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| | HB2514 Enrolled | | LRB100 08509 SMS 18634 b |
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| 1 | | AN ACT concerning regulation.
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| 2 | | Be it enacted by the People of the State of Illinois,
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| 3 | | represented in the General Assembly:
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| 4 | | Section 5. The Illinois Banking Act is amended by changing |
| 5 | | Section 48.3 as follows:
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| 6 | | (205 ILCS 5/48.3) (from Ch. 17, par. 360.2)
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| 7 | | Sec. 48.3.
Disclosure of reports of examinations
and |
| 8 | | confidential
supervisory information;
limitations.
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| 9 | | (a) Any report of examination, visitation, or |
| 10 | | investigation prepared by
the Secretary Commissioner under |
| 11 | | this Act, the Electronic Fund Transfer
Act, the Corporate |
| 12 | | Fiduciary Act, the
Illinois Bank Holding Company Act of 1957, |
| 13 | | and the Foreign
Banking Office Act, any report of examination, |
| 14 | | visitation, or
investigation prepared by the state regulatory
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| 15 | | authority of another state that examines a branch of an |
| 16 | | Illinois State bank in
that state, any document or record |
| 17 | | prepared or obtained in
connection with or relating to any
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| 18 | | examination, visitation, or investigation, and any record |
| 19 | | prepared or
obtained by the Secretary Commissioner to the |
| 20 | | extent that the record summarizes or
contains information |
| 21 | | derived from any report, document, or record described
in this |
| 22 | | subsection shall be deemed "confidential supervisory |
| 23 | | information".
Confidential
supervisory information shall not |
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| 1 | | include any information or record
routinely prepared by a bank |
| 2 | | or other financial institution and maintained in
the ordinary |
| 3 | | course of business or any information or record that is |
| 4 | | required
to be made publicly available pursuant to State or |
| 5 | | federal law or rule.
Confidential supervisory information
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| 6 | | shall be the property of the Secretary Commissioner and shall |
| 7 | | only be
disclosed under the circumstances and for the purposes |
| 8 | | set forth in this
Section.
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| 9 | | The Secretary Commissioner may
disclose
confidential |
| 10 | | supervisory information only under the following |
| 11 | | circumstances:
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| 12 | | (1) The Secretary Commissioner may furnish |
| 13 | | confidential supervisory information
to the Board of |
| 14 | | Governors of the
Federal Reserve System, the federal |
| 15 | | reserve bank of the federal reserve
district in which the |
| 16 | | State bank is located or in which the parent or other
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| 17 | | affiliate of the State bank is located, any official or |
| 18 | | examiner
thereof duly accredited for the purpose, or any |
| 19 | | other state regulator, federal
regulator, or in the case of |
| 20 | | a foreign bank possessing a certificate of
authority |
| 21 | | pursuant to the Foreign Banking Office Act or a license |
| 22 | | pursuant to
the Foreign Bank Representative Office Act, the |
| 23 | | bank regulator in the country
where the foreign bank is |
| 24 | | chartered,
that the Secretary Commissioner determines to |
| 25 | | have an appropriate
regulatory interest. Nothing contained |
| 26 | | in this Act shall be construed to
limit the obligation of |
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| 1 | | any member State bank to comply with the
requirements |
| 2 | | relative to examinations and reports of the Federal Reserve
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| 3 | | Act and of the Board of Governors of the Federal Reserve |
| 4 | | System or the
federal reserve bank of the federal reserve |
| 5 | | district in which the bank is
located, nor to limit in any |
| 6 | | way the powers of the Secretary Commissioner with
reference |
| 7 | | to examinations and reports.
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| 8 | | (2) The Secretary Commissioner may furnish |
| 9 | | confidential supervisory information
to the United States, |
| 10 | | any agency
thereof that has insured a bank's deposits in |
| 11 | | whole or in part, or any official
or examiner thereof duly |
| 12 | | accredited for the purpose. Nothing contained in this Act |
| 13 | | shall be
construed to limit the obligation relative to |
| 14 | | examinations and reports of any
State bank, deposits in |
| 15 | | which are to any extent insured by the United States,
any |
| 16 | | agency thereof, nor to limit in any way the powers of the |
| 17 | | Secretary Commissioner with
reference to examination and |
| 18 | | reports of such bank.
