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Are Illinois banks required to close on November 8, 2022, for the general election? If not, do we need to send notice to the IDFPR if we want to remain closed on that day? – IBA Compliance Connection

IBA Compliance Connection

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Are Illinois banks required to close on November 8, 2022, for the general election? If not, do we need to send notice to the IDFPR if we want to remain closed on that day?

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No, we do not believe that Illinois banks are required to close on November 8, 2022, for the general election. Additionally, if a bank decides to remain closed on that day, we do not believe it needs to notify the IDFPR. 

The Promissory Note and Bank Holiday Act states “a bank may, but is not required to, remain closed . . . [on] the days upon which the general elections for members of the House of Representatives are held.”

For resources related to our guidance, please see:

  • Promissory Note and Bank Holiday Act, 205 ILCS 630/17(a) (“The following days shall be legal holidays in the State of Illinois upon which day a bank may, but is not required to, remain closed: . . . the days upon which the general elections for members of the House of Representatives are held, and any day proclaimed by the Governor of this State as a legal holiday.”)