savings bank is specifically | ||
prohibited from notifying the
person by order of court.
| ||
(f) Any officer or employee of a savings bank who | ||
knowingly and
willfully furnishes financial records in | ||
violation of this Section is
guilty of a business offense and, | ||
upon conviction, shall be fined not
more than $1,000.
| ||
(g) Any person who knowingly and willfully induces or | ||
attempts to
induce any officer or employee of a savings bank to | ||
disclose financial
records in violation of this Section is | ||
guilty of a business offense and,
upon conviction, shall be | ||
fined not more than $1,000.
| ||
(h) If any member or shareholder desires to communicate | ||
with the other
members or shareholders of the savings bank | ||
with reference to any question
pending or to be presented at an | ||
annual or special meeting, the savings
bank shall give that | ||
person, upon request, a statement of the approximate
number of | ||
members or shareholders entitled to vote at the meeting and an
| ||
estimate of the cost of preparing and mailing the | ||
communication. The
requesting member shall submit the | ||
communication to the Commissioner
who, upon finding it to be | ||
appropriate and truthful, shall direct that it
be prepared and | ||
mailed to the members upon the requesting member's or
| ||
shareholder's payment or adequate provision for payment of the | ||
expenses of
preparation and mailing.
| ||
(i) A savings bank shall be reimbursed for costs that are | ||
necessary and
that have been directly incurred in searching | ||
for, reproducing, or
transporting books, papers, records, or | ||
other data of a customer required
to be reproduced pursuant to | ||
a lawful subpoena, warrant, citation to discover assets, or | ||
court order.
| ||
(j) Notwithstanding the provisions of this Section, a | ||
savings bank may
sell or otherwise make use of lists of | ||
customers' names and addresses. All
other information | ||
regarding a customer's account is subject to the
disclosure | ||
provisions of this Section. At the request of any customer,
| ||
that customer's name and address shall be deleted from any | ||
list that is to
be sold or used in any other manner beyond | ||
identification of the customer's
accounts.
| ||
(Source: P.A. 99-143, eff. 7-27-15; 100-22, eff. 1-1-18; | ||
100-201, eff. 8-18-17; 100-664, eff. 1-1-19.)
| ||
(205 ILCS 205/9011) (from Ch. 17, par. 7309-11)
| ||
Sec. 9011. Record keeping and retention of records by a | ||
savings
bank. | ||
(a) Each savings bank shall retain its records in a manner | ||
consistent with prudent business practices and in accordance | ||
with this Act and applicable State or federal laws, rules, and | ||
regulations. The record retention system utilized must be able | ||
to accurately produce such records is required to maintain | ||
appropriate
books and records, as required by the Secretary, | ||
that are in accordance
with generally accepted accounting | ||
principles and the requirements of
its insurer of accounts. | ||
All books and records shall be current,
complete, organized, | ||
and accessible to the Secretary, the
Secretary's agents and | ||
examiners, and to the savings bank's
auditors and accountants.
| ||
(a-5) Except where a retention period is required by State | ||
or federal laws, rules, or regulations, a savings bank may | ||
destroy its records subject to the considerations set forth in | ||
subsection (a). In the destruction of records, the savings | ||
bank shall take reasonable precautions to ensure the | ||
confidentiality of information in the records. | ||
(b) Each savings bank shall implement internal control
and | ||
security measures for its data processing activities.
A | ||
contract with a data processing service or for data processing | ||
services
must provide that records maintained shall at all | ||
times be available for
examination and audit by the Secretary.
| ||
(c) The Secretary may further regulate these matters by
| ||
the promulgation of rules concerning data processing. As used
| ||
herein, "data processing" means all electronic or automated
| ||
systems of communication and data processing by computer.
| ||
(d) Unless a federal law requires otherwise, the Secretary | ||
may
by regulation prescribe periods of time for
which savings | ||
banks operating under this Act must retain records
and after | ||
the expiration of which, the savings bank may destroy
those | ||
records. No liability shall accrue against the savings bank,
| ||
the Secretary, or this State for destruction of records
| ||
according to regulations of the Secretary promulgated under | ||
the
authority of this Section. In any cause or proceeding in | ||
which
any records may be called in question or be demanded by | ||
any
savings bank, a showing of the expiration of the period so
| ||
prescribed shall be sufficient excuse for failure to produce | ||
them.
