HB1891 Summary

• Amends the Illinois Banking Act to require banks to use a separate, dated, signed form to obtain customer consent before disclosing financial records to non-affiliated third parties, with specific disclosure criteria about consent duration and revocation procedures.

• Prohibits banks from discriminating against or denying qualified customers financial products or services solely because the customer refuses to authorize disclosure of their financial records to non-affiliated third parties.

• Banks may deny products or services only if the product/service cannot be provided without the required consent disclosure and the customer fails to provide it, and banks are not liable for failing to offer such products.

• Establishes that financial records include documents granting signature authority, account statements, checks, and other information pertaining to the bank-customer relationship.

• Preserves existing exceptions allowing disclosure to regulatory authorities, law enforcement, for tax compliance, fraud prevention, and other statutorily mandated purposes.