State Codes and Statutes

Statutes > Illinois > Chapter205 > 1190

    (205 ILCS 610/0.01) (from Ch. 17, par. 1000)
    Sec. 0.01. Short title. This Act may be cited as the Banking Emergencies Act.
(Source: P.A. 86‑1324.)

    (205 ILCS 610/1) (from Ch. 17, par. 1001)
    Sec. 1. Definitions. As used in this Act, unless the context otherwise requires:
    (1) "Commissioner" means the officer of this State designated by law to exercise supervision over banks and trust companies, and any other person lawfully exercising such powers.
    (2) "Bank" includes commercial banks, trust companies and any branch thereof lawfully carrying on the business of banking and, to the extent that the provisions hereof are not inconsistent with and do not infringe upon paramount Federal law, also includes national banks.
    (3) "Officers" means the person or persons designated by the board of directors, to act for the bank in carrying out the provisions of this Act or, in the absence of any such designation or of the officer or officers so designated, the president or any other officer currently in charge of the bank or of the office or offices in question.
    (4) "Office" means any place at which a bank transacts its business or conducts operations related to its business.
    (5) "Emergency" means any condition or occurrence which may interfere physically with the conduct of normal business operations at one or more or all of the offices of a bank, or which poses an imminent or existing threat to the safety or security of persons or property, or both at one or more or all of the offices of a bank. Without limiting the generality of the foregoing, an emergency may arise as a result of any one or more of the following: natural disasters; civil strife; power failures; computer failures; interruption of communication facilities; robbery or attempted robbery.
(Source: P.A. 92‑483, eff. 8‑23‑01; 92‑651, eff. 7‑11‑02.)

    (205 ILCS 610/2)(from Ch. 17, par. 1002)
    Sec. 2. Power of Commissioner.
    (a) Whenever the Commissioner is notified by any officer of a bank or by any other means becomes aware that an emergency exists, or is impending, he may, by proclamation, authorize all banks in the State of Illinois to close any or all of their offices, or if only a bank or banks, or offices thereof, in a particular area or areas of the State of Illinois are affected by the emergency or impending emergency, the Commissioner may authorize only the affected bank, banks, or offices thereof, to close. The office or offices so closed may remain closed until the Commissioner declares, by further proclamation, that the emergency or impending emergency has ended. The Commissioner during an emergency or while an impending emergency exists, which affects, or may affect, a particular bank or banks, or a particular office or offices thereof, but not banks located in the area generally of the said county or municipality, may authorize the particular bank or banks, or office or offices so affected, to close. The office or offices so closed shall remain closed until the Commissioner is notified by a bank officer of the closed bank that the emergency has ended. The Commissioner shall notify, at such time, the officers of the bank that one or more offices, heretofore closed because of the emergency, should reopen and, in either event, for such further time thereafter as may reasonably be required to reopen.
    (b) Whenever the Commissioner becomes aware that an emergency exists, or is impending, he or she may, by proclamation, authorize any bank organized under the laws of another state, or of the United States, to open and operate offices in this State, notwithstanding any other laws of this State to the contrary. Any office or offices opened in accordance with this subsection may remain open until the Commissioner declares, by further proclamation, that the emergency or impending emergency has ended. The Department of Financial and Professional Regulation shall adopt rules to implement this subsection (b).
(Source: P.A. 95‑77, eff. 8‑13‑07.)

    (205 ILCS 610/3) (from Ch. 17, par. 1003)
    Sec. 3. Notice to Commissioner and the Public. A bank closing an office or offices pursuant to the authority granted herein under this Act shall give as prompt notice of its action as conditions will permit and by any means available, to the Commissioner, or in the case of a national bank, to the Comptroller of the Currency. In addition the bank shall post notice of the temporary closing and the authorization for the closing on the main entrance doors of the bank affected.
(Source: P. A. 77‑1782.)

