IL HB3282

Amends the Data Processing Services for Financial Institutions Act to redefine "financial institution" to exclude savings and loan associations and clarify inclusion of banks, savings banks, credit unions, and their subsidiaries chartered in Illinois or the United States.

Transfers regulatory oversight of foreign banking corporations from the Office of Banks and Real Estate to the Department of Financial and Professional Regulation under the Foreign Banking Office Act.

Establishes that data transferred by a financial institution to an independent data processing servicer remains the exclusive property of the financial institution at all times.

Specifies that independent data processing servicers have no legal ownership rights to financial institution data and may only exercise temporary control for performing contracted services under an interface agreement.

Takes effect upon becoming law.