Public Act 90-0161 of the 90th General Assembly
Public Act 90-0161
HB1655 Enrolled LRB9004770JSmg
AN ACT concerning reliance on the rules and opinions of
the Commissioner of Banks and Real Estate, amending named
Acts.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
Section 5. The Illinois Banking Act is amended by adding
Section 48.4 as follows:
(205 ILCS 5/48.4 new)
Sec. 48.4. Reliance on Commissioner. No bank or other
person shall be liable under this Act for any act done or
omitted in good faith in conformity with any rule,
interpretation, or opinion issued by the Commissioner of
Banks and Real Estate, notwithstanding that after the act or
omission has occurred, the rule, opinion, or interpretation
upon which reliance is placed is amended, rescinded, or
determined by judicial or other authority to be invalid for
any reason.
Section 10. The Illinois Bank Holding Company Act of
1957 is amended by adding Section 3.075 as follows:
(205 ILCS 10/3.075 new)
Sec. 3.075. Reliance on Commissioner. No bank holding
company or other person shall be liable under this Act for
any act done or omitted in good faith in conformity with any
rule, interpretation, or opinion issued by the Commissioner
of Banks and Real Estate, notwithstanding that after the act
or omission has occurred, the rule, opinion, or
interpretation upon which reliance is placed is amended,
rescinded, or determined by judicial or other authority to be
invalid for any reason.
Section 15. The Illinois Savings and Loan Act of 1985 is
amended by adding Section 11-5 as follows:
(205 ILCS 205/11-5 new)
Sec. 11-5. Reliance on Commissioner. No association or
other person shall be liable under this Act for any act done
or omitted in good faith in conformity with any rule,
interpretation, or opinion issued by the Commissioner of
Banks and Real Estate, notwithstanding that after the act or
omission has occurred, the rule, opinion, or interpretation
upon which reliance is placed is amended, rescinded, or
determined by judicial or other authority to be invalid for
any reason.
Section 20. The Savings Bank Act is amended by adding
Section 11012 as follows:
(205 ILCS 205/11012 new)
Sec. 11012. Reliance on Commissioner. No savings bank
or other person shall be liable under this Act for any act
done or omitted in good faith in conformity with any rule,
interpretation, or opinion issued by the Commissioner of
Banks and Real Estate, notwithstanding that after the act or
omission has occurred, the rule, opinion, or interpretation
upon which reliance is placed is amended, rescinded, or
determined by judicial or other authority to be invalid for
any reason.
Section 25. The Corporate Fiduciary Act is amended by
adding Section 8-2 as follows:
(205 ILCS 620/8-2 new)
Sec. 8-2. Reliance on Commissioner. No corporate
fiduciary or other person shall be liable under this Act for
any act done or omitted in good faith in conformity with any
rule, interpretation, or opinion issued by the Commissioner
of Banks and Real Estate, notwithstanding that after the act
or omission has occurred, the rule, opinion, or
interpretation upon which reliance is placed is amended,
rescinded, or determined by judicial or other authority to be
invalid for any reason.
Section 30. The Foreign Banking Office Act is amended by
adding Section 20 as follows:
(205 ILCS 645/20 new)
Sec. 20. Reliance on Commissioner. No foreign banking
corporation or other person shall be liable under this Act
for any act done or omitted in good faith in conformity with
any rule, interpretation, or opinion issued by the
Commissioner of Banks and Real Estate, notwithstanding that
after the act or omission has occurred, the rule, opinion, or
interpretation upon which reliance is placed is amended,
rescinded, or determined by judicial or other authority to be
invalid for any reason.
Section 35. The Foreign Bank Representative Office Act
is amended by adding Section 7 as follows:
(205 ILCS 650/7 new)
Sec. 7. Reliance on Commissioner. No foreign bank or
other person shall be liable under this Act for any act done
or omitted in good faith in conformity with any rule,
interpretation, or opinion issued by the Commissioner of
Banks and Real Estate, notwithstanding that after the act or
omission has occurred, the rule, opinion, or interpretation
upon which reliance is placed is amended, rescinded, or
determined by judicial or other authority to be invalid for
any reason.
Section 40. The Trust and Trustees Act is amended by
adding Section 21 as follows:
(760 ILCS 5/21 new)
Sec. 21. Reliance on Commissioner of Banks and Real
Estate. No trustee or other person shall be liable under
this Act for any act done or omitted in good faith in
conformity with any rule, interpretation, or opinion issued
by the Commissioner of Banks and Real Estate, notwithstanding
that after the act or omission has occurred, the rule,
opinion, or interpretation upon which reliance is placed is
amended, rescinded, or determined by judicial or other
authority to be invalid for any reason.
Section 45. The Common Trust Fund Act is amended by
adding Section 8 as follows:
(760 ILCS 45/8 new)
Sec. 8. Reliance on Commissioner of Banks and Real
Estate. No fiduciary or other person shall be liable under
this Act for any act done or omitted in good faith in
conformity with any rule, interpretation, or opinion issued
by the Commissioner of Banks and Real Estate, notwithstanding
that after the act or omission has occurred, the rule,
opinion, or interpretation upon which reliance is placed is
amended, rescinded, or determined by judicial or other
authority to be invalid for any reason.
Section 50. The Interest Act is amended by changing
Section 6 as follows:
(815 ILCS 205/6) (from Ch. 17, par. 6413)
Sec. 6. If any person or corporation knowingly contracts
for or receives, directly or indirectly, by any device,
subterfuge or other means, unlawful interest, discount or
charges for or in connection with any loan of money, the
obligor may, recover by means of an action or defense an
amount equal to twice the total of all interest, discount and
charges determined by the loan contract or paid by the
obligor, whichever is greater, plus such reasonable
attorney's fees and court costs as may be assessed by a court
against the lender. The payments due and to become due
including all interest, discount and charges included therein
under the terms of the loan contract, shall be reduced by the
amount which the obligor is thus entitled to recover.
Recovery by means of a defense may be had at any time after
the loan is transacted. Recovery by means of an action may be
had at any time after the loan is transacted and prior to the
expiration of 2 years after the earlier of (1) the date of
the last scheduled payment of the loan after giving effect to
all renewals or extensions thereof, if any, or (2) the date
on which the total amount due under the terms of the loan
contract is fully paid. A bona fide error in connection with
a loan shall not be a violation under this section if the
lender corrects the error within a reasonable time.
No person shall be liable under this Act for provision of
this Section imposing any liability shall apply to any act
done or omitted in good faith in conformity with any rule, or
regulation, or interpretation, or opinion issued thereof by
the Commissioner of Banks and Real Estate or the Department
of Financial Institutions or any other department or agency
of the State, notwithstanding that after such act or omission
has occurred, such rule, regulation, or interpretation, or
opinion is amended, rescinded, or determined by judicial or
other authority to be invalid for any reason.
(Source: P.A. 86-1222.)
Section 55. The provisions of this amendatory Act of
1997 and the changes made to existing statutory law by this
amendatory Act of 1997 are severable under Section 1.31 of
the Statute on Statutes.
Section 99. Effective date. This Act takes effect upon
becoming law.