SB 3971

Abstract

Amends the Illinois Banking Act. In provisions concerning customer financial records and confidentiality, provides that a bank shall disclose financial records only after the bank sends a copy of the subpoena, summons, warrant, citation, or court order to the person establishing the relationship with the bank at the person's last known address through a third-party commercial carrier or courier with delivery charge fully prepaid, by hand delivery, or by electronic delivery at an email address on file with the bank. In provisions concerning retention of records, provides that each bank shall retain its records in a manner consistent with prudent business practices and applicable State or federal laws, rules, and regulations. Provides that except where a retention period is required by State or federal laws, rules, or regulations, a bank may destroy its records. Removes provisions concerning retention of records. Makes the same changes in the Savings Bank Act. Makes other changes. Effective immediately. Senate Floor Amendment No. 1 Adds reference to: 205 ILCS 305/10 from Ch. 17, par. 4411 205 ILCS 305/10.1 Replaces everything after the enacting clause with the provisions of the introduced bill with the following changes. Amends the Illinois Credit Union Act. In provisions concerning credit union records and member financial records, provides that a credit union shall disclose specified financial records pursuant to a lawful subpoena, summons, warrant, citation to discover assets or court order only after the credit union sends (rather than mails) a copy of the request to the person establishing the relationship with the credit union, if living, or the person's personal representative, if known, at the person's last known address by first class mail, postage prepaid, through a third-party commercial carrier or courier with delivery charge fully prepaid, by hand delivery, or by electronic delivery at an email address on file with the credit union (instead of only by first class mail). In provisions concerning retention of records, provides that each credit union shall retain its records in a manner consistent with prudent business practices and in accordance with the provisions and applicable State or federal laws, rules, and regulations. Provides that the record retention system utilized must be able to accurately produce records. Provides that except where a retention period is required by State or federal laws, rules, or regulations, a credit union may destroy its records, and that in the destruction of records, the credit union shall take reasonable precautions to ensure the confidentiality of information in the records. Makes other changes. Effective immediately.