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91_SB0813
LRB9103505JSpc
1 AN ACT to amend the Corporate Fiduciary Act by adding
2 Section 3-4.
3 Be it enacted by the People of the State of Illinois,
4 represented in the General Assembly:
5 Section 5. The Corporate Fiduciary Act is amended by
6 adding Section 3-4 as follows:
7 (205 ILCS 620/3-4 new)
8 Sec. 3-4. Computer systems. A corporate fiduciary shall
9 be deemed to have acted prudently in the administration of
10 its fiduciary accounts with respect to the ability of (a) the
11 computer and other electronic hardware and systems it uses to
12 administer fiduciary accounts, (including, but not limited
13 to, hardware and systems used or interfaced with in order to
14 account, report, monitor, measure, transfer, receive, or
15 distribute assets) and (b) the computer and other electronic
16 hardware and systems of companies, governments, and other
17 entities or assets in which the fiduciary is invested, to
18 accurately process date data, including calculating,
19 comparing, and sequencing from, into, and between all
20 calendar years, including leap year calculations, if the
21 corporate fiduciary's actions or non-actions are
22 substantially consistent with those of other corporate
23 fiduciaries administering like fiduciary accounts of similar
24 size in the city, town, village, or other geographic area in
25 which the corporate fiduciary is located. A corporate
26 fiduciary shall be deemed to have acted substantially
27 consistent with other such corporate fiduciaries in this
28 regard unless shown to the contrary.
29 Section 99. Effective date. This Act takes effect upon
30 becoming law.