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| 19 | | (2.5) The Secretary may furnish confidential |
| 20 | | supervisory information to a Federal Home Loan Bank in |
| 21 | | connection with any bank that is a member of the Federal |
| 22 | | Home Loan Bank or in connection with any application by the |
| 23 | | bank before the Federal Home Loan Bank. The confidential |
| 24 | | supervisory information shall remain the property of the |
| 25 | | Secretary and may not be further disclosed without the |
| 26 | | Secretary's permission.
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| 1 | | (3) The Secretary Commissioner may furnish
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| 2 | | confidential supervisory
information
to the appropriate |
| 3 | | law
enforcement authorities when the Secretary |
| 4 | | Commissioner reasonably believes a
bank, which
the |
| 5 | | Secretary Commissioner has
caused to be examined, has been |
| 6 | | a victim of a crime.
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| 7 | | (4) The Secretary Commissioner may furnish |
| 8 | | confidential supervisory information
relating to a bank or |
| 9 | | other
financial institution, which the Secretary |
| 10 | | Commissioner has caused to be
examined, to be sent to the
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| 11 | | administrator of the Uniform Disposition of Unclaimed |
| 12 | | Property Act.
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| 13 | | (5) The Secretary Commissioner may furnish
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| 14 | | confidential supervisory
information relating to a bank or |
| 15 | | other
financial institution, which
the Secretary |
| 16 | | Commissioner has caused to be examined, relating to its
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| 17 | | performance of obligations under the Illinois Income Tax |
| 18 | | Act and the
Illinois Estate and Generation-Skipping |
| 19 | | Transfer Tax Act to the Illinois
Department of Revenue.
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| 20 | | (6) The Secretary Commissioner may furnish
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| 21 | | confidential supervisory
information relating to a bank or |
| 22 | | other
financial institution, which
the Secretary |
| 23 | | Commissioner has caused to be examined, under the
federal |
| 24 | | Currency and Foreign Transactions Reporting Act,
Title 31, |
| 25 | | United States Code, Section 1051 et seq.
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| 26 | | (6.5) The Secretary Commissioner may furnish
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| 1 | | confidential supervisory
information to any other agency |
| 2 | | or entity that the Secretary Commissioner determines
to
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| 3 | | have a legitimate regulatory interest.
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| 4 | | (7) The Secretary Commissioner may furnish
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| 5 | | confidential supervisory
information under any other
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| 6 | | statute that by its terms or by regulations promulgated |
| 7 | | thereunder
requires the disclosure of financial records |
| 8 | | other than by subpoena,
summons, warrant, or court order.
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| 9 | | (8) At the request of the affected bank or other |
| 10 | | financial institution,
the Secretary Commissioner may |
| 11 | | furnish
confidential supervisory
information relating to a |
| 12 | | bank or other financial
institution, which
the Secretary |
| 13 | | Commissioner has caused to be examined, in connection with |
| 14 | | the
obtaining of insurance coverage or the pursuit of an |
| 15 | | insurance claim for or on
behalf of the bank or other |
| 16 | | financial institution; provided that, when
possible, the |
| 17 | | Secretary Commissioner shall disclose only relevant |
| 18 | | information while
maintaining the confidentiality of |
| 19 | | financial records not relevant to such
insurance coverage |
| 20 | | or claim and, when appropriate, may delete identifying data
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| 21 | | relating to any person or individual.
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| 22 | | (9) The Secretary Commissioner may furnish a copy of a |
| 23 | | report of any examination
performed by the Secretary |
| 24 | | Commissioner of the condition and affairs of any
electronic |
| 25 | | data processing entity to the banks serviced by the |
| 26 | | electronic
data processing entity.