    (205 ILCS 610/4) (from Ch. 17, par. 1004)
    Sec. 4. Effect of Closing. Any day on which a bank, or any one or more of its offices, is closed during all or any part of its normal banking hours pursuant to the authorization granted under this Act shall be, with respect to such bank or, if not all of its offices are closed, then with respect to any office or offices which are closed, a legal holiday for all purposes with respect to any banking business of any character. No liability, or loss of rights of any kind, on the part of any bank, or director, officer, or employee thereof, shall accrue or result by virtue of any closing authorized by this Act.
    The provisions of this Act shall be construed and applied as being in addition to, and not in substitution for or limitation of, any other law of this State or of the United States, authorizing the closing of a bank or excusing the delay by a bank in the performance of its duties and obligations because of emergencies or conditions beyond the bank's control, or otherwise.
(Source: P. A. 77‑1782.)

    (205 ILCS 610/5)
    Sec. 5. Year 2000 Consumer Protections.
    (a) For the purposes of this Section:
        (1) the term "Illinois financial institution" means:
            (A) a State bank, a national bank, or an
         out‑of‑state bank, as those terms are defined in the Illinois Banking Act, or any subsidiary of a State bank, a national bank, or an out‑of‑state bank;
            (B) a foreign banking corporation, as that term
         is defined in the Foreign Banking Office Act, or any subsidiary of a foreign banking corporation;
            (C) a corporate fiduciary, as that term is
         defined in the Corporate Fiduciary Act, or any subsidiary of a corporate fiduciary;
            (D) a savings bank organized under the Savings
         Bank Act, an out‑of‑state savings bank chartered under the laws of a state other than Illinois, a territory of the United States, or the District of Columbia, or a federal savings bank organized under federal law, or any subsidiary of a savings bank, an out‑of‑state savings bank, or a federal savings bank;
            (E) an association or federal association, as
         those terms are defined in the Illinois Savings and Loan Act of 1985, or any subsidiary of an association or federal association;
            (F) an out‑of‑state savings and loan association
         chartered under the laws of a state other than Illinois, a territory of the United States or the District of Columbia, or a federal savings and loan association organized under federal law whose principal business office is located outside of Illinois, or any subsidiary of an out‑of‑state savings and loan association or federal savings and loan association whose principal business office is located outside of Illinois;
            (G) a credit union, as defined in the Illinois
         Credit Union Act, or any subsidiary of a credit union; or
            (H) a network owned by one or more financial
         institutions, as those terms are defined in the Electronic Fund Transfer Act.
        (2) the term "consumer" means an individual person;
     and
        (3) 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.
    (b) A financial institution shall stay an action for the collection of a debt from a consumer for 30 days if the consumer's default, failure to pay, breach, omission, or other violation of the agreement that is the basis of the collection action was caused by a Year 2000 failure on the part of any person, provided the consumer notifies the financial institution in writing of his or her inability to meet the debt obligation within 30 days of discovering the inability to meet the obligation due to the Year 2000 failure, and the notice sets forth:
        (1) the identity of the person experiencing the Year
     2000 failure;
        (2) the reason such person's Year 2000 failure
     caused the consumer's inability to meet the obligation; and
        (3) the name and telephone number of a
     representative of the person experiencing the Year 2000 failure who the financial institution may call for purposes of verification.
    This subsection shall not be applied more than once in connection with the same debt of a consumer, nor shall it otherwise affect the consumer's underlying debt obligation, the accrual of any interest on the debt obligation, or the calculation of any period of delinquency for the debt obligation.
    (c) A financial institution shall not charge a late fee on a consumer debt obligation, or if already charged shall waive such late fee, if the consumer's failure to timely pay under the agreement that provides the basis for the late fee was caused by a Year 2000 failure on the part of any person, provided the consumer notifies the financial institution in writing of his or her inability to make timely payment within 30 days of discovering the inability to make timely payment due to the Year 2000 failure, and the notice sets forth:
        (1) the identity of the person experiencing the Year
     2000 failure;
        (2) the reason such person's Year 2000 failure
     caused the consumer's inability to make timely payment; and
        (3) the name and telephone number of a
     representative of the person experiencing the Year 2000 failure who the financial institution may call for purposes of verification.
    This subsection shall not be applied more than once in connection with the same debt of a consumer, nor shall it otherwise affect the consumer's underlying debt obligation, the accrual of any interest on the debt obligation, or the calculation of any period of delinquency for the debt obligation.
    (d) A consumer may dispute directly with a credit reporting agency operating in this State any negative credit information reported in connection with the consumer resulting from a Year 2000 failure on the part of any person other than the consumer. If requested by the consumer pursuant to this subsection, the credit reporting agency shall include a statement prepared by the consumer of no more than 100 words in the consumer's file explaining the negative credit information relating to such Year 2000 failure, and the credit reporting agency shall include the individual's statement in any report it provides to any person or entity regarding the consumer. The credit reporting agency shall not charge the consumer a fee for the inclusion of this statement in the consumer's credit file.
(Source: P.A. 91‑645, eff. 8‑20‑99.)

