Public Act 102-0553
 
SB2360 EnrolledLRB102 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 Sections 2, 3, and 4 and  by adding Section 6 as 
follows:
 



    (205 ILCS 610/2)  (from Ch. 17, par. 1002)



    Sec. 2. Power of Commissioner. 
    (a) Whenever the Commissioner is notified by any officer 
of a bank or by any
other means becomes aware that an
emergency 
exists, or is impending, he may, by proclamation, authorize 
all banks in the State
of Illinois to close or alter the hours 
at any or all of their offices, or if only a
bank or banks, or 
offices thereof, in a particular
area or areas of the State of 
Illinois are affected by the emergency or
impending
emergency, 
the Commissioner may authorize only the affected bank, banks, 
or
offices thereof, to close.  The office or offices so closed 
may remain closed
until
the Commissioner declares, by further 
proclamation, that the emergency or
impending emergency has 
ended, or until an earlier time when the officers of the bank 
determine that the office or offices so closed should reopen, 
and, in either event, for the further amount of time 
reasonably necessary to reopen. The
Commissioner during an 
emergency or while an impending emergency exists,
which 
affects, or may affect, a particular bank or banks, or a 
particular
office or offices thereof, but not banks located in 
the area generally of
the said county or municipality, may 
authorize the particular bank or
banks, or office or offices 
so affected, to close. The office or offices so
closed shall 
remain closed until the Commissioner is notified by a bank

officer of the closed bank that the emergency has ended, or 
until an earlier time when the officers of the bank determine 
that the office or offices so closed should reopen, and, in 
either event, for the further amount of time reasonably 
necessary to reopen. The Commissioner
shall notify, at such 
time, the officers of the bank that one or more
offices, 
heretofore closed because of the emergency, should reopen and, 
in
either event, for such further time thereafter as may 
reasonably be
required to reopen.

    (b) Whenever the Secretary becomes aware that an emergency 
exists, or is impending, he or she may, by proclamation, waive 
any requirements to the notices, applications, or reports 
required to be filed and authorize any bank organized under 
the laws of this State, of another state, or of the United 
States, to open and operate offices in this State, 
notwithstanding any other laws of this State to the contrary.  
Any office or offices opened in accordance with this 
subsection may remain open until the Commissioner declares, by 
further proclamation, that the emergency or impending 
emergency has ended. The Department of Financial and 
Professional Regulation may adopt rules to implement this 
subsection (b).

    (c)   When the officers of a bank are of the opinion that an 
emergency exists, or is impending, which affects or may affect 
the bank's offices, they shall have the authority, in the 
reasonable exercise of their discretion, to determine not to 
open any of the bank's offices on any day or, if having opened, 
to close an office during the continuation of the emergency, 
even if the Commissioner does not issue a proclamation. 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. No bank 
office shall remain closed for more than 48 consecutive hours, 
excluding legal holidays and other days on which the bank is 
permitted to remain closed under the Promissory Note and Bank 
Holiday Act, without the prior approval of the Commissioner. 
(Source: P.A. 95-77, eff. 8-13-07; 96-1365, eff. 7-28-10.)

 



    (205 ILCS 610/3)  (from Ch. 17, par. 1003)



    Sec. 3. 
Notice
to Commissioner and the Public.
A bank 
closing an office or offices pursuant to the authority granted

herein under Section 2 of this Act shall give as prompt notice 
of its action as
conditions will permit and by any means 
available, to the Commissioner, or
in the case of a national 
bank, to the Comptroller of the Currency. In
addition the bank 
shall post notice of the temporary closing and the

authorization for the closing on the main entrance doors of 
the office or offices bank
affected.

(Source: P.A. 77-1782.)

 



    (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 pursuant to the
authorization granted 
under Section 2 of 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

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.