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| 1 | | (10) In addition to the foregoing circumstances, the |
| 2 | | Secretary Commissioner may,
but is not required to, furnish
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| 3 | | confidential supervisory information under the same |
| 4 | | circumstances authorized for
the bank or financial
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| 5 | | institution pursuant to subsection
(b) of this Section, |
| 6 | | except that the Secretary Commissioner shall provide
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| 7 | | confidential supervisory information under circumstances |
| 8 | | described in paragraph (3) of
subsection (b) of this |
| 9 | | Section only upon the request of the bank or other
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| 10 | | financial institution.
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| 11 | | (b) A bank or other financial institution or its officers, |
| 12 | | agents, and
employees may disclose
confidential supervisory |
| 13 | | information only under the
following circumstances:
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| 14 | | (1) to the board of directors of the bank or other |
| 15 | | financial institution,
as well as the president, |
| 16 | | vice-president, cashier, and other officers of the
bank or |
| 17 | | other financial institution to whom the board of directors |
| 18 | | may delegate
duties with respect to compliance with |
| 19 | | recommendations for action, and to the board of directors |
| 20 | | of a bank holding company that owns at
least 80% of the |
| 21 | | outstanding stock of the bank or other financial |
| 22 | | institution;
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| 23 | | (2) to attorneys for the bank or other financial |
| 24 | | institution and to a
certified public accountant engaged by |
| 25 | | the State bank or financial
institution to perform an |
| 26 | | independent audit provided that the attorney or
certified |
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| 1 | | public accountant shall not permit the
confidential |
| 2 | | supervisory
information to be further disseminated;
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| 3 | | (3) to any person who seeks to acquire a controlling |
| 4 | | interest in, or who
seeks to merge with, the
bank or |
| 5 | | financial institution, provided that all attorneys, |
| 6 | | certified public
accountants, officers, agents, or |
| 7 | | employees of that person shall agree to be
bound to respect |
| 8 | | the confidentiality of the
confidential supervisory
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| 9 | | information and to not further disseminate the information |
| 10 | | therein contained;
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| 11 | | (3.5) to a Federal Home Loan Bank of which it is a |
| 12 | | member;
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| 13 | | (4) (blank); or
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| 14 | | (5) to the bank's insurance company in relation to an |
| 15 | | insurance
claim or
the effort by the bank to procure |
| 16 | | insurance coverage, provided that, when
possible, the bank |
| 17 | | shall disclose only information that is relevant to the
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| 18 | | insurance claim or that is necessary to procure the |
| 19 | | insurance coverage, while
maintaining the confidentiality |
| 20 | | of financial information pertaining to
customers. When |
| 21 | | appropriate, the bank may delete identifying data relating |
| 22 | | to
any person.
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| 23 | | The disclosure of confidential supervisory information by |
| 24 | | a bank or other
financial institution pursuant to this |
| 25 | | subsection (b) and the disclosure of
information to the |
| 26 | | Secretary Commissioner or other regulatory agency in |
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| 1 | | connection with
any examination, visitation, or investigation |
| 2 | | shall not constitute a waiver of
any legal privilege otherwise |
| 3 | | available to the bank or other financial
institution with |
| 4 | | respect to the information.
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| 5 | | (c) (1) Notwithstanding any other provision of this Act
or |
| 6 | | any other law, confidential supervisory information shall be |
| 7 | | the property of
the Secretary Commissioner and shall be |
| 8 | | privileged from disclosure to any person except
as provided in |
| 9 | | this Section. No person in possession of confidential
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| 10 | | supervisory information may disclose that information for any |
| 11 | | reason or under
any circumstances not specified in this Section |
| 12 | | without the prior authorization
of the Secretary
Commissioner. |
| 13 | | Any person upon whom a demand for production of confidential
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| 14 | | supervisory information is made, whether by subpoena, order, or |
| 15 | | other judicial
or administrative process, must withhold |
| 16 | | production of the confidential
supervisory information and |
| 17 | | must notify the Secretary Commissioner of the demand, at
which |
| 18 | | time the Secretary Commissioner is authorized to intervene for |
| 19 | | the purpose of
enforcing the limitations of this Section or |
| 20 | | seeking the withdrawal or
termination of the attempt to compel |
| 21 | | production of the confidential
supervisory information.