State Codes and Statutes

Statutes > Illinois > Chapter205 > 1190

    (205 ILCS 610/0.01) (from Ch. 17, par. 1000)
    Sec. 0.01. Short title. This Act may be cited as the Banking Emergencies Act.
(Source: P.A. 86‑1324.)

    (205 ILCS 610/1) (from Ch. 17, par. 1001)
    Sec. 1. Definitions. As used in this Act, unless the context otherwise requires:
    (1) "Commissioner" means the officer of this State designated by law to exercise supervision over banks and trust companies, and any other person lawfully exercising such powers.
    (2) "Bank" includes commercial banks, trust companies and any branch thereof lawfully carrying on the business of banking and, to the extent that the provisions hereof are not inconsistent with and do not infringe upon paramount Federal law, also includes national banks.
    (3) "Officers" means the person or persons designated by the board of directors, to act for the bank in carrying out the provisions of this Act or, in the absence of any such designation or of the officer or officers so designated, the president or any other officer currently in charge of the bank or of the office or offices in question.
    (4) "Office" means any place at which a bank transacts its business or conducts operations related to its business.
    (5) "Emergency" means any condition or occurrence which may interfere physically with the conduct of normal business operations at one or more or all of the offices of a bank, or which poses an imminent or existing threat to the safety or security of persons or property, or both at one or more or all of the offices of a bank. Without limiting the generality of the foregoing, an emergency may arise as a result of any one or more of the following: natural disasters; civil strife; power failures; computer failures; interruption of communication facilities; robbery or attempted robbery.
(Source: P.A. 92‑483, eff. 8‑23‑01; 92‑651, eff. 7‑11‑02.)

    (205 ILCS 610/2)(from Ch. 17, par. 1002)
    Sec. 2. Power of Commissioner.
    (a) Whenever the Commissioner is notified by any officer of a bank or by any other means becomes aware that an emergency exists, or is impending, he may, by proclamation, authorize all banks in the State of Illinois to close any or all of their offices, or if only a bank or banks, or offices thereof, in a particular area or areas of the State of Illinois are affected by the emergency or impending emergency, the Commissioner may authorize only the affected bank, banks, or offices thereof, to close. The office or offices so closed may remain closed until the Commissioner declares, by further proclamation, that the emergency or impending emergency has ended. The Commissioner during an emergency or while an impending emergency exists, which affects, or may affect, a particular bank or banks, or a particular office or offices thereof, but not banks located in the area generally of the said county or municipality, may authorize the particular bank or banks, or office or offices so affected, to close. The office or offices so closed shall remain closed until the Commissioner is notified by a bank officer of the closed bank that the emergency has ended. The Commissioner shall notify, at such time, the officers of the bank that one or more offices, heretofore closed because of the emergency, should reopen and, in either event, for such further time thereafter as may reasonably be required to reopen.
    (b) Whenever the Commissioner becomes aware that an emergency exists, or is impending, he or she may, by proclamation, authorize any bank organized under the laws of another state, or of the United States, to open and operate offices in this State, notwithstanding any other laws of this State to the contrary. Any office or offices opened in accordance with this subsection may remain open until the Commissioner declares, by further proclamation, that the emergency or impending emergency has ended. The Department of Financial and Professional Regulation shall adopt rules to implement this subsection (b).
(Source: P.A. 95‑77, eff. 8‑13‑07.)