| ||
(Source: P.A. 97-492, eff. 1-1-12.)
| ||
Section 15. The Illinois Credit Union Act is amended by | ||
changing Sections 10 and 10.1 as follows:
| ||
(205 ILCS 305/10) (from Ch. 17, par. 4411)
| ||
Sec. 10. Credit union records; member financial records.
| ||
(1) A credit union shall establish and maintain books, | ||
records, accounting
systems and procedures which accurately | ||
reflect its operations and which
enable the Department to | ||
readily ascertain the true financial condition
of the credit | ||
union and whether it is complying with this Act.
| ||
(2) A photostatic or photographic reproduction of any | ||
credit union records
shall be admissible as evidence of | ||
transactions with the credit union.
| ||
(3)(a) For the purpose of this Section, the term | ||
"financial records"
means any original, any copy, or any | ||
summary of (1) a document granting
signature authority over an | ||
account, (2) a statement, ledger card or other
record on any | ||
account which shows each transaction in or with respect to
| ||
that account, (3) a check, draft or money order drawn on a | ||
financial
institution or other entity or issued and payable by | ||
or through a financial
institution or other entity, or (4) any | ||
other item containing information
pertaining to any | ||
relationship established in the ordinary course of
business | ||
between a credit union and its member, including financial
| ||
statements or other financial information provided by the | ||
member.
| ||
(b) This Section does not prohibit:
| ||
(1) The preparation, examination, handling or | ||
maintenance of any
financial records by any officer, | ||
employee or agent of a credit union
having custody of such | ||
records, or the examination of such records by a
certified | ||
public accountant engaged by the credit union to perform | ||
an
independent audit.
| ||
(2) The examination of any financial records by or the | ||
furnishing of
financial records by a credit union to any | ||
officer, employee or agent of
the Department, the National | ||
Credit Union Administration, Federal Reserve
board or any | ||
insurer of share accounts for use solely in the exercise | ||
of
his duties as an officer, employee or agent.
| ||
(3) The publication of data furnished from financial | ||
records relating
to members where the data cannot be | ||
identified to any particular customer
of account.
| ||
(4) The making of reports or returns required under | ||
Chapter 61 of the
Internal Revenue Code of 1954.
| ||
(5) Furnishing information concerning the dishonor of | ||
any negotiable
instrument permitted to be disclosed under | ||
the Uniform Commercial
Code.
| ||
(6) The exchange in the regular course of business
of | ||
(i) credit information
between a credit union and other | ||
credit unions or financial institutions
or commercial | ||
enterprises, directly or through a consumer reporting | ||
agency
or (ii) financial records or information derived | ||
from financial records
between a credit union and other | ||
credit unions or financial institutions or
commercial | ||
enterprises for
the purpose of conducting due diligence | ||
pursuant to a merger or a purchase or
sale of assets or | ||
liabilities of the credit union.
| ||
(7) The furnishing of information to the appropriate | ||
law enforcement
authorities where the credit union | ||
reasonably believes it has been the victim
of a crime.
| ||
(8) The furnishing of information pursuant to the | ||
Revised Uniform Unclaimed Property Act.
| ||
(9) The furnishing of information pursuant to the | ||
Illinois Income Tax
Act and the Illinois Estate and | ||
Generation-Skipping Transfer Tax Act.
| ||
(10) The furnishing of information pursuant to the | ||
federal Currency
and Foreign Transactions Reporting Act, | ||
Title 31, United States Code,
Section 1051 et sequentia.
| ||
(11) The furnishing of information pursuant to any | ||
other statute which
by its terms or by regulations | ||
promulgated thereunder requires the disclosure
of | ||
financial records other than by subpoena, summons, warrant | ||
or court order.
| ||
(12) The furnishing of information in accordance with | ||
the federal
Personal Responsibility and Work Opportunity | ||
Reconciliation Act of 1996.
