Sec. 5. Findings and declarations of policy.

423 words·~2 min read·/il/chapter-745/act-48/5

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Sec. 5. Findings and declarations of policy. The General Assembly hereby finds and declares that:

(1)the economic strength and general welfare of Illinois depends on strong, safe and

sound financial institutions that command the highest levels of public confidence among the citizens of this State;

(2)Illinois financial institutions are highly monitored and closely supervised by

federal and state regulatory agencies which impose strict compliance standards and conduct regular and frequent examinations on these institutions;

(3)countless computer systems, software programs, microchips, and integrated circuits

have been created, distributed, installed, and relied upon throughout this State and the world which are not capable of recognizing certain dates in 1999 and after December 31, 1999, and which will read dates in the year 2000 and thereafter as if those dates represent the year 1900 or thereafter, or which will fail to process those dates (commonly referred to as the "Year 2000 Problem");

(4)the federal and state regulatory agencies which regulate Illinois financial

institutions have required these institutions to undergo exhaustive planning, remediation, testing, and contingency preparedness to properly address the Year 2000 Problem with respect to both internal and external mission critical computer systems, internal and external non-mission critical computer systems, third party vendors, customers, and other possible sources of business interruption, and are closely monitoring, examining, and supervising these efforts on an institution by institution basis;

(5)Illinois financial institutions have expended hundreds of millions of dollars on

reprogramming, replacing, and testing their computer systems to properly address the Year 2000 Problem and continue to be accountable to their federal and state regulatory agencies for meeting the strict safety and soundness standards imposed on them in connection with the Year 2000 Problem;

(6)Illinois financial institutions are integral to the payments system and credit and

savings bases relied on by all other businesses, governmental entities, and citizens of this State irrespective of whether those businesses, governmental entities, and citizens have addressed and implemented solutions in connection with the Year 2000 Problem; and

(7)it is in the interests of this State to recognize the unique and rigorous standards

required of Illinois financial institutions in connection with the Year 2000 Problem and their integral role in maintaining the payments system and credit and savings bases in this State and to preserve public confidence in these institutions and ensure their safety and soundness, thereby protecting and enhancing the economy and general welfare of this State, by providing uniform and judicious legal standards for Illinois financial institutions in connection with the Year 2000 Problem.