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| 22 | | (2) Any request for discovery or disclosure of confidential |
| 23 | | supervisory
information, whether by subpoena, order, or other |
| 24 | | judicial or administrative
process, shall be made to the |
| 25 | | Secretary Commissioner, and the Secretary Commissioner shall
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| 26 | | determine within 15 days whether to disclose the information |
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| 1 | | pursuant to
procedures and standards that the Secretary |
| 2 | | Commissioner shall establish by rule. If the Secretary
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| 3 | | Commissioner determines that such information will not be |
| 4 | | disclosed, the Secretary's
Commissioner's decision shall be |
| 5 | | subject to judicial review under the
provisions of the |
| 6 | | Administrative Review Law, and venue shall be in either
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| 7 | | Sangamon County or Cook County.
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| 8 | | (3) Any court order that compels disclosure of confidential |
| 9 | | supervisory
information may be immediately appealed by the |
| 10 | | Secretary Commissioner, and the order
shall
be automatically |
| 11 | | stayed pending the outcome of the appeal.
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| 12 | | (d) If any officer, agent, attorney, or employee of a bank |
| 13 | | or
financial institution knowingly and willfully furnishes
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| 14 | | confidential supervisory information in violation of this |
| 15 | | Section, the Secretary
Commissioner may impose a
civil monetary |
| 16 | | penalty up to $1,000 for the violation against
the officer, |
| 17 | | agent, attorney, or employee.
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| 18 | | (Source: P.A. 90-301, eff. 8-1-97; 91-201, eff. 1-1-00.)
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| 19 | | Section 10. The Savings Bank Act is amended by changing |
| 20 | | Section 9012 as follows:
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| 21 | | (205 ILCS 205/9012) (from Ch. 17, par. 7309-12)
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| 22 | | Sec. 9012.
Disclosure of reports of examinations and |
| 23 | | confidential
supervisory information; limitations.
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| 24 | | (a) Any report of examination, visitation, or |
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| 1 | | investigation prepared by
the Secretary
Commissioner
under |
| 2 | | this Act, any report of examination, visitation, or |
| 3 | | investigation
prepared by the state
regulatory authority of |
| 4 | | another state that examines a branch of an Illinois
State |
| 5 | | savings bank in
that state, any document or record prepared or |
| 6 | | obtained in connection with or
relating to any
examination, |
| 7 | | visitation, or investigation, and any record prepared or |
| 8 | | obtained
by the Secretary
Commissioner to the extent that the |
| 9 | | record summarizes or contains information
derived from
any |
| 10 | | report, document, or record described in this subsection shall |
| 11 | | be deemed
confidential
supervisory information. "Confidential |
| 12 | | supervisory information" shall not
include any information or
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| 13 | | record routinely prepared by a savings bank and maintained in |
| 14 | | the ordinary
course of business or any
information or record |
| 15 | | that is required to be made publicly available pursuant
to |
| 16 | | State or federal law
or rule. Confidential supervisory |
| 17 | | information shall be the property of the Secretary
Commissioner |
| 18 | | and shall
only be disclosed under the circumstances and for the |
| 19 | | purposes set forth in
this Section.
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| 20 | | The Secretary Commissioner may disclose confidential |
| 21 | | supervisory information only under
the following
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| 22 | | circumstances:
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| 23 | | (1) The Secretary Commissioner may furnish |
| 24 | | confidential supervisory information to
federal and state
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| 25 | | depository institution regulators, or any official or |
| 26 | | examiner thereof duly
accredited for the
purpose. Nothing |
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| 1 | | contained in this Act shall be construed to limit the
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| 2 | | obligation of any savings
bank to comply with the |
| 3 | | requirements relative to examinations and reports nor
to |
| 4 | | limit in any way
the powers of the Secretary Commissioner |
| 5 | | relative to examinations and reports.
