Bill Text: IL SB2360 | 2021-2022 | 102nd General Assembly | Enrolled
NOTE: There are more recent revisions of this legislation. Read Latest Draft
Bill Title: Amends the Banking Emergencies Act. In provisions concerning powers of the Secretary of Financial and Professional Regulation, provides that following a proclamation by the Secretary that authorizes banks to close or alter the hours at any or all of the bank offices due to an emergency, the officers of the bank may, at an earlier time than a proclamation by the Secretary that the emergency or impending emergency has ended, determine that the closed office or offices should reopen and the amount of time reasonably necessary to reopen. Provides that the officers of a bank shall have the authority to determine not to open any of the bank's offices or to close an office if an emergency exists, or is impending, which affects or may affect the bank's offices, even if the Secretary does not issue a proclamation. Provides that the office closed shall remain closed until the time that the officers determine the emergency has ended, and for the further amount of time reasonably necessary to reopen. Provides that no bank office shall remain closed for more than 48 consecutive hours. Provides that the Department of Financial and Professional Regulation may adopt rules to address the closing or alteration of hours by banks at one or more of their offices when affected by an emergency or impending emergency. Makes other changes.
Spectrum: Slight Partisan Bill (Republican 3-1)
Status: (Passed) 2021-08-20 - Public Act . . . . . . . . . 102-0553 [SB2360 Detail]
Download: Illinois-2021-SB2360-Enrolled.html
Bill Title: Amends the Banking Emergencies Act. In provisions concerning powers of the Secretary of Financial and Professional Regulation, provides that following a proclamation by the Secretary that authorizes banks to close or alter the hours at any or all of the bank offices due to an emergency, the officers of the bank may, at an earlier time than a proclamation by the Secretary that the emergency or impending emergency has ended, determine that the closed office or offices should reopen and the amount of time reasonably necessary to reopen. Provides that the officers of a bank shall have the authority to determine not to open any of the bank's offices or to close an office if an emergency exists, or is impending, which affects or may affect the bank's offices, even if the Secretary does not issue a proclamation. Provides that the office closed shall remain closed until the time that the officers determine the emergency has ended, and for the further amount of time reasonably necessary to reopen. Provides that no bank office shall remain closed for more than 48 consecutive hours. Provides that the Department of Financial and Professional Regulation may adopt rules to address the closing or alteration of hours by banks at one or more of their offices when affected by an emergency or impending emergency. Makes other changes.
Spectrum: Slight Partisan Bill (Republican 3-1)
Status: (Passed) 2021-08-20 - Public Act . . . . . . . . . 102-0553 [SB2360 Detail]
Download: Illinois-2021-SB2360-Enrolled.html
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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 Banking Emergencies Act is amended by | ||||||
5 | changing Sections 2, 3, and 4 and by adding Section 6 as | ||||||
6 | follows:
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7 | (205 ILCS 610/2) (from Ch. 17, par. 1002)
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8 | Sec. 2. Power of Commissioner. | ||||||
9 | (a) Whenever the Commissioner is notified by any officer | ||||||
10 | of a bank or by any
other means becomes aware that an
emergency | ||||||
11 | exists, or is impending, he may, by proclamation, authorize | ||||||
12 | all banks in the State
of Illinois to close or alter the hours | ||||||
13 | at any or all of their offices, or if only a
bank or banks, or | ||||||
14 | offices thereof, in a particular
area or areas of the State of | ||||||
15 | Illinois are affected by the emergency or
impending
emergency, | ||||||
16 | the Commissioner may authorize only the affected bank, banks, | ||||||
17 | or
offices thereof, to close. The office or offices so closed | ||||||
18 | may remain closed
until
the Commissioner declares, by further | ||||||
19 | proclamation, that the emergency or
impending emergency has | ||||||
20 | ended , or until an earlier time when the officers of the bank | ||||||
21 | determine that the office or offices so closed should reopen, | ||||||
22 | and, in either event, for the further amount of time | ||||||
23 | reasonably necessary to reopen . The
Commissioner during an |
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1 | emergency or while an impending emergency exists,
which | ||||||
2 | affects, or may affect, a particular bank or banks, or a | ||||||
3 | particular
office or offices thereof, but not banks located in | ||||||
4 | the area generally of
the said county or municipality, may | ||||||
5 | authorize the particular bank or
banks, or office or offices | ||||||
6 | so affected, to close. The office or offices so
closed shall | ||||||
7 | remain closed until the Commissioner is notified by a bank
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8 | officer of the closed bank that the emergency has ended , or | ||||||
9 | until an earlier time when the officers of the bank determine | ||||||
10 | that the office or offices so closed should reopen, and, in | ||||||
11 | either event, for the further amount of time reasonably | ||||||
12 | necessary to reopen . The Commissioner
shall notify, at such | ||||||
13 | time, the officers of the bank that one or more
offices, | ||||||
14 | heretofore closed because of the emergency, should reopen and, | ||||||
15 | in
either event, for such further time thereafter as may | ||||||
16 | reasonably be
required to reopen.
