IL SB3971 | 2021-2022 | 102nd General Assembly

Status

Completed Legislative Action
Spectrum: Partisan Bill (Democrat 5-0)
Status: Passed on May 13 2022 - 100% progression
Action: 2022-05-13 - Public Act . . . . . . . . . 102-0873
Text: Latest bill text (Chaptered) [HTML]

Summary

Amends the Illinois Banking Act. In provisions concerning customer financial records and confidentiality, provides that a bank shall disclose financial records only after the bank sends a copy of the subpoena, summons, warrant, citation, or court order to the person establishing the relationship with the bank at the person's last known address 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. In provisions concerning retention of records, provides that each bank shall retain its records in a manner consistent with prudent business practices and applicable State or federal laws, rules, and regulations. Provides that except where a retention period is required by State or federal laws, rules, or regulations, a bank may destroy its records. Removes provisions concerning retention of records. Makes the same changes in the Savings Bank Act. Makes other changes. Effective immediately.

Tracking Information

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Title

FIN-BANKING/RECORDS RETENTION

Sponsors


Roll Calls

2022-04-01 - House - Third Reading in House (Y: 108 N: 0 NV: 1 Abs: 3) [PASS]
2022-02-24 - Senate - Third Reading in Senate (Y: 55 N: 0 NV: 3 Abs: 0) [PASS]

History

DateChamberAction
2022-05-13SenatePublic Act . . . . . . . . . 102-0873
2022-05-13SenateEffective Date May 13, 2022
2022-05-13SenateGovernor Approved
2022-04-29SenateSent to the Governor
2022-04-01HouseAdded Alternate Co-Sponsor Rep. Barbara Hernandez
2022-04-01SenatePassed Both Houses
2022-04-01HouseThird Reading - Short Debate - Passed 108-000-000
2022-03-23HousePlaced on Calendar Order of 3rd Reading - Short Debate
2022-03-23HouseSecond Reading - Short Debate
2022-03-16HousePlaced on Calendar 2nd Reading - Short Debate
2022-03-15HouseDo Pass / Short Debate Financial Institutions Committee; 011-000-000
2022-03-07HouseAssigned to Financial Institutions Committee
2022-02-25HouseReferred to Rules Committee
2022-02-25HouseFirst Reading
2022-02-25HouseChief House Sponsor Rep. La Shawn K. Ford
2022-02-25HouseArrived in House
2022-02-24SenateAdded as Co-Sponsor Sen. Kimberly A. Lightford
2022-02-24SenateThird Reading - Passed; 055-000-000
2022-02-24SenatePlaced on Calendar Order of 3rd Reading
2022-02-24SenateSenate Floor Amendment No. 1 Adopted; Murphy
2022-02-24SenateRecalled to Second Reading
2022-02-24SenateAdded as Co-Sponsor Sen. Mattie Hunter
2022-02-23SenateSenate Floor Amendment No. 1 Recommend Do Adopt Financial Institutions; 007-000-000
2022-02-22SenatePlaced on Calendar Order of 3rd Reading February 23, 2022
2022-02-22SenateSecond Reading
2022-02-22SenateSenate Floor Amendment No. 1 Assignments Refers to Financial Institutions
2022-02-18SenateSenate Floor Amendment No. 1 Referred to Assignments
2022-02-18SenateSenate Floor Amendment No. 1 Filed with Secretary by Sen. Laura M. Murphy
2022-02-10SenatePlaced on Calendar Order of 2nd Reading February 15, 2022
2022-02-10SenateDo Pass Financial Institutions; 007-000-000
2022-02-01SenateAssigned to Financial Institutions
2022-01-21SenateReferred to Assignments
2022-01-21SenateFirst Reading
2022-01-21SenateFiled with Secretary by Sen. Laura M. Murphy

Code Citations

ChapterArticleSectionCitation TypeStatute Text
2052054013Amended CodeCitation Text
2052059011Amended CodeCitation Text
205548.1Amended CodeCitation Text
205548.6Amended CodeCitation Text

Illinois State Sources


Bill Comments

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