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| 6 | | (2) The Secretary Commissioner may furnish |
| 7 | | confidential supervisory information to
the United
States |
| 8 | | or any agency thereof that to any extent has insured a |
| 9 | | savings bank's
deposits, or any
official or examiner |
| 10 | | thereof duly accredited for the purpose. Nothing contained
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| 11 | | in this Act shall be
construed to limit the obligation |
| 12 | | relative to examinations and reports of any
savings bank
in |
| 13 | | which deposits are to any extent insured by the United |
| 14 | | States or any agency
thereof
nor to limit in any way
the |
| 15 | | powers of the Secretary Commissioner with reference to |
| 16 | | examination and reports of the
savings bank.
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| 17 | | (2.5) The Secretary may furnish confidential |
| 18 | | supervisory information to a Federal Home Loan Bank in |
| 19 | | connection with any savings bank that is a member of the |
| 20 | | Federal Home Loan Bank or in connection with any |
| 21 | | application by the savings bank before the Federal Home |
| 22 | | Loan Bank. The confidential supervisory information shall |
| 23 | | remain the property of the Secretary and may not be further |
| 24 | | disclosed without the Secretary's permission.
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| 25 | | (3) The Secretary Commissioner may furnish |
| 26 | | confidential supervisory information to
the appropriate
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| 1 | | law enforcement authorities when the Secretary |
| 2 | | Commissioner reasonably believes a savings
bank, which the |
| 3 | | Secretary
Commissioner has caused to be examined, has been |
| 4 | | a victim of a crime.
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| 5 | | (4) The Secretary Commissioner may furnish |
| 6 | | confidential supervisory information
related
to a
savings |
| 7 | | bank, which the Secretary Commissioner has caused to be |
| 8 | | examined, to the
administrator of the
Uniform Disposition |
| 9 | | of Unclaimed Property Act.
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| 10 | | (5) The Secretary Commissioner may furnish |
| 11 | | confidential supervisory information
relating to a
savings |
| 12 | | bank, which the Secretary Commissioner has caused to be |
| 13 | | examined, relating to its
performance
of obligations under |
| 14 | | the Illinois Income Tax Act and the Illinois Estate and
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| 15 | | Generation-Skipping
Transfer Tax Act to the Illinois |
| 16 | | Department of Revenue.
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| 17 | | (6) The Secretary Commissioner may furnish |
| 18 | | confidential supervisory information
relating to a
savings |
| 19 | | bank, which the Secretary Commissioner has caused to be |
| 20 | | examined, under the
federal Currency
and Foreign |
| 21 | | Transactions Reporting Act, 31 United States Code, Section
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| 22 | | 1051 et seq.
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| 23 | | (7) The Secretary Commissioner may furnish |
| 24 | | confidential supervisory information to
any other agency
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| 25 | | or entity that the Secretary Commissioner determines to |
| 26 | | have a legitimate regulatory
interest.
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| 1 | | (8) The Secretary Commissioner may furnish |
| 2 | | confidential supervisory information as
otherwise
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| 3 | | permitted or required by this Act and may furnish |
| 4 | | confidential supervisory
information under any
other |
| 5 | | statute that by its terms or by regulations promulgated |
| 6 | | thereunder
requires the disclosure
of financial records |
| 7 | | other than by subpoena, summons, warrant, or court order.
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| 8 | | (9) At the request of the affected savings bank, the |
| 9 | | Secretary Commissioner may
furnish confidential
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| 10 | | supervisory information relating to the savings bank, |
| 11 | | which the Secretary Commissioner
has caused to be
examined, |
| 12 | | in connection with the obtaining of insurance coverage or |
| 13 | | the pursuit
of an insurance
claim for or on behalf of the |
| 14 | | savings bank; provided that, when possible, the Secretary
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| 15 | | Commissioner shall
disclose only relevant information |
| 16 | | while maintaining the confidentiality of
financial records
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| 17 | | not relevant to such insurance coverage or claim and, when |
| 18 | | appropriate, may
delete identifying data
relating to any |
| 19 | | person.
