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| | HB3282 Enrolled | | LRB100 10205 SMS 20387 b |
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| 1 | | AN ACT concerning regulation.
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| 2 | | Be it enacted by the People of the State of Illinois,
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| 3 | | represented in the General Assembly:
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| 4 | | Section 5. The Data Processing Services for Financial |
| 5 | | Institutions Act is amended by changing Section 5 and by adding |
| 6 | | Section 17 as follows:
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| 7 | | (205 ILCS 715/5)
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| 8 | | Sec. 5. Definitions. As used in this Act, the following |
| 9 | | terms shall have
the following meanings:
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| 10 | | "Corporate fiduciary" has the meaning ascribed to that term |
| 11 | | in the
Corporate Fiduciary Act.
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| 12 | | "Depository institution" means a bank, savings and loan |
| 13 | | association,
savings bank, or credit union chartered under the |
| 14 | | laws of Illinois or of the
United States.
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| 15 | | "Financial institution" means a bank, savings bank, or |
| 16 | | credit union chartered under the laws of Illinois or of the |
| 17 | | United States or a subsidiary thereof, any depository |
| 18 | | institution or a corporate
fiduciary that has its main office |
| 19 | | in Illinois and includes foreign
banking corporations that |
| 20 | | receive certificates of authority from the Department of |
| 21 | | Financial and Professional Regulation Office of
Banks and Real |
| 22 | | Estate under the Foreign Banking Office Act.
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| 23 | | "Independent data processing servicer" means an entity |
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| | HB3282 Enrolled | - 2 - | LRB100 10205 SMS 20387 b |
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| 1 | | that provides
electronic data processing services to a
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| 2 | | financial institution, but does not include an entity to the |
| 3 | | extent the entity
processes interchange transactions, as |
| 4 | | defined in the Electronic Fund Transfer
Act.
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| 5 | | "Interface agreement" means a written agreement specifying |
| 6 | | the terms and
conditions under which an interface
of |
| 7 | | communications, data, or systems between independent data |
| 8 | | processing
servicers shall be accomplished.
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| 9 | | "Main office" means the location designated as the main |
| 10 | | office or
principal place of business in the charter,
articles |
| 11 | | of incorporation, or certificate of authority of the depository
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| 12 | | institution or corporate fiduciary.
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| 13 | | (Source: P.A. 91-742, eff. 6-2-00.)
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| 14 | | (205 ILCS 715/17 new) |
| 15 | | Sec. 17. Ownership of financial institution data. If a |
| 16 | | financial institution transfers or otherwise makes available |
| 17 | | to an independent data processing servicer any data from the |
| 18 | | financial institution's records, such data shall at all times |
| 19 | | remain the property of the financial institution. The |
| 20 | | independent data processing servicer shall have no right, |
| 21 | | title, or interest in claiming legal ownership of the data. The |
| 22 | | transfer of the data by the financial institution, pursuant to |
| 23 | | an interface agreement or other agreement with the independent |
| 24 | | data processing servicer, only authorizes the independent data |
| 25 | | processing servicer to exercise temporary control of the data |