IDOR-FINANCIAL INSTITUTIONS

Amends the Department of Revenue Law of the Civil Administrative Code of Illinois. Provides that a person or entity in possession of property or rights to property upon which a levy has been made, or any person who is obligated with respect to that property, who surrenders that property, those rights, or those obligations upon demand of the Director of Revenue is discharged from any obligation or liability to the delinquent taxpayer and any other person with respect to that property. Provides that the Department of Revenue may indemnify any financial institution that returns fraudulent funds to the Department based on the bona fide belief that the funds held by the financial institution were deposited as a result of fraud committed against a taxpayer, the Department, or another agency of the State. Effective immediately.