2023 Illinois Compiled Statutes › Chapter 745 - CIVIL IMMUNITIES › 745 ILCS 48/ - Illinois Financial Institutions Year 2000 Safety and Soundness Act.

(745 ILCS 48/1)
Sec. 1. 
		Short  title. 
		This Act may be cited as the Illinois  Financial
Institutions
Year 2000 Safety and Soundness Act.
(Source: P.A. 91-645, eff. 8-20-99.)
(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;
(2) Illinois financial institutions are highly     monitored and closely supervised  by federal and state regulatory agencies which impose strict compliance standards and conduct regular and frequent examinations on these institutions;
(3) countless  computer systems, software programs,     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");
(4) the federal and state regulatory agencies which     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;
(5) Illinois financial institutions  have  expended     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;
(6) Illinois financial institutions are integral to     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
(7) it is in the interests of this State to recognize     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.
(Source: P.A. 91-645, eff. 8-20-99.)
(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;
(2) a  foreign banking corporation, as that term is     defined  in  the Foreign Banking Office  Act,  or  any subsidiary of a foreign banking corporation;
(3) a corporate fiduciary, as that term is  defined     in  the  Corporate Fiduciary Act, or any subsidiary of a corporate fiduciary;
(4) a savings bank organized under the Savings Bank     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;
(5) an association or federal association, as those     terms are defined in the Illinois Savings and Loan Act of 1985, or any subsidiary of an association or federal association;
(6) an out-of-state savings and loan association     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;
(7) a credit  union,  as  defined  in the Illinois     Credit Union Act, or any subsidiary of a credit union; or
(8) a network  owned  by  one  or  more  financial     institutions,  as those terms are defined in the Electronic Fund Transfer Act.
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     indirectly, to a Year 2000 claim.
(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.)
(745 ILCS 48/15)
Sec. 15. 
		Action for damages. 
		An Illinois financial institution shall not
be liable
in a Year 2000 action brought by or for damages incurred by persons not in
privity of
contract with the Illinois financial institution in connection with the
transaction that gave
rise to the Year 2000 claim.
(Source: P.A. 91-645, eff. 8-20-99.)
(745 ILCS 48/20)
Sec. 20. 
		Notice of claim. 
		No person shall bring a Year 2000 action or
make a Year
2000 claim against an Illinois financial institution unless the person has
given written notice
to the Illinois financial institution of the person's Year 2000 claim and the
Illinois financial
institution has been afforded at least 60 days after receipt of the notice to
resolve the claim.
(Source: P.A. 91-645, eff. 8-20-99.)
(745 ILCS 48/25)
Sec. 25. 
		Employees, officers, and directors. 
		No employee, officer, or
director of
an Illinois financial institution shall be liable to any person for damages in
a Year 2000
action, except for an act or omission that constitutes fraud; provided that
this Section shall
not preclude a Year 2000 action against an Illinois financial institution that
is otherwise
permitted by law based on the actions of an employee, officer, or director of
the financial
institution.
(Source: P.A. 91-645, eff. 8-20-99.)
(745 ILCS 48/30)
Sec. 30. 
		Unaffected rights. 
		The provisions of this Act shall not affect
the rights
of parties under Articles 3, 4, 4A, and 8 of the Uniform Commercial Code and
other rules
governing the processing of check, credit, debit, ACH, and wire transactions,
provided that
such rights shall be strictly construed to further the purposes and policies of
the provisions
therein and the application of such construction is not likely to impair the
safety and
soundness of the Illinois financial institution.
(Source: P.A. 91-645, eff. 8-20-99.)
(745 ILCS 48/90)
Sec.  90. 
		Severability. 
		The provisions of this Act are severable under
Section
1.31 of the Statute on Statutes.
(Source: P.A. 91-645, eff. 8-20-99.)
(745 ILCS 48/92)
Sec. 92. 
		Amendatory provisions; text omitted).
(Source: P.A. 91-645, eff. 8-20-99; text omitted.)
(745 ILCS 48/99)
Sec. 99. 
		Effective Date. 
		This Act takes effect upon becoming law.
(Source: P.A. 91-645, eff. 8-20-99.)