    (205 ILCS 610/3) (from Ch. 17, par. 1003)
    Sec. 3. Notice to Commissioner and the Public. A bank closing an office or offices pursuant to the authority granted herein under this Act shall give as prompt notice of its action as conditions will permit and by any means available, to the Commissioner, or in the case of a national bank, to the Comptroller of the Currency. In addition the bank shall post notice of the temporary closing and the authorization for the closing on the main entrance doors of the bank affected.
(Source: P. A. 77‑1782.)

    (205 ILCS 610/4) (from Ch. 17, par. 1004)
    Sec. 4. Effect of Closing. Any day on which a bank, or any one or more of its offices, is closed during all or any part of its normal banking hours pursuant to the authorization granted under this Act shall be, with respect to such bank or, if not all of its offices are closed, then with respect to any office or offices which are closed, a legal holiday for all purposes with respect to any banking business of any character. No liability, or loss of rights of any kind, on the part of any bank, or director, officer, or employee thereof, shall accrue or result by virtue of any closing authorized by this Act.
    The provisions of this Act shall be construed and applied as being in addition to, and not in substitution for or limitation of, any other law of this State or of the United States, authorizing the closing of a bank or excusing the delay by a bank in the performance of its duties and obligations because of emergencies or conditions beyond the bank's control, or otherwise.
(Source: P. A. 77‑1782.)

