SB1777 amends Illinois banking laws to clarify conditions under which financial records can be disclosed.
SB1777 amends the Illinois Banking Act, Savings Bank Act, and Illinois Credit Union Act to specify conditions for disclosing customer financial records. It allows disclosure to executors, administrators, or lawful representatives of estates, law enforcement, and for due diligence in mergers or asset sales. It also permits disclosure to protect against fraud or when required by law. The bill amends the Financial Institutions Electronic Documents and Digital Signature Act to allow electronic consent for financial records disclosure.
Included in complete analysis
- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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