SB3971 | Illinois 2021-2022 | FIN-BANKING/RECORDS RETENTION

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On May 13, 2022 in the Senate:

Governor Approved
Effective Date May 13, 2022
Public Act . . . . . . . . . 102-0873

On April 29, 2022 in the Senate:

Sent to the Governor

On April 1, 2022 in the Senate:

Passed Both Houses

On April 1, 2022 in the House:

Third Reading - Short Debate - Passed 108-000-000

On March 23, 2022 in the House:

Second Reading - Short Debate
Placed on Calendar Order of 3rd Reading - Short Debate

On March 16, 2022 in the House:

Placed on Calendar 2nd Reading - Short Debate

On March 15, 2022 in the House:

Do Pass / Short Debate Financial Institutions Committee; 011-000-000

On March 7, 2022 in the House:

Assigned to Financial Institutions Committee

On February 25, 2022 in the House:

Arrived in House
Chief House Sponsor Rep. La Shawn K. Ford
First Reading
Referred to Rules Committee

On February 24, 2022 in the Senate:

Recalled to Second Reading
Senate Floor Amendment No. 1 Adopted; Murphy
Placed on Calendar Order of 3rd Reading
Third Reading - Passed; 055-000-000

On February 23, 2022 in the Senate:

Senate Floor Amendment No. 1 Recommend Do Adopt Financial Institutions; 007-000-000

On February 22, 2022 in the Senate:

Senate Floor Amendment No. 1 Assignments Refers to Financial Institutions
Second Reading
Placed on Calendar Order of 3rd Reading February 23, 2022

On February 18, 2022 in the Senate:

Senate Floor Amendment No. 1 Filed with Secretary by Sen. Laura M. Murphy
Senate Floor Amendment No. 1 Referred to Assignments

On February 10, 2022 in the Senate:

Do Pass Financial Institutions; 007-000-000
Placed on Calendar Order of 2nd Reading February 15, 2022

On February 1, 2022 in the Senate:

Assigned to Financial Institutions

On January 21, 2022 in the Senate:

Filed with Secretary by Sen. Laura M. Murphy
First Reading
Referred to Assignments

Senate Amendment 001

Replaces everything after the enacting clause with the provisions of the introduced bill with the following changes. Amends the Illinois Credit Union Act. In provisions concerning credit union records and member financial records, provides that a credit union shall disclose specified financial records pursuant to a lawful subpoena, summons, warrant, citation to discover assets or court order only after the credit union sends (rather than mails) a copy of the request to the person establishing the relationship with the credit union, if living, or the person's personal representative, if known, at the person's last known address by first class mail, postage prepaid, through a third-party commercial carrier or courier with delivery charge fully prepaid, by hand delivery, or by electronic delivery at an email address on file with the credit union (instead of only by first class mail). In provisions concerning retention of records, provides that each credit union shall retain its records in a manner consistent with prudent business practices and in accordance with the provisions and applicable State or federal laws, rules, and regulations. Provides that the record retention system utilized must be able to accurately produce records. Provides that except where a retention period is required by State or federal laws, rules, or regulations, a credit union may destroy its records, and that in the destruction of records, the credit union shall take reasonable precautions to ensure the confidentiality of information in the records. Makes other changes. Effective immediately.