Senate Sponsors: O'MALLEY-WALSH,L-SIEBEN AND DONAHUE. House Sponsors: BEAUBIEN-BUGIELSKI-MEYER-TENHOUSE-KENNER Short description: BANK INVESTMENT SECURITIES Synopsis of Bill as introduced: Amends the Illinois Banking Act. Provides that the eligibility of a marketable investment security to be purchased by a State bank is determined at the time of the purchase. Requires that the marketable investment security must receive the requisite investment rating from at least one national rating service. Effective immediately. SENATE AMENDMENT NO. 1. Deletes reference to: 205 ILCS 5/33 Adds reference to: New Act Deletes everything. Creates the Data Processing Services for Financial Institutions Act. Provides that when a financial institution contracts with an independent data processing servicer for any product or service that requires an interface of communications with a second independent data processing servicer with which the financial institu- tion has a contractual relationship, the second independent data pro- cessing servicer shall permit the necessary interface to occur pur- suant to a commercially reasonable interface agreement. Provides for arbitration of disputes in accordance with the Uniform Arbitration Act. Effective immediately. Last action on Bill: PUBLIC ACT.............................. 91-0742 Last action date: 00-06-02 Location: Senate Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 0 SENATE - 1 END OF INQUIRY Full Text Bill Status