Bill Amendment: IL SB2360 | 2021-2022 | 102nd General Assembly
NOTE: For additional amemendments please see the Bill Drafting List
Bill Title: BANKING EMERGENCY ACT-HOLIDAYS
Status: 2021-08-20 - Public Act . . . . . . . . . 102-0553 [SB2360 Detail]
Download: Illinois-2021-SB2360-Senate_Amendment_001.html
Bill Title: BANKING EMERGENCY ACT-HOLIDAYS
Status: 2021-08-20 - Public Act . . . . . . . . . 102-0553 [SB2360 Detail]
Download: Illinois-2021-SB2360-Senate_Amendment_001.html
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1 | AMENDMENT TO SENATE BILL 2360
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2 | AMENDMENT NO. ______. Amend Senate Bill 2360 by replacing | ||||||
3 | everything after the enacting clause with the following:
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4 | "Section 5. The Banking Emergencies Act is amended by | ||||||
5 | changing Sections 2, 3, and 4 and by adding Section 6 as | ||||||
6 | follows:
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7 | (205 ILCS 610/2) (from Ch. 17, par. 1002)
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8 | Sec. 2. Power of Commissioner. | ||||||
9 | (a) Whenever the Commissioner is notified by any officer | ||||||
10 | of a bank or by any
other means becomes aware that an
emergency | ||||||
11 | exists, or is impending, he may, by proclamation, authorize | ||||||
12 | all banks in the State
of Illinois to close or alter the hours | ||||||
13 | at any or all of their offices, or if only a
bank or banks, or | ||||||
14 | offices thereof, in a particular
area or areas of the State of | ||||||
15 | Illinois are affected by the emergency or
impending
emergency, | ||||||
16 | the Commissioner may authorize only the affected bank, banks, |
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1 | or
offices thereof, to close. The office or offices so closed | ||||||
2 | may remain closed
until
the Commissioner declares, by further | ||||||
3 | proclamation, that the emergency or
impending emergency has | ||||||
4 | ended , or until an earlier time when the officers of the bank | ||||||
5 | determine that the office or offices so closed should reopen, | ||||||
6 | and, in either event, for the further amount of time | ||||||
7 | reasonably necessary to reopen . The
Commissioner during an | ||||||
8 | emergency or while an impending emergency exists,
which | ||||||
9 | affects, or may affect, a particular bank or banks, or a | ||||||
10 | particular
office or offices thereof, but not banks located in | ||||||
11 | the area generally of
the said county or municipality, may | ||||||
12 | authorize the particular bank or
banks, or office or offices | ||||||
13 | so affected, to close. The office or offices so
closed shall | ||||||
14 | remain closed until the Commissioner is notified by a bank
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15 | officer of the closed bank that the emergency has ended , or | ||||||
16 | until an earlier time when the officers of the bank determine | ||||||
17 | that the office or offices so closed should reopen, and, in | ||||||
18 | either event, for the further amount of time reasonably | ||||||
19 | necessary to reopen . The Commissioner
shall notify, at such | ||||||
20 | time, the officers of the bank that one or more
offices, | ||||||
21 | heretofore closed because of the emergency, should reopen and, | ||||||
22 | in
either event, for such further time thereafter as may | ||||||
23 | reasonably be
required to reopen.
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24 | (b) Whenever the Secretary becomes aware that an emergency | ||||||
25 | exists, or is impending, he or she may, by proclamation, waive | ||||||
26 | any requirements to the notices, applications, or reports |
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1 | required to be filed and authorize any bank organized under | ||||||
2 | the laws of this State, of another state, or of the United | ||||||
3 | States, to open and operate offices in this State, | ||||||
4 | notwithstanding any other laws of this State to the contrary. | ||||||
5 | Any office or offices opened in accordance with this | ||||||
6 | subsection may remain open until the Commissioner declares, by | ||||||
7 | further proclamation, that the emergency or impending | ||||||
8 | emergency has ended. The Department of Financial and | ||||||
9 | Professional Regulation may adopt rules to implement this | ||||||
10 | subsection (b).
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11 | (c) When the officers of a bank are of the opinion that an | ||||||
12 | emergency exists, or is impending, which affects or may affect | ||||||
13 | the bank's offices, they shall have the authority, in the | ||||||
14 | reasonable exercise of their discretion, to determine not to | ||||||
15 | open any of the bank's offices on any day or, if having opened, | ||||||
16 | to close an office during the continuation of the emergency, | ||||||
17 | even if the Commissioner does not issue a proclamation. The | ||||||
18 | office closed shall remain closed until the time that the | ||||||
19 | officers determine the emergency has ended, and for the | ||||||
20 | further amount of time reasonably necessary to reopen. No bank | ||||||
21 | office shall remain closed for more than 48 consecutive hours, | ||||||
22 | excluding legal holidays and other days on which the bank is | ||||||
23 | permitted to remain closed under the Promissory Note and Bank | ||||||
24 | Holiday Act, without the prior approval of the Commissioner. | ||||||
25 | (Source: P.A. 95-77, eff. 8-13-07; 96-1365, eff. 7-28-10.)
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1 | (205 ILCS 610/3) (from Ch. 17, par. 1003)
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2 | Sec. 3.
Notice
to Commissioner and the Public.
A bank | ||||||
3 | closing an office or offices pursuant to the authority granted
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4 | herein under Section 2 of this Act shall give as prompt notice | ||||||
5 | of its action as
conditions will permit and by any means | ||||||
6 | available, to the Commissioner, or
in the case of a national | ||||||
7 | bank, to the Comptroller of the Currency. In
addition the bank | ||||||
8 | shall post notice of the temporary closing and the
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9 | authorization for the closing on the main entrance doors of | ||||||
10 | the office or offices bank
affected.
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11 | (Source: P.A. 77-1782.)
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12 | (205 ILCS 610/4) (from Ch. 17, par. 1004)
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13 | Sec. 4. Effect of Closing. Any day on which a bank, or any | ||||||
14 | one or more of its offices, is closed
during all or any part of | ||||||
15 | its normal banking hours pursuant to the
authorization granted | ||||||
16 | under Section 2 of this Act shall be, with respect to such bank
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17 | or, if not all of its offices are closed, then with respect to | ||||||
18 | any office
or offices which are closed, a legal holiday for all | ||||||
19 | purposes with respect
to any banking business of any | ||||||
20 | character. No liability, or loss of rights
of any kind, on the | ||||||
21 | part of any bank, or director, officer, or employee
thereof, | ||||||
22 | shall accrue or result by virtue of any closing authorized by | ||||||
23 | this
Act.
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24 | The provisions of this Act shall be construed and applied | ||||||
25 | as being in
addition to, and not in substitution for or |
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1 | limitation of, any other law of
this State or of the United | ||||||
2 | States, authorizing the closing of a bank or
excusing the | ||||||
3 | delay by a bank in the performance of its duties and
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4 | obligations because of emergencies or conditions beyond the | ||||||
5 | bank's control,
or otherwise.
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6 | (Source: P.A. 77-1782.)
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7 | (205 ILCS 610/6 new) | ||||||
8 | Sec. 6. Rulemaking. The Department of Financial and | ||||||
9 | Professional Regulation may adopt rules to address the closing | ||||||
10 | or alteration of hours by banks at one or more of their offices | ||||||
11 | when affected by an emergency or impending emergency. ".
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