Illinois Compiled Statutes
Chapter 745 - CIVIL IMMUNITIES
745 ILCS 48/ - Illinois Financial Institutions Year 2000 Safety and Soundness Act.

(745 ILCS 48/1)
Sec. 1.
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.)

(745 ILCS 48/5)
Sec. 5.
Findings and declarations of policy.
The General Assembly
hereby
finds and declares that:
(Source: P.A. 91-645, eff. 8-20-99.)

(745 ILCS 48/10)
Sec. 10.
Definitions.
For the purposes of this Act:
(a) The term "Illinois financial institution" means:
The terms in this subsection (a) also shall be deemed to include a direct or
indirect
holding company of an Illinois financial institution in connection with a Year
2000 claim
involving the Illinois financial institution directly or indirectly owned by
such holding
company.
(b) The term "Year 2000 failure" means any failure by any device or system
(including, without limitation, any computer system and any microchip or
integrated circuit
embedded in another device or product), or any software, firmware, or other set
or
collection of processing instructions, however constructed, in processing,
calculating,
comparing, sequencing, displaying, storing, transmitting, or receiving
date-related data
during the years 1999 and 2000 or from, into, or between the twentieth century
and the
twenty-first century, or the failure to recognize or accurately process any
specific date,
or the failure to accurately account for the status of the year 2000 as a
leap year.
(c) The term "Year 2000 action" means a civil action of any kind brought
under
Illinois law, except for a civil action brought by a federal or state agency
that regulates the
Illinois financial institution, in which:
(d) The term "Year 2000 claim" means any claim or cause of action of any
kind,
whether asserted by way of claim, counterclaim, cross-claim, third-party claim,
or
otherwise, in which a party or other person's loss or harm is alleged to have
resulted,
directly or indirectly, from any act or omission in connection with an actual
or potential Year
2000 failure, except for claims involving physical injury to the extent of the
claim of physical
injury.
(e) The term "physical injury" means any physical injury to a natural
person,
including the death of the person, but does not include mental suffering,
emotional distress,
or other similar elements of injury that do not constitute physical harm to a
natural person.

(Source: P.A. 91-645, eff. 8-20-99.)

(745 ILCS 48/15)
Sec. 15.
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)
Sec. 20.
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 receipt of the notice to
resolve the claim.

(Source: P.A. 91-645, eff. 8-20-99.)

(745 ILCS 48/25)
Sec. 25.
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 institution that
is otherwise
permitted by law based on the actions of an employee, officer, or director of
the financial
institution.

(Source: P.A. 91-645, eff. 8-20-99.)

(745 ILCS 48/30)
Sec. 30.
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 and policies of
the provisions
therein and the application of such construction is not likely to impair the
safety and
soundness of the Illinois financial institution.

(Source: P.A. 91-645, eff. 8-20-99.)

(745 ILCS 48/90)
Sec. 90.
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)
Sec. 92.
Amendatory provisions; text omitted).

(Source: P.A. 91-645, eff. 8-20-99; text omitted.)

(745 ILCS 48/99)
Sec. 99.
Effective Date.
This Act takes effect upon becoming law.

(Source: P.A. 91-645, eff. 8-20-99.)