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| 20 | | (10) The Secretary Commissioner may furnish a copy of a |
| 21 | | report of any examination
performed by
the Secretary |
| 22 | | Commissioner of the condition and affairs of any electronic |
| 23 | | data processing
entity to the
savings banks serviced by the |
| 24 | | electronic data processing entity.
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| 25 | | (11) In addition to the foregoing circumstances, the |
| 26 | | Secretary Commissioner may, but
is not
required to, furnish |
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| 1 | | confidential supervisory information under the same
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| 2 | | circumstances authorized
for the savings bank pursuant to |
| 3 | | subsection (b) of this Section, except that
the Secretary |
| 4 | | Commissioner shall
provide confidential supervisory |
| 5 | | information under circumstances described in
paragraph (3) |
| 6 | | of
subsection (b) of this Section only upon the request of |
| 7 | | the savings bank.
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| 8 | | (b) A savings bank or its officers, agents, and employees |
| 9 | | may disclose
confidential
supervisory information only under |
| 10 | | the following circumstances:
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| 11 | | (1) to the board of directors of the savings bank, as |
| 12 | | well as the
president, vice-president,
cashier, and other |
| 13 | | officers of the savings bank to whom the board of directors
|
| 14 | | may delegate
duties with respect to compliance with |
| 15 | | recommendations for action, and to the
board of
directors |
| 16 | | of a savings bank holding company that owns at least 80% of |
| 17 | | the
outstanding stock of the
savings bank or other |
| 18 | | financial institution.
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| 19 | | (2) to attorneys for the savings bank and to a |
| 20 | | certified public
accountant engaged by the
savings bank to |
| 21 | | perform an independent audit; provided that the attorney or
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| 22 | | certified public
accountant shall not permit the |
| 23 | | confidential supervisory information to be
further |
| 24 | | disseminated.
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| 25 | | (3) to any person who seeks to acquire a controlling |
| 26 | | interest in, or who
seeks to merge with,
the savings bank; |
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| 1 | | provided that the person shall agree to be bound to respect
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| 2 | | the confidentiality
of the confidential supervisory |
| 3 | | information and to not further disseminate the
information
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| 4 | | other than to attorneys, certified public accountants, |
| 5 | | officers, agents, or
employees of that
person who likewise |
| 6 | | shall agree to be bound to respect the confidentiality of
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| 7 | | the confidential
supervisory information and to not |
| 8 | | further disseminate the information.
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| 9 | | (4) to the savings bank's insurance company, if the |
| 10 | | supervisory
information contains
information that is |
| 11 | | otherwise unavailable and is strictly necessary to
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| 12 | | obtaining insurance coverage or
pursuing an insurance |
| 13 | | claim for or on behalf of the savings bank; provided
that, |
| 14 | | when possible, the
savings bank shall disclose only |
| 15 | | information that is relevant to obtaining
insurance |
| 16 | | coverage or
pursuing an insurance claim, while maintaining |
| 17 | | the confidentiality of financial
information
pertaining to |
| 18 | | customers; and provided further that, when appropriate, |
| 19 | | the
savings bank may delete
identifying data relating to
|
| 20 | | any person.
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| 21 | | (5) to a Federal Home Loan Bank of which it is a |
| 22 | | member. |
| 23 | | The disclosure of confidential supervisory information by |
| 24 | | a savings bank
pursuant to this
subsection (b) and the |
| 25 | | disclosure of information to the Secretary Commissioner or |
| 26 | | other
regulatory agency in
connection with any examination, |
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| 1 | | visitation, or investigation shall not
constitute a waiver of |
| 2 | | any
legal privilege otherwise available to the savings bank |
| 3 | | with respect to the
information.
