IL SB2360

Commissioner of Financial and Professional Regulation may authorize banks to close or alter hours at offices during emergencies via proclamation, applying to all banks statewide or only affected banks in particular areas.

Bank officers may independently close offices for up to 48 consecutive hours (excluding legal holidays) if they determine an emergency exists or is impending, without Commissioner proclamation, but must notify the Commissioner if closure exceeds 48 hours.

Closed bank offices may reopen at the determination of bank officers or upon Commissioner declaration that the emergency has ended, plus reasonable time necessary to reopen.

Secretary may waive filing requirements and authorize banks to open temporary offices during emergencies notwithstanding other state laws.

Banks must provide prompt notice of temporary closings to the Commissioner (or Comptroller of the Currency for national banks) and post notice on affected office doors; closed days are treated as legal holidays for banking purposes with no liability accruing to banks or their officers.