Sec. 10-24.50. Financial institution's freedom from liability.
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/il/chapter-305/act-5/10-24-50A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Sec. 10-24.50. Financial institution's freedom from liability. A financial institution that provides information under Sections 10-24 through 10-24.50 shall not be liable to any account holder, owner, or other person in any civil, criminal, or administrative action for any of the following:
(1)Disclosing the required information to the Illinois Department, any other provisions
of the law notwithstanding.
(2)Holding, encumbering, or surrendering any of an individual's accounts as defined in
Section 10-24 in response to a lien or order to withhold and deliver issued by:
(A)the Illinois Department under Sections 10-25 and 10-25.5; or
(B)a person or entity acting on behalf of the Illinois Department.
(3)Any other action taken or omission made in good faith to comply with Sections 10-24
through 10-24.50, including individual or mechanical errors, provided that the action or omission does not constitute gross negligence or willful misconduct.