    (205 ILCS 610/5)
    Sec. 5. Year 2000 Consumer Protections.
    (a) For the purposes of this Section:
        (1) the term "Illinois financial institution" means:
            (A) a State bank, a national bank, or an
         out‑of‑state bank, as those terms are defined in the Illinois Banking Act, or any subsidiary of a State bank, a national bank, or an out‑of‑state bank;
            (B) a foreign banking corporation, as that term
         is defined in the Foreign Banking Office Act, or any subsidiary of a foreign banking corporation;
            (C) a corporate fiduciary, as that term is
         defined in the Corporate Fiduciary Act, or any subsidiary of a corporate fiduciary;
            (D) a savings bank organized under the Savings
         Bank Act, an out‑of‑state savings bank chartered under the laws of a state other than Illinois, a territory of the United States, or the District of Columbia, or a federal savings bank organized under federal law, or any subsidiary of a savings bank, an out‑of‑state savings bank, or a federal savings bank;
            (E) an association or federal association, as
         those terms are defined in the Illinois Savings and Loan Act of 1985, or any subsidiary of an association or federal association;
            (F) an out‑of‑state savings and loan association
         chartered under the laws of a state other than Illinois, a territory of the United States or the District of Columbia, or a federal savings and loan association organized under federal law whose principal business office is located outside of Illinois, or any subsidiary of an out‑of‑state savings and loan association or federal savings and loan association whose principal business office is located outside of Illinois;
            (G) a credit union, as defined in the Illinois
         Credit Union Act, or any subsidiary of a credit union; or
            (H) a network owned by one or more financial
         institutions, as those terms are defined in the Electronic Fund Transfer Act.
        (2) the term "consumer" means an individual person;
     and
        (3) 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.
    (b) A financial institution shall stay an action for the collection of a debt from a consumer for 30 days if the consumer's default, failure to pay, breach, omission, or other violation of the agreement that is the basis of the collection action was caused by a Year 2000 failure on the part of any person, provided the consumer notifies the financial institution in writing of his or her inability to meet the debt obligation within 30 days of discovering the inability to meet the obligation due to the Year 2000 failure, and the notice sets forth:
        (1) the identity of the person experiencing the Year
     2000 failure;
        (2) the reason such person's Year 2000 failure
     caused the consumer's inability to meet the obligation; and
        (3) the name and telephone number of a
     representative of the person experiencing the Year 2000 failure who the financial institution may call for purposes of verification.
    This subsection shall not be applied more than once in connection with the same debt of a consumer, nor shall it otherwise affect the consumer's underlying debt obligation, the accrual of any interest on the debt obligation, or the calculation of any period of delinquency for the debt obligation.
    (c) A financial institution shall not charge a late fee on a consumer debt obligation, or if already charged shall waive such late fee, if the consumer's failure to timely pay under the agreement that provides the basis for the late fee was caused by a Year 2000 failure on the part of any person, provided the consumer notifies the financial institution in writing of his or her inability to make timely payment within 30 days of discovering the inability to make timely payment due to the Year 2000 failure, and the notice sets forth:
        (1) the identity of the person experiencing the Year
     2000 failure;
        (2) the reason such person's Year 2000 failure
     caused the consumer's inability to make timely payment; and
        (3) the name and telephone number of a
     representative of the person experiencing the Year 2000 failure who the financial institution may call for purposes of verification.
    This subsection shall not be applied more than once in connection with the same debt of a consumer, nor shall it otherwise affect the consumer's underlying debt obligation, the accrual of any interest on the debt obligation, or the calculation of any period of delinquency for the debt obligation.
    (d) A consumer may dispute directly with a credit reporting agency operating in this State any negative credit information reported in connection with the consumer resulting from a Year 2000 failure on the part of any person other than the consumer. If requested by the consumer pursuant to this subsection, the credit reporting agency shall include a statement prepared by the consumer of no more than 100 words in the consumer's file explaining the negative credit information relating to such Year 2000 failure, and the credit reporting agency shall include the individual's statement in any report it provides to any person or entity regarding the consumer. The credit reporting agency shall not charge the consumer a fee for the inclusion of this statement in the consumer's credit file.
(Source: P.A. 91‑645, eff. 8‑20‑99.)

State Codes and Statutes


Back To Homepage

State Codes and Statutes

Statutes > Illinois > Chapter205 > 1190

    (205 ILCS 610/0.01) (from Ch. 17, par. 1000)
    Sec. 0.01. Short title. This Act may be cited as the Banking Emergencies Act.
(Source: P.A. 86‑1324.)

    (205 ILCS 610/1) (from Ch. 17, par. 1001)
    Sec. 1. Definitions. As used in this Act, unless the context otherwise requires:
    (1) "Commissioner" means the officer of this State designated by law to exercise supervision over banks and trust companies, and any other person lawfully exercising such powers.
    (2) "Bank" includes commercial banks, trust companies and any branch thereof lawfully carrying on the business of banking and, to the extent that the provisions hereof are not inconsistent with and do not infringe upon paramount Federal law, also includes national banks.
    (3) "Officers" means the person or persons designated by the board of directors, to act for the bank in carrying out the provisions of this Act or, in the absence of any such designation or of the officer or officers so designated, the president or any other officer currently in charge of the bank or of the office or offices in question.
    (4) "Office" means any place at which a bank transacts its business or conducts operations related to its business.
    (5) "Emergency" means any condition or occurrence which may interfere physically with the conduct of normal business operations at one or more or all of the offices of a bank, or which poses an imminent or existing threat to the safety or security of persons or property, or both at one or more or all of the offices of a bank. Without limiting the generality of the foregoing, an emergency may arise as a result of any one or more of the following: natural disasters; civil strife; power failures; computer failures; interruption of communication facilities; robbery or attempted robbery.
(Source: P.A. 92‑483, eff. 8‑23‑01; 92‑651, eff. 7‑11‑02.)

