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Can you summarize 205 ILCS 630?
FINANCIAL REGULATION > Promissory Note and Bank Holiday Act. (Part 3)
Short Summary
The Promissory Note and Bank Holiday Act is a legal document that governs bank holidays and the closure of banks in the State of Illinois. It outlines the legal holidays upon which a bank may choose to remain closed, including New Year’s Day, Martin Luther King Jr.’s birthday, Presidents Day, Memorial Day, Independence Day, Labor Day, Columbus Day, Veterans’ Day, Thanksgiving Day, and Christmas Day. Additionally, banks are allowed to select one additional day of the week to remain closed on a regular basis, subject to certain requirements. Any day selected by a bank to remain closed is treated as a Sunday for all purposes, including the presenting for payment or acceptance of bills of exchange, bank checks, promissory notes, and other negotiable instruments. The document also states that any act authorized, required, or permitted to be performed at or by a bank on a day it has selected to remain closed may be performed on the next succeeding business day without any liability or loss of rights. The document does not mention any specific penalties for non-compliance or violations. Overall, the Promissory Note and Bank Holiday Act provides guidelines for bank closures and holidays in the State of Illinois.
Whom does it apply to?
Banks in the State of Illinois
What does it govern?
Bank holidays and the closure of banks in the State of Illinois
What are exemptions?
No specific exemptions are mentioned in the document
What are the Penalties?
No specific penalties for non-compliance or violations are mentioned in the document
Jurisdiction
Illinois