Bill Text: IL SB2360 | 2021-2022 | 102nd General Assembly | Introduced

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

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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-Introduced.html

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102ND GENERAL ASSEMBLY State of Illinois 2021 and 2022 SB2360 Introduced 2/26/2021, by Sen. John Connor SYNOPSIS AS INTRODUCED:
205 ILCS 610/4 from Ch. 17, par. 1004
205 ILCS 610/6 new
205 ILCS 610/2 rep.
205 ILCS 610/3 rep.
Amends the Banking Emergencies Act. Provides that any day on which a bank, or any one or more of its offices, is closed during all or any part of its normal banking hours due to an emergency or impending emergency affecting the bank or any one or more of its offices (rather than pursuant to authorization granted by the Secretary) shall be a legal holiday for all purposes with respect to any banking business of any character. 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. Repeals provisions concerning powers of the Secretary of Financial and Professional Regulation and provisions concerning notice to the Secretary and the public.
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A BILL FOR
SB2360 LRB102 14792 BMS 20145 b
AN ACT concerning regulation.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
Section 5. The Banking Emergencies Act is amended by
changing Section 4 and by adding Section 6 as follows:
(205 ILCS 610/4) (from Ch. 17, par. 1004)
Sec. 4. Effect of Closing. Any day on which a bank, or any
one or more of its offices, is closed during all or any part of
its normal banking hours due to an emergency or impending
emergency affecting the bank or any one or more of its offices
pursuant to the authorization granted under this Act shall be,
with respect to such bank or, if not all of its offices are
closed, then with respect to any office or offices which are
closed, a legal holiday for all purposes with respect to any
banking business of any character. No liability, or loss of
rights of any kind, on the part of any bank, or director,
officer, or employee thereof, shall accrue or result by virtue
of any closing authorized by this Act.
The provisions of this Act shall be construed and applied
as being in addition to, and not in substitution for or
limitation of, any other law of this State or of the United
States, authorizing the closing of a bank or excusing the
delay by a bank in the performance of its duties and

SB2360 - 2 - LRB102 14792 BMS 20145 b
obligations because of emergencies or conditions beyond the
bank's control, or otherwise.
(Source: P.A. 77-1782.)
(205 ILCS 610/6 new)
Sec. 6. Rulemaking. 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.
(205 ILCS 610/2 rep.)
(205 ILCS 610/3 rep.)
Section 10. The Banking Emergencies Act is amended by
repealing Sections 2 and 3.