(305 ILCS 5/10-24.50)
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 not withstanding.
(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.
(Source: P.A. 95-331, eff. 8-21-07.)
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Last modified: February 18, 2015