Bill Text: IL HB0645 | 2011-2012 | 97th General Assembly | Introduced

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Bill Title: Amends the Promissory Note and Bank Holiday Act. Makes a technical change in the Section listing bank holidays.

Sponsorship: Partisan Bill (Democrat 1)

Status: (Failed) 2013-01-08 - Session Sine Die [HB0645 Detail]

Download: Illinois-2011-HB0645-Introduced.html

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97TH GENERAL ASSEMBLY State of Illinois 2011 and 2012 HB0645 Introduced , by Rep. Michael J. Madigan SYNOPSIS AS INTRODUCED:
205 ILCS 630/17 from Ch. 17, par. 2201
Amends the Promissory Note and Bank Holiday Act. Makes a technical change in the Section listing bank holidays.
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A BILL FOR
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AN ACT concerning regulation.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
Section 5. The Promissory Note and Bank Holiday Act is
amended by changing Section 17 as follows:
(205 ILCS 630/17) (from Ch. 17, par. 2201)
Sec. 17. Holidays.
(a) The The following days shall be legal holidays in the
State of Illinois upon which day a bank may, but is not
required to, remain closed:
the first day of January (New Year's Day);
the third Monday in January (observance of Martin Luther
King, Jr.'s birthday);
the twelfth day in February (Abraham Lincoln's birthday);
the third Monday in February (Presidents Day);
the first Monday in March (observance of Casimir Pulaski's
birthday);
the Friday preceding Easter Sunday (Good Friday);
the last Monday of May (Memorial Day);
the fourth day of July (Independence Day);
the first Monday in September (Labor Day);
the second Monday in October (Columbus Day);
the eleventh day of November (Veterans' Day);

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the fourth Thursday in November (Thanksgiving Day);
the twenty-fifth day in December (Christmas Day);
the days upon which the general elections for members of
the House of Representatives are held, and any day proclaimed
by the Governor of this State as a legal holiday. From 12
o'clock noon to 12 o'clock midnight of each Saturday shall be
considered a half holiday. In addition to such holidays and
half-holidays, a bank may select one day of the week to remain
closed, as provided in subsection (b) of this Section.
(b) Any bank doing business within this State may select
any one day of the week to remain closed on a regular basis
upon adoption of a resolution by the board of directors of such
bank designating the day selected and upon filing and
publishing a copy of such resolution as hereinafter required.
Any such resolution shall be deemed effective for the purpose
of this Section only when a copy thereof, certified by an
officer having charge of the records of such bank, is filed
with the Recorder of the county in which such bank is located
and published once each week for 3 successive weeks in a
newspaper of general circulation in such county. Such
publication shall be accomplished by, and at the expense of,
the bank, and the bank shall submit to the Commissioner of
Banks and Real Estate such evidence of the publication as the
Commissioner shall deem appropriate. Any such selection shall
remain in full force and effect until a copy of the later
resolution of the board of directors of such bank, certified in

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like manner, terminating or altering any such prior selection
shall be filed and published in the same manner as such prior
resolution.
(c) If an occasion arises when a state bank wishes to
remain closed on a particular day, other than a day on which
the bank has selected to remain closed on a regular basis as
provided in this Section, such state bank may remain closed on
such an occasion after first sending to the Commissioner a copy
of a resolution adopted by the board of directors authorizing
the bank to remain closed on such occasion and notice of the
intent to remain closed on such occasion shall be conspicuously
posted in the lobby of the main banking office and any branches
of such bank for at least 3 weeks in advance of such occasion.
Any day which any bank doing business within the State shall
select to remain closed pursuant to this Section shall, with
respect to such bank, be treated and considered as a Sunday.
(d) All legal holidays, the half holidays and any day
selected by a bank doing business within the State to remain
closed, shall, for all purposes whatsoever, as regards the
presenting for payment or acceptance, the maturity and
protesting and giving of notice of the dishonor of bills of
exchange, bank checks and promissory notes and other negotiable
or commercial paper or instrument, be treated and considered as
a Sunday. When any such holidays fall on Sunday, the Monday
next following shall be held and considered such holiday. All
notes, bills, drafts, checks or other evidence of indebtedness,

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falling due or maturing on either of such days, shall be deemed
as due or maturing upon the day following, and when 2 or more
of these days come together, or immediately succeeding each
other, then such instruments, paper or indebtedness shall be
deemed as due or having matured on the day following the last
of such days.
(e) Any act authorized, required or permitted to be
performed at or by or with respect to any bank doing business
within the State on a day which it has selected to remain
closed under this Section may be so performed on the next
succeeding business day and no liability or loss of rights of
any kind shall result from such delay.
(f) Nothing in this Act shall in any manner affect the
validity of, or render void or voidable, the payment,
certification, or acceptance of a check or other negotiable
instrument, or any other transaction by a bank in this State,
because done or performed on any Saturday, Sunday, holiday, or
any day selected by a bank to remain closed, or during any time
other than regular banking hours; but no bank in this State,
which by law or custom is entitled to remain open or to close
for the whole or any part of any day selected by it to remain
open or to close, is compelled to close, or to remain open for
the transaction of business or to perform any of the acts or
transactions aforesaid except at its own option.
(Source: P.A. 89-508, eff. 7-3-96; 89-567, eff. 7-26-96; 90-14,
eff. 7-1-97.)