94TH GENERAL ASSEMBLY
State of Illinois
2005 and 2006
HB5293


 
Introduced 1/25/2006, by Rep. Harry R. Ramey, Jr.
 
SYNOPSIS AS INTRODUCED:
 		













New Act











    Creates the Financial Institution Credit Watch Services Act.  Provides that any financial institution that has suffered a breach of security concerning  personal information shall  provide the owner or licensee of the personal information with free credit monitoring services for a period of not less than 6 months, if the personal information was, or is reasonably believed to have been, acquired by an unauthorized person.  Excludes a financial institution that is independently owned and operated, not dominant in its field, and employs fewer than 50 full-time employees from the requirements of the Act.
















LRB094 18368 LCT 53679 b

















 


 


A BILL FOR









 











HB5293

LRB094 18368 LCT 53679 b






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    AN ACT concerning business.

 
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    Be it enacted by the People of the State of Illinois,
 
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represented in the General Assembly:


 
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    Section 1. Short title. This Act may be cited as the 
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Financial Institution Credit Monitoring Services Act.
 
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    Section 5. Definitions. As used in this Act:
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    "Breach of security" means unauthorized  acquisition of  
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computerized or written
 data that compromises the security, 
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confidentiality, or
integrity of personal information 
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maintained by the financial institution.  Good
faith 
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acquisition of personal information by an employee or agent of

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the agency for the purposes of the agency is not a "breach of 
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security" provided that the personal information is not
used or 
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subject to further unauthorized disclosure.
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    "Credit
monitoring service" means a service that allows a 
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consumer electronic
access to the information in his or her 
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credit report on demand and
provides regular e-mail 
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notifications of changes to the consumer's
credit report.
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    "Financial institution" means any bank, credit union, 
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insurance company, mortgage banking company, savings bank, 
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savings and loan association, or other residential mortgage 
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lender that operates or has a place of business in this State.
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    "Personal information" means an individual's first name or 
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first initial and last name in combination with any one or more 
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of the following data elements, when either the name or the 
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data elements are not encrypted or redacted:
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        (1) Social Security number.
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        (2) Driver's license number or State identification 
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    card number.
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        (3) Account number or credit or debit card number, or  
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    an account number or credit card number in combination with 
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    any required security code, access code, or password that 
 


 






HB5293
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LRB094 18368 LCT 53679 b




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    would permit access to an individual's financial account.

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    "Personal information" does not include publicly available 
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information that is lawfully made available to the general 
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public from federal, State, or local government records.
 
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    Section 10. Credit watch services. Any financial 
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institution that has suffered a breach of security concerning  
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personal information shall  provide the owner or licensee of the 
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personal information with free credit monitoring services for a 
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period of not less than 6 months, if the personal information 
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was, or is reasonably believed to have been, acquired by an 
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unauthorized person.

 
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    Section 15. Application. This Act does not apply to a 
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financial institution, including its affiliates, that is 
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independently owned and operated, not dominant in its field, 
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and employs fewer than 50 full-time employees.