2005 Illinois Code - Chapter 205 Financial Regulation 205 ILCS 715/ Data Processing Services for Financial Institutions Act.
(205 ILCS 715/1)
Sec. 1.
Short title.
This Act may be cited as the Data Processing Services for Financial Institutions Act.
(Source: P.A. 91‑742, eff. 6‑2‑00.)
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(205 ILCS 715/5)
Sec. 5.
Definitions.
As used in this Act, the following terms shall have
the following meanings:
"Corporate fiduciary" has the meaning ascribed to that term in the
Corporate Fiduciary Act.
"Depository institution" means a bank, savings and loan association,
savings bank, or credit union chartered under the laws of Illinois or of the
United States.
"Financial institution" means any depository institution or corporate
fiduciary that has its main office in Illinois and includes foreign
banking corporations that receive certificates of authority from the Office of
Banks and Real Estate under the Foreign Banking Office Act.
"Independent data processing servicer" means an entity that provides
electronic data processing services to a
financial institution, but does not include an entity to the extent the entity
processes interchange transactions, as defined in the Electronic Fund Transfer
Act.
"Interface agreement" means a written agreement specifying the terms and
conditions under which an interface
of communications, data, or systems between independent data processing
servicers shall be accomplished.
"Main office" means the location designated as the main office or
principal place of business in the charter,
articles of incorporation, or certificate of authority of the depository
institution or corporate fiduciary.
(Source: P.A. 91‑742, eff. 6‑2‑00.)
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(205 ILCS 715/10)
Sec. 10.
Interface between independent data processing servicers.
(a) Whenever a financial institution contracts with an independent data
processing servicer for any product or
service that requires an interface of communications, data, or systems with a
second independent data processing servicer
with which the financial institution has a contractual relationship, the second
independent data processing servicer shall
permit the necessary interface to occur pursuant to an interface agreement. The
interface agreement shall contain
commercially reasonable fees and charges and shall provide for commercially
reasonable access to necessary technical data.
(b) An independent data processing servicer shall exercise reasonable
promptness in negotiating an interface
agreement under the provisions of this Act and shall not exercise undue delay
or otherwise act in bad faith as a means of
avoiding the negotiation or implementation of an interface agreement.
(Source: P.A. 91‑742, eff. 6‑2‑00.)
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(205 ILCS 715/15)
Sec. 15.
Arbitration of disputes.
In the case of a dispute between the
independent data processing
servicers regarding any terms or conditions
of an interface agreement, or in the event that a dispute regarding proposed
terms and conditions results in the failure of
the independent data processing servicers to enter into an interface agreement
as required by this Act, the parties shall be
deemed to have agreed to the appointment of an
arbitrator for a binding resolution of the dispute consistent with the
provisions of the Uniform Arbitration Act unless the parties agree to some
other process for binding arbitration or unless the aggrieved party seeks court
action.
Any decision by the arbitrator in connection with any arbitration
shall be determined only after an
opportunity for a hearing.
Anything to the contrary in this
Act notwithstanding, any right of arbitration
granted under this Act is subject to the right of either party to seek court
action.
(Source: P.A. 91‑742, eff. 6‑2‑00.)
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(205 ILCS 715/99)
Sec. 99.
Effective date.
This Act takes effect upon becoming law.
(Source: P.A. 91‑742, eff. 6‑2‑00.)
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