Sec. 5. Findings and purpose.

209 words·~1 min read·/il/chapter-205/act-616/5

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(a)The General Assembly finds:

(1)that communications networks linking financial institutions and their customers,

through which transfers of funds are effected electronically, provide the people of this State with substantial benefits;

(2)that it is essential that the rights of the people of this State be adequately

protected by encouraging the establishment of communications networks that will be economically viable and technologically reliable;

(3)that the opportunity for competition among suppliers of electronic fund transfer

communications services must be preserved, thus assuring to customers of financial institutions and to financial institutions the benefits of a competitive environment;

(4)that it is essential that the benefits of electronic fund transfers be readily

available to all customers of financial institutions, all financial institutions, and all sellers of goods and services that choose to participate in such a system of electronic fund transfers; and

(5)that it is essential that the competitive environment in the electronic payment

systems industry in this State be preserved and enhanced.

(b)It is the purpose of this Act to enable electronic fund transfer communications networks and financial institutions to meet the needs of commerce in a competitive environment and to provide reliable communications services to the people of this State.