Bill Text: IL HB3282 | 2017-2018 | 100th General Assembly | Enrolled

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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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-Enrolled.html

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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 Data Processing Services for Financial
Institutions Act is amended by changing Section 5 and by adding
Section 17 as follows:
(205 ILCS 715/5)
Sec. 5. Definitions. As used in this Act, the following
terms shall have the following meanings:
"Corporate fiduciary" has the meaning ascribed to that term
in the Corporate Fiduciary Act.
"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.
"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.
"Independent data processing servicer" means an entity

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that provides electronic data processing services to a
financial institution, but does not include an entity to the
extent the entity processes interchange transactions, as
defined in the Electronic Fund Transfer Act.
"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.
"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
institution or corporate fiduciary.
(Source: P.A. 91-742, eff. 6-2-00.)
(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

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for the limited purpose of performing the contracted services
requested by the financial institution.
Section 99. Effective date. This Act takes effect upon
becoming law.