Bill Text: IL HB1397 | 2019-2020 | 101st General Assembly | Introduced
Bill Title: Amends the Data Processing Services for Financial Institutions Act. Makes a technical change in a Section relating to arbitration.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2019-04-12 - Rule 19(a) / Re-referred to Rules Committee [HB1397 Detail]
Download: Illinois-2019-HB1397-Introduced.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, | |||||||||||||||||||
| 3 | represented in the General Assembly:
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| 4 | Section 5. The Data Processing Services for Financial | |||||||||||||||||||
| 5 | Institutions Act is amended by changing Section 15 as follows:
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| 6 | (205 ILCS 715/15)
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| 7 | Sec. 15. Arbitration of disputes. In the
the case of a | |||||||||||||||||||
| 8 | dispute between the
independent data processing
servicers | |||||||||||||||||||
| 9 | regarding any terms or conditions
of an interface agreement, or | |||||||||||||||||||
| 10 | in the event that a dispute regarding proposed
terms and | |||||||||||||||||||
| 11 | conditions results in the failure of
the independent data | |||||||||||||||||||
| 12 | processing servicers to enter into an interface agreement
as | |||||||||||||||||||
| 13 | required by this Act, the parties shall be
deemed to have | |||||||||||||||||||
| 14 | agreed to the appointment of an
arbitrator for a binding | |||||||||||||||||||
| 15 | resolution of the dispute consistent with the
provisions of the | |||||||||||||||||||
| 16 | Uniform Arbitration Act unless the parties agree to some
other | |||||||||||||||||||
| 17 | process for binding arbitration or unless the aggrieved party | |||||||||||||||||||
| 18 | seeks court
action.
Any decision by the arbitrator in | |||||||||||||||||||
| 19 | connection with any arbitration
shall be determined only after | |||||||||||||||||||
| 20 | an
opportunity for a hearing.
Anything to the contrary in this
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| 21 | Act notwithstanding, any right of arbitration
granted under | |||||||||||||||||||
| 22 | this Act is subject to the right of either party to seek court
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| 23 | action. | |||||||||||||||||||
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| 1 | (Source: P.A. 91-742, eff. 6-2-00.)
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