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91_HB3857
LRB9112088JScd
1 AN ACT to amend the Illinois Banking Act by adding
2 Section 48.6.
3 Be it enacted by the People of the State of Illinois,
4 represented in the General Assembly:
5 Section 5. The Illinois Banking Act is amended by adding
6 Section 48.6 as follows:
7 (205 ILCS 5/48.6 new)
8 Sec. 48.6. Retention of records. Unless a federal law
9 requires otherwise, the Commissioner shall by rule prescribe
10 periods of time for which banks operating under this Act must
11 retain records and after the expiration of which, the bank
12 may destroy those records. No liability shall accrue against
13 the bank, the Commissioner, or this State for the destruction
14 of records according to rules of the Commissioner promulgated
15 under the authority of this Section. In any cause or
16 proceeding in which any records may be called in question or
17 be demanded by any bank, a showing of the expiration of the
18 period so prescribed shall be sufficient excuse for failure
19 to produce them.
20 Section 99. Effective date. This Act takes effect upon
21 becoming law.