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| 4 | | (c) (1) Notwithstanding any other provision of this Act or |
| 5 | | any other law,
confidential
supervisory information shall be |
| 6 | | the property of the Secretary Commissioner and shall be
|
| 7 | | privileged from
disclosure to any person except as provided in |
| 8 | | this Section. No person in
possession of
confidential |
| 9 | | supervisory information may disclose that information for any
|
| 10 | | reason or under any
circumstances not specified in this Section |
| 11 | | without the prior authorization of
the Secretary Commissioner.
|
| 12 | | Any person upon whom a demand for production of confidential |
| 13 | | supervisory
information is made,
whether by subpoena, order, or |
| 14 | | other judicial or administrative process, must
withhold
|
| 15 | | production of the confidential supervisory information and |
| 16 | | must notify the Secretary
Commissioner of the
demand, at which |
| 17 | | time the Secretary Commissioner is authorized to intervene for |
| 18 | | the
purpose of
enforcing the limitations of this Section or |
| 19 | | seeking the withdrawal or
termination of the attempt to
compel |
| 20 | | production of the confidential supervisory information.
|
| 21 | | (2) Any request for discovery or disclosure of confidential |
| 22 | | supervisory
information, whether
by subpoena, order, or other |
| 23 | | judicial or administrative process, shall be made
to the |
| 24 | | Secretary
Commissioner, and the Secretary Commissioner shall |
| 25 | | determine within 15 days whether to
disclose the
information |
| 26 | | pursuant to procedures and standards that the Secretary |
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| 1 | | Commissioner shall
establish by rule. If
the Secretary |
| 2 | | Commissioner determines that such information will not be |
| 3 | | disclosed, the Secretary's
Commissioner's
decision shall be |
| 4 | | subject to judicial review under the provisions of the
|
| 5 | | Administrative Review
Law, and venue shall be in either |
| 6 | | Sangamon County or Cook County.
|
| 7 | | (3) Any court order that compels disclosure of confidential |
| 8 | | supervisory
information may be
immediately appealed by the |
| 9 | | Secretary Commissioner, and the order shall be automatically
|
| 10 | | stayed pending the
outcome of the appeal.
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| 11 | | (d) If any officer, agent, attorney, or employee of a |
| 12 | | savings bank knowingly
and willfully
furnishes confidential |
| 13 | | supervisory information in violation of this Section,
the |
| 14 | | Secretary
Commissioner may impose a civil monetary penalty up |
| 15 | | to $1,000 for the violation
against
the officer, agent, |
| 16 | | attorney, or employee.
|
| 17 | | (e) Subject to the limits of this Section, the Secretary
|
| 18 | | Commissioner also may promulgate regulations to set procedures |
| 19 | | and
standards for
disclosure of
the
following items:
|
| 20 | | (1) All fixed orders and opinions made in cases of
|
| 21 | | appeals of the Secretary's Commissioner's actions.
|
| 22 | | (2) Statements of policy and interpretations adopted |
| 23 | | by
the Secretary's Commissioner's office, but not |
| 24 | | otherwise made public.
|
| 25 | | (3) Nonconfidential portions of application files,
|
| 26 | | including applications for new charters. The Secretary |
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| 1 | | Commissioner
shall specify by rule as to what part of the |
| 2 | | files are
confidential.
|
| 3 | | (4) Quarterly reports of income, deposits, and |
| 4 | | financial
condition.
|
| 5 | | (Source: P.A. 93-271, eff. 7-22-03.)
