(745 ILCS 48/5)
Sec. 5.
Findings and declarations of policy.
The General Assembly
hereby
finds and declares that:
(1) the economic strength and general welfare of |
| Illinois depends on strong, safe and sound financial institutions that command the highest levels of public confidence among the citizens of this State;
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(2) Illinois financial institutions are highly
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| monitored and closely supervised by federal and state regulatory agencies which impose strict compliance standards and conduct regular and frequent examinations on these institutions;
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(3) countless computer systems, software programs,
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| microchips, and integrated circuits have been created, distributed, installed, and relied upon throughout this State and the world which are not capable of recognizing certain dates in 1999 and after December 31, 1999, and which will read dates in the year 2000 and thereafter as if those dates represent the year 1900 or thereafter, or which will fail to process those dates (commonly referred to as the "Year 2000 Problem");
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(4) the federal and state regulatory agencies which
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| regulate Illinois financial institutions have required these institutions to undergo exhaustive planning, remediation, testing, and contingency preparedness to properly address the Year 2000 Problem with respect to both internal and external mission critical computer systems, internal and external non-mission critical computer systems, third party vendors, customers, and other possible sources of business interruption, and are closely monitoring, examining, and supervising these efforts on an institution by institution basis;
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(5) Illinois financial institutions have expended
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| hundreds of millions of dollars on reprogramming, replacing, and testing their computer systems to properly address the Year 2000 Problem and continue to be accountable to their federal and state regulatory agencies for meeting the strict safety and soundness standards imposed on them in connection with the Year 2000 Problem;
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(6) Illinois financial institutions are integral to
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| the payments system and credit and savings bases relied on by all other businesses, governmental entities, and citizens of this State irrespective of whether those businesses, governmental entities, and citizens have addressed and implemented solutions in connection with the Year 2000 Problem; and
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(7) it is in the interests of this State to recognize
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| the unique and rigorous standards required of Illinois financial institutions in connection with the Year 2000 Problem and their integral role in maintaining the payments system and credit and savings bases in this State and to preserve public confidence in these institutions and ensure their safety and soundness, thereby protecting and enhancing the economy and general welfare of this State, by providing uniform and judicious legal standards for Illinois financial institutions in connection with the Year 2000 Problem.
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(Source: P.A. 91-645, eff. 8-20-99.)
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(745 ILCS 48/10)
Sec. 10.
Definitions.
For the purposes of this Act:
(a) The term "Illinois financial institution" means:
(1) a State bank, a national bank, or an |
| out-of-state bank, as those terms are defined in the Illinois Banking Act, or any subsidiary of a State bank, a national bank, or an out-of-state bank;
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(2) a foreign banking corporation, as that term is
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| defined in the Foreign Banking Office Act, or any subsidiary of a foreign banking corporation;
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(3) a corporate fiduciary, as that term is defined
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| in the Corporate Fiduciary Act, or any subsidiary of a corporate fiduciary;
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(4) a savings bank organized under the Savings Bank
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| Act, an out-of-state savings bank chartered under the laws of a state other than Illinois, a territory of the United States, or the District of Columbia, or a federal savings bank organized under federal law, or any subsidiary of a savings bank, an out-of-state savings bank, or a federal savings bank;
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(5) an association or federal association, as those
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| terms are defined in the Illinois Savings and Loan Act of 1985, or any subsidiary of an association or federal association;
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(6) an out-of-state savings and loan association
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| chartered under the laws of a state other than Illinois, a territory of the United States, or the District of Columbia, or a federal savings and loan association organized under federal law whose principal business office is located outside of Illinois, or any subsidiary of an out-of-state savings and loan association or federal savings and loan association whose principal business office is located outside of Illinois;
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(7) a credit union, as defined in the Illinois
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| Credit Union Act, or any subsidiary of a credit union; or
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(8) a network owned by one or more financial
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| institutions, as those terms are defined in the Electronic Fund Transfer Act.
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The terms in this subsection (a) also shall be deemed to include a direct or
indirect
holding company of an Illinois financial institution in connection with a Year
2000 claim
involving the Illinois financial institution directly or indirectly owned by
such holding
company.
(b) The term "Year 2000 failure" means any failure by any device or system
(including, without limitation, any computer system and any microchip or
integrated circuit
embedded in another device or product), or any software, firmware, or other set
or
collection of processing instructions, however constructed, in processing,
calculating,
comparing, sequencing, displaying, storing, transmitting, or receiving
date-related data
during the years 1999 and 2000 or from, into, or between the twentieth century
and the
twenty-first century, or the failure to recognize or accurately process any
specific date,
or the failure to accurately account for the status of the year 2000 as a
leap year.
(c) The term "Year 2000 action" means a civil action of any kind brought
under
Illinois law, except for a civil action brought by a federal or state agency
that regulates the
Illinois financial institution, in which:
(1) a Year 2000 claim is asserted; or
(2) any claim or defense is related, directly or
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| indirectly, to a Year 2000 claim.
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(d) The term "Year 2000 claim" means any claim or cause of action of any
kind,
whether asserted by way of claim, counterclaim, cross-claim, third-party claim,
or
otherwise, in which a party or other person's loss or harm is alleged to have
resulted,
directly or indirectly, from any act or omission in connection with an actual
or potential Year
2000 failure, except for claims involving physical injury to the extent of the
claim of physical
injury.
(e) The term "physical injury" means any physical injury to a natural
person,
including the death of the person, but does not include mental suffering,
emotional distress,
or other similar elements of injury that do not constitute physical harm to a
natural person.
(Source: P.A. 91-645, eff. 8-20-99.)
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