    (205 ILCS 610/2)(from Ch. 17, par. 1002)
    Sec. 2. Power of Commissioner.
    (a) Whenever the Commissioner is notified by any officer of a bank or by any other means becomes aware that an emergency exists, or is impending, he may, by proclamation, authorize all banks in the State of Illinois to close any or all of their offices, or if only a bank or banks, or offices thereof, in a particular area or areas of the State of Illinois are affected by the emergency or impending emergency, the Commissioner may authorize only the affected bank, banks, or offices thereof, to close. The office or offices so closed may remain closed until the Commissioner declares, by further proclamation, that the emergency or impending emergency has ended. The Commissioner during an emergency or while an impending emergency exists, which affects, or may affect, a particular bank or banks, or a particular office or offices thereof, but not banks located in the area generally of the said county or municipality, may authorize the particular bank or banks, or office or offices so affected, to close. The office or offices so closed shall remain closed until the Commissioner is notified by a bank officer of the closed bank that the emergency has ended. The Commissioner shall notify, at such time, the officers of the bank that one or more offices, heretofore closed because of the emergency, should reopen and, in either event, for such further time thereafter as may reasonably be required to reopen.
    (b) Whenever the Commissioner becomes aware that an emergency exists, or is impending, he or she may, by proclamation, authorize any bank organized under the laws of another state, or of the United States, to open and operate offices in this State, notwithstanding any other laws of this State to the contrary. Any office or offices opened in accordance with this subsection may remain open until the Commissioner declares, by further proclamation, that the emergency or impending emergency has ended. The Department of Financial and Professional Regulation shall adopt rules to implement this subsection (b).
(Source: P.A. 95‑77, eff. 8‑13‑07.)

    (205 ILCS 610/3) (from Ch. 17, par. 1003)
    Sec. 3. Notice to Commissioner and the Public. A bank closing an office or offices pursuant to the authority granted herein under this Act shall give as prompt notice of its action as conditions will permit and by any means available, to the Commissioner, or in the case of a national bank, to the Comptroller of the Currency. In addition the bank shall post notice of the temporary closing and the authorization for the closing on the main entrance doors of the bank affected.
(Source: P. A. 77‑1782.)

    (205 ILCS 610/4) (from Ch. 17, par. 1004)
    Sec. 4. Effect of Closing. Any day on which a bank, or any one or more of its offices, is closed during all or any part of its normal banking hours pursuant to the authorization granted under this Act shall be, with respect to such bank or, if not all of its offices are closed, then with respect to any office or offices which are closed, a legal holiday for all purposes with respect to any banking business of any character. No liability, or loss of rights of any kind, on the part of any bank, or director, officer, or employee thereof, shall accrue or result by virtue of any closing authorized by this Act.
    The provisions of this Act shall be construed and applied as being in addition to, and not in substitution for or limitation of, any other law of this State or of the United States, authorizing the closing of a bank or excusing the delay by a bank in the performance of its duties and obligations because of emergencies or conditions beyond the bank's control, or otherwise.
(Source: P. A. 77‑1782.)