|
| 6 | | Section 15. The Illinois Credit Union Act is amended by |
| 7 | | changing Section 9.1 as follows:
|
| 8 | | (205 ILCS 305/9.1)
|
| 9 | | Sec. 9.1. Disclosures of reports of examinations and |
| 10 | | confidential
supervisory information; limitations. |
| 11 | | (1) Any report of examination, visitation, or |
| 12 | | investigation
prepared by the Secretary under this Act or by |
| 13 | | the state
regulatory authority charged with enforcing the |
| 14 | | Electronic Fund
Transfer Act or the Corporate Fiduciary Act or |
| 15 | | by the state
regulatory authority of another state that |
| 16 | | examines an office of
an Illinois credit union in that state, |
| 17 | | any document or record
prepared or obtained in connection with |
| 18 | | or relating to any
examination, visitation, or investigation, |
| 19 | | and any record
prepared or obtained by the Secretary to the |
| 20 | | extent that the record
summarizes or contains information |
| 21 | | derived from any report,
document, or record described in this |
| 22 | | subsection shall be deemed
"confidential supervisory |
| 23 | | information". Confidential supervisory
information shall not |
| 24 | | include any information or record routinely
prepared by a |
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| 1 | | credit union and maintained in the ordinary course
of business |
| 2 | | or any information or record that is required to be
made |
| 3 | | publicly available pursuant to State or federal law or rule.
|
| 4 | | (2) Confidential supervisory information is privileged |
| 5 | | from
discovery and shall only be disclosed under the |
| 6 | | circumstances and
for the purposes set forth in this Section.
|
| 7 | | (3) Relevant confidential supervisory information may be
|
| 8 | | disclosed under a statute that by its terms or by rules
|
| 9 | | promulgated thereunder requires the disclosure of confidential
|
| 10 | | supervisory information other than by subpoena, summons,
|
| 11 | | warrant, or court
order; to the appropriate
law enforcement
|
| 12 | | authorities when the Secretary or the credit union reasonably |
| 13 | | believes the
credit union,
which the Secretary has caused to be |
| 14 | | examined, has been a victim of a crime;
to other agencies or |
| 15 | | entities having a
legitimate regulatory interest, including, |
| 16 | | but not limited to, a Federal Home Loan Bank; to the credit |
| 17 | | union's board,
officers, retained professionals, and insurers; |
| 18 | | to persons
seeking to merge with or purchase all or part of the |
| 19 | | assets of the credit
union; and where disclosure is otherwise |
| 20 | | required for the benefit of
the credit union. Disclosure of |
| 21 | | confidential supervisory
information to these persons does not |
| 22 | | constitute a waiver
of the legal privilege otherwise available |
| 23 | | with respect to the
information.
|
| 24 | | (4) A person to whom confidential supervisory information |
| 25 | | is
disclosed shall not further disseminate confidential |
| 26 | | supervisory
information.
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| 1 | | (5) (a) Any person upon whom a demand for production of
|
| 2 | | confidential supervisory information is made, whether by
|
| 3 | | subpoena, order, or other judicial or administrative
process, |
| 4 | | must withhold production of the confidential
supervisory |
| 5 | | information and must notify the Secretary of
the demand, at |
| 6 | | which time the Secretary is authorized to
intervene for the |
| 7 | | purpose of enforcing the limitations of
this Section or seeking |
| 8 | | the withdrawal or termination of
the attempt to compel |
| 9 | | production of the confidential
supervisory information.
|
| 10 | | (b) Any request for discovery or disclosure of confidential
|
| 11 | | supervisory information, whether by subpoena, order, or
other |
| 12 | | judicial or administrative process, shall be made to
the |
| 13 | | Secretary, and the Secretary shall determine within 15
days |
| 14 | | whether to disclose the information pursuant to
procedures and |
| 15 | | standards that the Secretary shall
establish by rule. If the |
| 16 | | Secretary determines that such
information will not be |
| 17 | | disclosed, the Secretary's
decision shall be subject to |
| 18 | | judicial review under the
provisions of the Administrative |
| 19 | | Review Law, and venue
shall be in either Sangamon County or |
| 20 | | Cook County.
|
| 21 | | (c) Any court order that compels disclosure of confidential
|
| 22 | | supervisory information may be immediately appealed by the
|
| 23 | | Secretary and the order shall be automatically stayed
pending |
| 24 | | the outcome of the appeal.
|
| 25 | | (Source: P.A. 97-133, eff. 1-1-12.)
|
| 26 | | Section 99. Effective date. This Act takes effect upon |