Ask Reggi Your Question Now
Can you summarize 205 ILCS 610?
FINANCIAL REGULATION > Banking Emergencies Act.
Short Summary
The Illinois Banking Emergencies Act, found under the Illinois Compiled Statutes, provides guidelines and procedures for handling emergencies that may disrupt the normal operations of banks and pose threats to their safety and security. The Act defines key terms such as ‘Commissioner’ and ‘Bank’ and clarifies the roles and responsibilities of designated ‘Officers’ in carrying out the provisions of the Act. It establishes the ‘Division of Banking’ as the regulatory authority. The Act grants the Commissioner the power to authorize banks to close or alter their office hours in the event of an emergency or impending emergency. The Commissioner can issue a proclamation to close all banks or only the affected banks in a particular area. Bank officers also have the discretion to close bank offices during an emergency. However, no bank office can remain closed for more than 48 consecutive hours without the prior approval of the Commissioner. The Act requires banks to provide prompt notice of office closures to the Commissioner and to post notice of the temporary closing on the affected office’s main entrance doors. The Act also states that any day on which a bank or any of its offices is closed during normal banking hours under the Act shall be considered a legal holiday for all banking business purposes. The Act does not mention any specific penalties or exemptions. The Department of Financial and Professional Regulation is authorized to adopt rules related to bank closures or alteration of hours during emergencies.
Whom does it apply to?
The Act applies to banks, as well as their directors, officers, and employees.
What does it govern?
The Illinois Banking Emergencies Act governs the procedures and actions to be taken in the event of emergencies that may interfere with the normal business operations or pose threats to the safety or security of banks and their offices.
What are exemptions?
The Act does not specify any exemptions.
What are the Penalties?
The document does not mention any specific penalties.
Jurisdiction
Illinois