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17 | (b) Whenever the Secretary becomes aware that an emergency | ||||||
18 | exists, or is impending, he or she may, by proclamation, waive | ||||||
19 | any requirements to the notices, applications, or reports | ||||||
20 | required to be filed and authorize any bank organized under | ||||||
21 | the laws of this State, of another state, or of the United | ||||||
22 | States, to open and operate offices in this State, | ||||||
23 | notwithstanding any other laws of this State to the contrary. | ||||||
24 | Any office or offices opened in accordance with this | ||||||
25 | subsection may remain open until the Commissioner declares, by | ||||||
26 | further proclamation, that the emergency or impending |
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1 | emergency has ended. The Department of Financial and | ||||||
2 | Professional Regulation may adopt rules to implement this | ||||||
3 | subsection (b).
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4 | (c) When the officers of a bank are of the opinion that an | ||||||
5 | emergency exists, or is impending, which affects or may affect | ||||||
6 | the bank's offices, they shall have the authority, in the | ||||||
7 | reasonable exercise of their discretion, to determine not to | ||||||
8 | open any of the bank's offices on any day or, if having opened, | ||||||
9 | to close an office during the continuation of the emergency, | ||||||
10 | even if the Commissioner does not issue a proclamation. The | ||||||
11 | office closed shall remain closed until the time that the | ||||||
12 | officers determine the emergency has ended, and for the | ||||||
13 | further amount of time reasonably necessary to reopen. No bank | ||||||
14 | office shall remain closed for more than 48 consecutive hours, | ||||||
15 | excluding legal holidays and other days on which the bank is | ||||||
16 | permitted to remain closed under the Promissory Note and Bank | ||||||
17 | Holiday Act, without the prior approval of the Commissioner. | ||||||
18 | (Source: P.A. 95-77, eff. 8-13-07; 96-1365, eff. 7-28-10.)
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19 | (205 ILCS 610/3) (from Ch. 17, par. 1003)
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20 | Sec. 3.
Notice
to Commissioner and the Public.
A bank | ||||||
21 | closing an office or offices pursuant to the authority granted
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22 | herein under Section 2 of this Act shall give as prompt notice | ||||||
23 | of its action as
conditions will permit and by any means | ||||||
24 | available, to the Commissioner, or
in the case of a national | ||||||
25 | bank, to the Comptroller of the Currency. In
addition the bank |
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1 | shall post notice of the temporary closing and the
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2 | authorization for the closing on the main entrance doors of | ||||||
3 | the office or offices bank
affected.
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4 | (Source: P.A. 77-1782.)
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5 | (205 ILCS 610/4) (from Ch. 17, par. 1004)
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6 | Sec. 4. Effect of Closing. Any day on which a bank, or any | ||||||
7 | one or more of its offices, is closed
during all or any part of | ||||||
8 | its normal banking hours pursuant to the
authorization granted | ||||||
9 | under Section 2 of this Act shall be, with respect to such bank
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10 | or, if not all of its offices are closed, then with respect to | ||||||
11 | any office
or offices which are closed, a legal holiday for all | ||||||
12 | purposes with respect
to any banking business of any | ||||||
13 | character. No liability, or loss of rights
of any kind, on the | ||||||
14 | part of any bank, or director, officer, or employee
thereof, | ||||||
15 | shall accrue or result by virtue of any closing authorized by | ||||||
16 | this
Act.
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17 | The provisions of this Act shall be construed and applied | ||||||
18 | as being in
addition to, and not in substitution for or | ||||||
19 | limitation of, any other law of
this State or of the United | ||||||
20 | States, authorizing the closing of a bank or
excusing the | ||||||
21 | delay by a bank in the performance of its duties and
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22 | obligations because of emergencies or conditions beyond the | ||||||
23 | bank's control,
or otherwise.
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24 | (Source: P.A. 77-1782.)
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1 | (205 ILCS 610/6 new) | ||||||
2 | Sec. 6. Rulemaking. The Department of Financial and | ||||||
3 | Professional Regulation may adopt rules to address the closing | ||||||
4 | or alteration of hours by banks at one or more of their offices | ||||||
5 | when affected by an emergency or impending emergency.
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