SB 2360

Abstract

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. Senate Committee Amendment No. 1 Deletes reference to: 205 ILCS 610/2 rep. 205 ILCS 610/3 rep. Adds reference to: 205 ILCS 610/2 from Ch. 17, par. 1002 205 ILCS 610/3 from Ch. 17, par. 1003 Replaces everything after the enacting clause. 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.