Bill Text: IL HB3282 | 2017-2018 | 100th General Assembly | Chaptered
Bill Title: Amends the Data Processing Services for Financial Institutions Act. Changes the definition of "financial institution" to remove a depository institution and include a bank, savings bank, credit union, or a foreign banking corporation that receives certificates of authority from the Department of Financial and Professional Regulation (rather than the Office of Banks and Real Estate). Provides that if a financial institution makes data available to an independent data processing servicer, the data shall remain the property of the financial institution. Effective immediately.
Spectrum: Partisan Bill (Republican 2-0)
Status: (Passed) 2017-08-18 - Public Act . . . . . . . . . 100-0170 [HB3282 Detail]
Download: Illinois-2017-HB3282-Chaptered.html
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| Public Act 100-0170 | ||||
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AN ACT concerning regulation.
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Be it enacted by the People of the State of Illinois,
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represented in the General Assembly:
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Section 5. The Data Processing Services for Financial | ||||
Institutions Act is amended by changing Section 5 and by adding | ||||
Section 17 as follows:
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(205 ILCS 715/5)
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Sec. 5. Definitions. As used in this Act, the following | ||||
terms shall have
the following meanings:
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"Corporate fiduciary" has the meaning ascribed to that term | ||||
in the
Corporate Fiduciary Act.
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"Depository institution" means a bank, savings and loan | ||||
association,
savings bank, or credit union chartered under the | ||||
laws of Illinois or of the
United States.
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"Financial institution" means a bank, savings bank, or | ||||
credit union chartered under the laws of Illinois or of the | ||||
United States or a subsidiary thereof, any depository | ||||
institution or a corporate
fiduciary that has its main office | ||||
in Illinois and includes foreign
banking corporations that | ||||
receive certificates of authority from the Department of | ||||
Financial and Professional Regulation Office of
Banks and Real | ||||
Estate under the Foreign Banking Office Act.
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"Independent data processing servicer" means an entity | ||||
that provides
electronic data processing services to a
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financial institution, but does not include an entity to the | ||
extent the entity
processes interchange transactions, as | ||
defined in the Electronic Fund Transfer
Act.
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"Interface agreement" means a written agreement specifying | ||
the terms and
conditions under which an interface
of | ||
communications, data, or systems between independent data | ||
processing
servicers shall be accomplished.
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"Main office" means the location designated as the main | ||
office or
principal place of business in the charter,
articles | ||
of incorporation, or certificate of authority of the depository
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institution or corporate fiduciary.
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(Source: P.A. 91-742, eff. 6-2-00.)
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(205 ILCS 715/17 new) | ||
Sec. 17. Ownership of financial institution data. If a | ||
financial institution transfers or otherwise makes available | ||
to an independent data processing servicer any data from the | ||
financial institution's records, such data shall at all times | ||
remain the property of the financial institution. The | ||
independent data processing servicer shall have no right, | ||
title, or interest in claiming legal ownership of the data. The | ||
transfer of the data by the financial institution, pursuant to | ||
an interface agreement or other agreement with the independent | ||
data processing servicer, only authorizes the independent data | ||
processing servicer to exercise temporary control of the data | ||
for the limited purpose of performing the contracted services | ||
requested by the financial institution.
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Section 99. Effective date. This Act takes effect upon | ||
becoming law.
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