745 ILCS 48/1
Short title
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.)
Illinois Compiled Statutes 745 ILCS 48 — Illinois Financial Institutions Year 2000 Safety and Soundness Act.
Illinois · statute · 745 ILCS 48 · 10 active provisions
745 ILCS 48/5
Findings and declarations of policy
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 insti…
745 ILCS 48/10
Definitions
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 corporati…
745 ILCS 48/15
Action for damages
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
Notice of claim
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 r…
745 ILCS 48/25
Employees, officers, and directors
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…
745 ILCS 48/30
Unaffected rights
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 a…
745 ILCS 48/90
Severability
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
Amendatory provisions; text omitted)
Amendatory provisions; text omitted). (Source: P.A. 91-645, eff. 8-20-99; text omitted.)
745 ILCS 48/99
Effective Date
Effective Date. This Act takes effect upon becoming law. (Source: P.A. 91-645, eff. 8-20-99.)