    (205 ILCS 610/5)
    Sec. 5. Year 2000 Consumer Protections.
    (a) For the purposes of this Section:
        (1) the term "Illinois financial institution" means:
            (A) a State bank, a national bank, or an
         out‑of‑state bank, as those terms are defined in the Illinois Banking Act, or any subsidiary of a State bank, a national bank, or an out‑of‑state bank;
            (B) a foreign banking corporation, as that term
         is defined in the Foreign Banking Office Act, or any subsidiary of a foreign banking corporation;
            (C) a corporate fiduciary, as that term is
         defined in the Corporate Fiduciary Act, or any subsidiary of a corporate fiduciary;
            (D) a savings bank organized under the Savings
         Bank Act, an out‑of‑state savings bank chartered under the laws of a state other than Illinois, a territory of the United States, or the District of Columbia, or a federal savings bank organized under federal law, or any subsidiary of a savings bank, an out‑of‑state savings bank, or a federal savings bank;
            (E) an association or federal association, as
         those terms are defined in the Illinois Savings and Loan Act of 1985, or any subsidiary of an association or federal association;
            (F) an out‑of‑state savings and loan association
         chartered under the laws of a state other than Illinois, a territory of the United States or the District of Columbia, or a federal savings and loan association organized under federal law whose principal business office is located outside of Illinois, or any subsidiary of an out‑of‑state savings and loan association or federal savings and loan association whose principal business office is located outside of Illinois;
            (G) a credit union, as defined in the Illinois
         Credit Union Act, or any subsidiary of a credit union; or
            (H) a network owned by one or more financial
         institutions, as those terms are defined in the Electronic Fund Transfer Act.
        (2) the term "consumer" means an individual person;
     and
        (3) 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.
    (b) A financial institution shall stay an action for the collection of a debt from a consumer for 30 days if the consumer's default, failure to pay, breach, omission, or other violation of the agreement that is the basis of the collection action was caused by a Year 2000 failure on the part of any person, provided the consumer notifies the financial institution in writing of his or her inability to meet the debt obligation within 30 days of discovering the inability to meet the obligation due to the Year 2000 failure, and the notice sets forth:
        (1) the identity of the person experiencing the Year
     2000 failure;
        (2) the reason such person's Year 2000 failure
     caused the consumer's inability to meet the obligation; and
        (3) the name and telephone number of a
     representative of the person experiencing the Year 2000 failure who the financial institution may call for purposes of verification.
    This subsection shall not be applied more than once in connection with the same debt of a consumer, nor shall it otherwise affect the consumer's underlying debt obligation, the accrual of any interest on the debt obligation, or the calculation of any period of delinquency for the debt obligation.
    (c) A financial institution shall not charge a late fee on a consumer debt obligation, or if already charged shall waive such late fee, if the consumer's failure to timely pay under the agreement that provides the basis for the late fee was caused by a Year 2000 failure on the part of any person, provided the consumer notifies the financial institution in writing of his or her inability to make timely payment within 30 days of discovering the inability to make timely payment due to the Year 2000 failure, and the notice sets forth:
        (1) the identity of the person experiencing the Year
     2000 failure;
        (2) the reason such person's Year 2000 failure
     caused the consumer's inability to make timely payment; and
        (3) the name and telephone number of a
     representative of the person experiencing the Year 2000 failure who the financial institution may call for purposes of verification.
    This subsection shall not be applied more than once in connection with the same debt of a consumer, nor shall it otherwise affect the consumer's underlying debt obligation, the accrual of any interest on the debt obligation, or the calculation of any period of delinquency for the debt obligation.
    (d) A consumer may dispute directly with a credit reporting agency operating in this State any negative credit information reported in connection with the consumer resulting from a Year 2000 failure on the part of any person other than the consumer. If requested by the consumer pursuant to this subsection, the credit reporting agency shall include a statement prepared by the consumer of no more than 100 words in the consumer's file explaining the negative credit information relating to such Year 2000 failure, and the credit reporting agency shall include the individual's statement in any report it provides to any person or entity regarding the consumer. The credit reporting agency shall not charge the consumer a fee for the inclusion of this statement in the consumer's credit file.
(Source: P.A. 91‑645, eff. 8‑20‑99.)

Disclaimer
There is no confidential attorney-client relationship formed by using Laws.com website and information provided on this site is not legal advice. For legal advice, please contact your attorney. Attorneys listed on this website are not referred or endorsed by this website. By using Laws.com you agree to Laws.com Terms Of Use.
Copyright © 2017 Laws.com | All rights reserved

Loading..

Close Window

Loading, Please Wait!

This may take a second or two.