SB1777 amends Illinois banking laws to clarify financial record disclosure rules for banks and credit unions.
SB1777 amends the Illinois Banking Act, Savings Bank Act, and Illinois Credit Union Act to clarify when financial records can be disclosed. Banks and credit unions can disclose records to executors, law enforcement, and state agencies under certain conditions. They cannot disclose records to long-term care facilities without member consent. Members can authorize disclosure of records to state agencies for Medicaid eligibility determinations. The bill also allows for digital signatures in financial agreements and requires reimbursement of costs for record searches and reproductions.
Included in complete analysis
- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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