HB4897 Summary

• Amends the Illinois Banking Act to allow banks to rely in good faith on allegations or assertions about financial exploitation of elderly or disabled customers unless the bank has actual knowledge the allegations are false.

• Defines "suspicion by the bank" as an honest and good faith concern regarding financial exploitation that does not require investigation and does not mean proof, certainty, or probability.

• Requires banks to obtain written certification that federal agencies have satisfied their obligations under the federal Right to Financial Privacy Act of 1978 before releasing customer records in response to federal subpoenas or requests.

• Changes the Secretary of Financial and Professional Regulation's authority from discretionary ("may") to mandatory ("shall") to prescribe by rule the periods of time banks must retain records before destruction.

• Adds authority to the State Banking Board to review and examine bank call report fee revenue and the disbursement of fees.

• Allows banks to close for no more than a half day for employee funerals or memorial services with only 24 hours advance notice to the Secretary and lobby posting, instead of the standard 3-week notice requirement.