Sec. 10-24. Definitions.
245 words·~1 min read·
/il/chapter-305/act-5/10-24A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Sec. 10-24. Definitions. In this Section through Section 10-24.50:
"Account" means a demand deposit account, checking or negotiable withdrawal order account, savings account, time deposit account, or money market mutual fund account.
"Financial institution" includes:
(1)a depository institution, which is any bank or saving association;
(2)an insured depository institution, which is any bank or saving institution the
deposits of which are insured pursuant to the Federal Deposit Insurance Act, or any uninsured branch or agency of a foreign bank or a commercial lending company owned or controlled by a foreign bank;
(3)a federal depository institution, which is any national bank, any federal savings
association, or any federal branch;
(4)a state depository institution, which is any state bank, any state savings
association, or any insured branch which is not a federal branch;
(5)a federal credit union, which is a cooperative association organized in accordance
with the provisions of the Federal Credit Union Act;
(6)a state chartered credit union which is organized and operated according to the laws
of this or any other state, which laws provide for the organization of credit unions similar in principle and objectives to federal credit unions; and
(7)any benefit association, insurance company, safe deposit company, money market
mutual fund, or similar entity authorized to do business in this State.
"Financial record" has the meaning given to that term in Section 1101 of the federal Right to Financial Privacy Act of 1978 (12 U.S.C. 3401).