Any credit union governed by | ||
this Act shall enter into an agreement for data
exchanges | ||
with a State agency provided the State agency
pays to the | ||
credit union a reasonable fee not to exceed its
actual | ||
cost incurred. A credit union
providing
information in | ||
accordance with this item shall not be liable to any | ||
account
holder or other person for any disclosure of | ||
information to a State agency, for
encumbering or | ||
surrendering any assets held by the credit union in | ||
response to
a lien
or order to withhold and deliver issued | ||
by a State agency, or for any other
action taken pursuant | ||
to this item, including individual or mechanical errors,
| ||
provided the action does not constitute gross negligence | ||
or willful misconduct.
A credit union shall have no | ||
obligation to hold, encumber, or surrender
assets until
it | ||
has been served with a subpoena, summons, warrant, court | ||
or administrative
order, lien, or levy.
| ||
(13) The furnishing of information to law enforcement | ||
authorities, the
Illinois Department on
Aging and its | ||
regional administrative and provider agencies, the | ||
Department of
Human Services Office
of Inspector General, | ||
or public guardians: (i) upon subpoena by the | ||
investigatory entity or the guardian, or (ii) if there is | ||
suspicion by the credit union that a
member who is an | ||
elderly person or person with a disability has been or may | ||
become the victim of financial exploitation.
For the | ||
purposes of this
item (13), the term: (i) "elderly person" | ||
means a person who is 60 or more
years of age, (ii) "person | ||
with a disability" means a person who has or reasonably | ||
appears to the credit union to
have a physical or mental
| ||
disability that impairs his or her ability to seek or | ||
obtain protection from or
prevent financial
exploitation, | ||
and (iii) "financial exploitation" means tortious or | ||
illegal use
of the assets or resources of
an elderly | ||
person or person with a disability, and includes, without | ||
limitation,
misappropriation of the elderly or
disabled | ||
person's assets or resources by undue influence, breach of | ||
fiduciary
relationship, intimidation,
fraud, deception, | ||
extortion, or the use of assets or resources in any manner
| ||
contrary to law. A credit
union or person furnishing | ||
information pursuant to this item (13) shall be
entitled | ||
to the same rights and
protections as a person furnishing | ||
information under the Adult Protective Services Act and | ||
the Illinois
Domestic Violence Act of 1986.
| ||
(14) The disclosure of financial records or | ||
information as necessary
to
effect, administer, or enforce | ||
a transaction requested or authorized by the
member, or in | ||
connection with:
| ||
(A) servicing or processing a financial product or | ||
service requested
or
authorized by the member;
| ||
(B) maintaining or servicing a member's account | ||
with the credit union;
or
| ||
(C) a proposed or actual securitization or | ||
secondary market sale
(including sales of servicing | ||
rights) related to a
transaction of a member.
| ||
Nothing in this item (14), however, authorizes the | ||
sale of the financial
records or information of a member | ||
without the consent of the member.
| ||
(15) The disclosure of financial records or | ||
information as necessary to
protect against or prevent | ||
actual or potential fraud, unauthorized
transactions, | ||
claims, or other liability.
| ||
(16)(a) The disclosure of financial records or | ||
information
related to a private label credit program | ||
between a financial
institution and a private label party | ||
in connection
with that private label credit program. Such | ||
information
is limited to outstanding balance, available | ||
credit, payment and
performance and account history, | ||
product references, purchase
information,
and information | ||
related to the identity of the
customer.
| ||
(b)(1) For purposes of this item (16), "private label | ||
credit program" means a credit
program involving a | ||
financial institution and a private label party
that is | ||
used by a customer of the financial institution and the
| ||
private label party primarily for payment for goods or | ||
services
sold, manufactured, or distributed by a private | ||
label party.
| ||
(2) For purposes of this item (16), "private label | ||
party" means, with respect to a
private label credit | ||
program, any of the following: a
retailer, a merchant, a | ||
manufacturer, a trade group,
or any such person's | ||
affiliate, subsidiary, member,
agent, or service provider.
