HB2960 Summary

• Amends Illinois Banking Act, Savings Bank Act, and Illinois Credit Union Act to require banks and credit unions to obtain written certification that federal agencies have satisfied their obligations under the Right to Financial Privacy Act of 1978 before releasing customer records in response to federal subpoenas, summons, warrants, or other requests.

• Amends Illinois Trust and Payable on Death Accounts Act to allow account holders to elect per stirpes distribution to descendants of deceased natural person beneficiaries, with financial institutions permitted to rely on written representations or affidavits identifying such descendants, and requiring 100% of account be distributed to all beneficiaries upon death of last surviving holder.

• Amends Promissory Note and Bank Holiday Act to allow banks closing for no more than a half day for employee or director funerals or memorial services to notify the Secretary and post notice in bank lobbies with only 24 hours advance notice, rather than the standard 3-week advance notice requirement for other closings.