Illinois Senate Bill 1718

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Spectrum: Partisan Bill (Democrat 1-0)
Status: Introduced on February 9 2023 - 25% progression
Action: 2023-02-09 - Referred to Assignments
Pending: Senate Assignments Committee
Text: Latest bill text (Introduced) [HTML]

Amends the Corporate Fiduciary Act to create the Special Purpose Trust Company Authority and Organization Article. Provides that a corporation that has been or shall be incorporated under the general corporation laws of the State for the special purpose of providing fiduciary custodial services or providing other like or related services as specified by rule may be appointed to act as a fiduciary with respect to such services and shall be designated a special purpose trust company. Provides that it shall not be lawful for any person to engage in the activity of a special purpose trust company without first filing an application for and procuring a certificate of authority from the Secretary of Financial and Professional Regulation. Provides that the Department shall adopt rules for the administration of the Article, and that specified Articles of the Corporate Fiduciary Act shall apply to a special purpose trust company as if the special purpose trust company were a trust company. Amends the Illinois Banking Act. In provisions concerning conversion and merger with trust companies, provides that a special purpose trust company may merge with a State bank or convert to a State bank as if the special purpose trust company were a trust company. Defines "special purpose trust company". Amends the Blockchain Business Development Act to provide that the Department of Financial and Professional Regulation shall have authority to adopt rules, opinions, or interpretive letters regarding the provision of custodial services for digital assets.

SPECIAL PURPOSE TRUST COMPANY

Sen. Laura Ellman [D]

Date	Chamber	Action
2023-02-09	Senate	Referred to Assignments
2023-02-09	Senate	First Reading
2023-02-09	Senate	Filed with Secretary by Sen. Laura Ellman

Chapter	Article	Section	Citation Type	Statute Text
205	5	2	Amended Code	Citation Text
205	5	30	Amended Code	Citation Text
205	620	2A-1	New Code	See Bill Text
205	620	2A-2	New Code	See Bill Text
205	620	2A-3	New Code	See Bill Text
205	620	Art. IIA heading	New Code	See Bill Text
205	725	11	New Code	See Bill Text

Type	Source
Summary	https://www.ilga.gov/legislation/BillStatus.asp?DocNum=1718&GAID=17&DocTypeID=SB&SessionID=112&GA=103
Text	https://www.ilga.gov/legislation/103/SB/10300SB1718.htm