| ||
(17)(a) The furnishing of financial records of a | ||
member to the Department to aid the Department's initial | ||
determination or subsequent re-determination of the | ||
member's eligibility for Medicaid and Medicaid long-term | ||
care benefits for long-term care services, provided that | ||
the credit union receives the written consent and | ||
authorization of the member, which shall: | ||
(1) have the member's signature notarized; | ||
(2) be signed by at least one witness who | ||
certifies that he or she believes the member to be of | ||
sound mind and memory; | ||
(3) be tendered to the credit union at the | ||
earliest practicable time following its execution, | ||
certification, and notarization; | ||
(4) specifically limit the disclosure of the | ||
member's financial records to the Department; and | ||
(5) be in substantially the following form: | ||
CUSTOMER CONSENT AND AUTHORIZATION | ||
FOR RELEASE OF FINANCIAL RECORDS | ||
I, ......................................., hereby authorize | ||
(Name of Customer) | ||
............................................................. | ||
(Name of Financial Institution) | ||
............................................................. | ||
(Address of Financial Institution) | ||
to disclose the following financial records: | ||
any and all information concerning my deposit, savings, money | ||
market, certificate of deposit, individual retirement, | ||
retirement plan, 401(k) plan, incentive plan, employee benefit | ||
plan, mutual fund and loan accounts (including, but not | ||
limited to, any indebtedness or obligation for which I am a | ||
co-borrower, co-obligor, guarantor, or surety), and any and | ||
all other accounts in which I have an interest and any other | ||
information regarding me in the possession of the Financial | ||
Institution, | ||
to the Illinois Department of Human Services or the Illinois | ||
Department of Healthcare and Family Services, or both ("the | ||
Department"), for the following purpose(s): | ||
to aid in the initial determination or re-determination by the | ||
State of Illinois of my eligibility for Medicaid long-term | ||
care benefits, pursuant to applicable law. | ||
I understand that this Consent and Authorization may be | ||
revoked by me in writing at any time before my financial | ||
records, as described above, are disclosed, and that this | ||
Consent and Authorization is valid until the Financial | ||
Institution receives my written revocation. This Consent and | ||
Authorization shall constitute valid authorization for the | ||
Department identified above to inspect all such financial | ||
records set forth above, and to request and receive copies of | ||
such financial records from the Financial Institution (subject | ||
to such records search and reproduction reimbursement policies | ||
as the Financial Institution may have in place). An executed | ||
copy of this Consent and Authorization shall be sufficient and | ||
as good as the original and permission is hereby granted to | ||
honor a photostatic or electronic copy of this Consent and | ||
Authorization. Disclosure is strictly limited to the | ||
Department identified above and no other person or entity | ||
shall receive my financial records pursuant to this Consent | ||
and Authorization. By signing this form, I agree to indemnify | ||
and hold the Financial Institution harmless from any and all | ||
claims, demands, and losses, including reasonable attorneys | ||
fees and expenses, arising from or incurred in its reliance on | ||
this Consent and Authorization. As used herein, "Customer" | ||
shall mean "Member" if the Financial Institution is a credit | ||
union. | ||
....................... ...................... | ||
(Date) (Signature of Customer) | ||
...................... | ||
...................... | ||
(Address of Customer) | ||
...................... | ||
(Customer's birth date) | ||
(month/day/year) | ||
The undersigned witness certifies that ................., | ||
known to me to be the same person whose name is subscribed as | ||
the customer to the foregoing Consent and Authorization, | ||
appeared before me and the notary public and acknowledged | ||
signing and delivering the instrument as his or her free and | ||
voluntary act for the uses and purposes therein set forth. I | ||
believe him or her to be of sound mind and memory. The | ||
undersigned witness also certifies that the witness is not an | ||
owner, operator, or relative of an owner or operator of a | ||
long-term care facility in which the customer is a patient or | ||
resident. | ||
Dated: ................. ...................... | ||
(Signature of Witness) | ||
...................... | ||
(Print Name of Witness) | ||
...................... | ||
...................... | ||
(Address of Witness) | ||
State of Illinois) | ||
) ss. | ||
County of .......) | ||
The undersigned, a notary public in and for the above county | ||
