205 ILCS 616/1
This Act may be cited as the Electronic Fund Transfer Act
This Act may be cited as the Electronic Fund Transfer Act. (Source: P.A. 89-310, eff. 1-1-96.)
Illinois Compiled Statutes 205 ILCS 616 — Electronic Fund Transfer Act.
Illinois · statute · 205 ILCS 616 · 23 active provisions
205 ILCS 616/5
Findings and purpose
Findings and purpose. (a) The General Assembly finds: (1) that communications networks linking financial institutions and their customers, through which transfers of funds are effected electronically, provide the people of this State with substantial benefits; (2) that it is essential that the rights of the people of t…
205 ILCS 616/10
Definitions
Definitions. For purposes of this Act, the words and phrases defined in this Section shall have the meanings ascribed to them unless the context requires otherwise. Whenever the terms "network" and "switch" are used, they shall be deemed interchangeable unless, from the context and facts, the intention is plain to appl…
205 ILCS 616/15
Exemptions and limitations
Exemptions and limitations. (a) A seller of goods and services on whose premises one or more terminals are established is not, solely by virtue of such establishment or solely by virtue of the processing of interchange transactions in connection with the sale of goods and services, a financial institution and is not su…
205 ILCS 616/20
Powers and duties of Commissioner
Powers and duties of Commissioner. The Commissioner shall have the following powers and duties: (1) to promulgate reasonable rules in accordance with the Illinois Administrative Procedure Act for the administration of this Act; (2) to issue orders for the enforcement of this Act and any rule promulgated under this Act;…
205 ILCS 616/25
Examination authority
Examination authority. The Commissioner or examiners appointed by the Commissioner have the authority to examine any network and any switch, including leased equipment and services furnished by a subcontractor or other party, as to any transaction by, with, or involving a financial institution that has established a te…
205 ILCS 616/30
Acceptance of deposits
Acceptance of deposits. (A) No terminal that accepts deposits of funds to an account may be established or owned in this State except by (a) a bank established under the laws of this or any other state or established under the laws of the United States that (1) is authorized by law to establish a branch in this State o…
205 ILCS 616/35
Limit on switch connections
Limit on switch connections. No main office or branch of a financial institution shall at the same time be directly connected to more than one switch; provided, however, that (a) no financial institution shall be deemed to be directly connected to a switch that is, or is owned directly or indirectly by, that financial…
205 ILCS 616/40
Transmission through a network
Transmission through a network. All electronic fund transfers that (i) are interchange transactions and (ii) are initiated at a terminal in connection with payment for goods and services shall be transmitted to a financial institution through a network. (Source: P.A. 89-310, eff. 1-1-96.)
205 ILCS 616/45
Nondiscriminatory access
Nondiscriminatory access. (a) Subject to the provisions of Section 35 of this Act, use of a terminal through access to a switch and use of any switch shall be available on a nondiscriminatory basis to any switch or financial institution that has its principal place of business within this State. The terms and condition…
205 ILCS 616/46
Disclosure requirements for general use reloadable cards
Disclosure requirements for general use reloadable cards. (a) The issuer of a general use reloadable card shall make the disclosures required under this Section in accordance with the following standards: (1) The disclosures shall be clear and conspicuous. The disclosures may contain commonly accepted or readily unders…
205 ILCS 616/50
Terminal requirements
Terminal requirements. (a) To assure maximum safety and security against malfunction, fraud, theft, and other accidents or abuses and to assure that all access devices will have the capability of activating all terminals established in this State, no terminal shall accept an access device that does not conform to speci…
205 ILCS 616/55
Applicability of federal law
Applicability of federal law. (a) The provisions of the federal Electronic Fund Transfer Act (15 U.S.C. 1693a et seq.), amendments to that Act, and any regulations issued or that may be issued under that Act, except for those provisions, amendments, or regulations that establish crimes or provide for nonfinancial penal…
205 ILCS 616/60
Judicial review
Judicial review. All final administrative decisions of the Commissioner under this Act shall be subject to judicial review pursuant to the provisions of the Administrative Review Law and the rules adopted pursuant to that Law. For matters involving administrative review, venue shall be in either Sangamon County or Cook…
205 ILCS 616/65
Inseverability and severability
Inseverability and severability. If any provision of this Act or its application to any person or circumstance is held invalid, this Act shall be invalid in its entirety, provided, however, that if any provision of this Act or its application is held invalid under the Home Owners Loan Act of 1933, as amended, the Feder…
205 ILCS 616/80
Continuity of regulation
Continuity of regulation. This Act is a successor Act to and a continuation of the regulation of electronic fund transfers pursuant to the Electronic Fund Transfer Transmission Facility Act. (Source: P.A. 89-310, eff. 1-1-96.)
205 ILCS 616/85
Reliance on Commissioner
Reliance on Commissioner. No person shall be liable under this Act for any act done or omitted in good faith in conformity with any rule, interpretation, or opinion issued by the Commissioner of Banks and Real Estate, notwithstanding that after the act or omission has occurred, the rule, interpretation, or opinion upon…
205 ILCS 616/91
(Amendatory provisions; text omitted)
(Amendatory provisions; text omitted). (Source: P.A. 89-310, eff. 1-1-96; text omitted.)
205 ILCS 616/93
(Amendatory provisions; text omitted)
(Amendatory provisions; text omitted). (Source: P.A. 89-310, eff. 1-1-96; text omitted.)
205 ILCS 616/94
(Amendatory provisions; text omitted)
(Amendatory provisions; text omitted). (Source: P.A. 89-310, eff. 1-1-96; text omitted.)
205 ILCS 616/95
(Amendatory provisions; text omitted)
(Amendatory provisions; text omitted). (Source: P.A. 89-310, eff. 1-1-96; text omitted.)
205 ILCS 616/96
(Amendatory provisions; text omitted)
(Amendatory provisions; text omitted). (Source: P.A. 89-310, eff. 1-1-96; text omitted.)
205 ILCS 616/97
(Amendatory provisions; text omitted)
(Amendatory provisions; text omitted). (Source: P.A. 89-310, eff. 1-1-96; text omitted.)