and state, certifies that .........., known to me to be the | ||
same person whose name is subscribed as the customer to the | ||
foregoing Consent and Authorization, appeared before me | ||
together with the witness, .........., in person and | ||
acknowledged signing and delivering the instrument as the free | ||
and voluntary act of the customer for the uses and purposes | ||
therein set forth. | ||
Dated:....................................................... | ||
Notary Public:............................................... | ||
My commission expires:....................................... | ||
(b) In no event shall the credit union distribute the | ||
member's financial records to the long-term care facility | ||
from which the member seeks initial or continuing | ||
residency or long-term care services. | ||
(c) A credit union providing financial records of a | ||
member in good faith relying on a consent and | ||
authorization executed and tendered in accordance with | ||
this item (17) shall not be liable to the member or any | ||
other person in relation to the credit union's disclosure | ||
of the member's financial records to the Department. The | ||
member signing the consent and authorization shall | ||
indemnify and hold the credit union harmless that relies | ||
in good faith upon the consent and authorization and | ||
incurs a loss because of such reliance. The credit union | ||
recovering under this indemnification provision shall also | ||
be entitled to reasonable attorney's fees and the expenses | ||
of recovery. | ||
(d) A credit union shall be reimbursed by the member | ||
for all costs reasonably necessary and directly incurred | ||
in searching for, reproducing, and disclosing a member's | ||
financial records required or requested to be produced | ||
pursuant to any consent and authorization executed under | ||
this item (17). The requested financial records shall be | ||
delivered to the Department within 10 days after receiving | ||
a properly executed consent and authorization or at the | ||
earliest practicable time thereafter if the requested | ||
records cannot be delivered within 10 days, but delivery | ||
may be delayed until the final reimbursement of all costs | ||
is received by the credit union. The credit union may | ||
honor a photostatic or electronic copy of a properly | ||
executed consent and authorization. | ||
(e) Nothing in this item (17) shall impair, abridge, | ||
or abrogate the right of a member to: | ||
(1) directly disclose his or her financial records | ||
to the Department or any other person; or | ||
(2) authorize his or her attorney or duly | ||
appointed agent to request and obtain the member's | ||
financial records and disclose those financial records | ||
to the Department. | ||
(f) For purposes of this item (17), "Department" means | ||
the Department of Human Services and the Department of | ||
Healthcare and Family Services or any successor | ||
administrative agency of either agency. | ||
(18) The furnishing of the financial records of a | ||
member to an appropriate law enforcement authority, | ||
without prior notice to or consent of the member, upon | ||
written request of the law enforcement authority, when | ||
reasonable suspicion of an imminent threat to the personal | ||
security and safety of the member exists that necessitates | ||
an expedited release of the member's financial records, as | ||
determined by the law enforcement authority. The law | ||
enforcement authority shall include a brief explanation of | ||
the imminent threat to the member in its written request | ||
to the credit union. The written request shall reflect | ||
that it has been authorized by a supervisory or managerial | ||
official of the law enforcement authority. The decision to | ||
furnish the financial records of a member to a law | ||
enforcement authority shall be made by a supervisory or | ||
managerial official of the credit union. A credit union | ||
providing information in accordance with this item (18) | ||
shall not be liable to the member or any other person for | ||
the disclosure of the information to the law enforcement | ||
authority.
| ||
(c) Except as otherwise provided by this Act, a credit | ||
union may not
disclose to any person, except to the member
or | ||
his duly authorized agent, any financial records relating to | ||
that member
of the credit union unless:
| ||
(1) the member has authorized disclosure to the | ||
person;
| ||
(2) the financial records are disclosed in response to | ||
a lawful
subpoena,
summons, warrant, citation to discover | ||
assets, or court order that meets the requirements of | ||
subparagraph (3)(d)
of this Section; or
| ||
(3) the credit union is attempting to collect an | ||
obligation owed to
the credit union and the credit union | ||
complies with the provisions of
Section 2I of the Consumer | ||
Fraud and Deceptive Business Practices Act.
| ||
(d) A credit union shall disclose financial records under | ||
item (3)(c)(2) of this Section pursuant to a lawful subpoena, | ||
summons, warrant, citation to discover assets, or
court order | ||
only after the credit union sends mails a copy of the subpoena, | ||
summons,
warrant, citation to discover assets, or court order | ||
to the person establishing the relationship with
the credit | ||
union, if living, and otherwise the person's his personal | ||
representative,
if known, at the person's his last known | ||
address by first class mail, postage prepaid, through a | ||
third-party commercial carrier or courier with delivery charge | ||
fully prepaid, by hand delivery, or by electronic delivery at | ||
an email address on file with the credit union (if the person | ||
establishing the relationship with the credit union has | ||
consented to receive electronic delivery and, if the person | ||
establishing the relationship with the credit union is a | ||
consumer, the person has consented under the consumer consent | ||
provisions set forth in Section 7001 of Title 15 of the United | ||
States Code),
unless the credit union is specifically | ||
prohibited from notifying the person
by order of court or by | ||
applicable State or federal law. In the case
of a grand jury | ||
subpoena, a credit union shall not mail a copy of a subpoena
to | ||
any person pursuant to this subsection if the subpoena was | ||
issued by a grand
jury under the Statewide Grand Jury Act or | ||
notifying the
person would constitute a violation of the | ||
federal Right to Financial
Privacy Act of 1978.
| ||
(e)(1) Any officer or employee of a credit union who | ||
knowingly and willfully
furnishes financial records in | ||
violation of this Section is guilty of
a business offense and | ||
upon conviction thereof shall be fined not more than
$1,000.
| ||
(2) Any person who knowingly and willfully induces or | ||
attempts to induce
any officer or employee of a credit union to | ||
disclose financial records
in violation of this Section is | ||
guilty of a business offense and upon
conviction thereof shall | ||
be fined not more than $1,000.
| ||
(f) A credit union shall be reimbursed for costs which are | ||
reasonably
necessary and which have been directly incurred in | ||
searching for,
reproducing or transporting books, papers, | ||
records or other data of a
member required or requested to be | ||
produced pursuant to a lawful subpoena,
summons, warrant, | ||
citation to discover assets, or court order. The Secretary and | ||
the Director may determine, by rule, the
rates and
conditions | ||
under which payment shall be made. Delivery of requested | ||
documents
may be delayed until final reimbursement of all | ||
costs is received.
| ||
(Source: P.A. 100-22, eff. 1-1-18; 100-664, eff. 1-1-19; | ||
100-778, eff. 8-10-18; 101-81, eff. 7-12-19.)
| ||
(205 ILCS 305/10.1)
| ||
Sec. 10.1. Retention of records. | ||
(a) Each credit union shall retain its records in a manner | ||
consistent with prudent business practices and in accordance | ||
with this Act and applicable State or federal laws, rules, and | ||
regulations. The record retention system utilized must be able | ||
to accurately produce such records. | ||
(b) Except where a retention period is required by State | ||
or federal laws, rules, or regulations, a credit union may | ||
destroy its records subject to the considerations set forth in | ||
subsection (a). In the destruction of records, the credit | ||
union shall take reasonable precautions to ensure the | ||
confidentiality of information in the records. | ||
(c) Unless a federal law requires otherwise, the Secretary | ||
and the Director may by rule
prescribe periods of time for | ||
which credit unions operating under
this Act must retain | ||
records and after the expiration of which
the credit union may | ||
destroy those records. No liability shall
accrue against the | ||
credit union, the Secretary, or this State for
the destruction | ||
of records according to rules of the Secretary
promulgated | ||
under the authority of this Section. In any cause or
| ||
proceeding in which any records may be called in question or be
| ||
demanded from any credit union, a showing of the expiration of | ||
the
period so prescribed shall be sufficient excuse for | ||
failure to
produce them.
| ||
(Source: P.A. 97-133, eff. 1-1-12.)
| ||
Section 99. Effective date. This Act takes effect upon | ||
becoming law.
| ||