Illinois Senate Bill 3171 (Prior Session Legislation)

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Completed Legislative Action
Spectrum: Bipartisan Bill
Status: Passed on July 30 2012 - 100% progression
Action: 2012-07-30 - Public Act . . . . . . . . . 97-0867
Text: Latest bill text (Chaptered) [HTML]

Amends the Illinois Funeral or Burial Funds Act. Restores a provision that allows persons holding less than $500,000 in trust funds to continue to act as the trustee after the funds are deposited. Provides that a pre-need contract must, if funded by a trust, clearly identify the trustee's name and address and the primary state or federal regulator of the trustee. Provides that a trustee may be the seller or provider of funeral services or merchandise if the seller holds sales of less than $500,000 in trust and deposits funds for which the seller is acting as trustee according in a certain manner. Provides that if a purchaser selects a trust arrangement to fund the pre-need contract, the trust must be maintained: (1) in a deposit account maintained by the seller as trustee in a bank, savings and loan association, savings bank, or credit union authorized to do business in Illinois in which accounts are insured by an agency of the federal government, (2) in a trust company authorized to do business in Illinois, or (3) with a corporate fiduciary as defined in the Corporate Fiduciary Act. Restores a provision that allows trust funds to be maintained in a financial institution located in a state adjoining Illinois if certain conditions are met. Provides that a trustee has a duty to manage the trust and, with respect to the investment of trust funds, shall exercise certain judgment and care. Provides that the trustee has a duty to manage and invest the assets pursuant to the Prudent Investor Rule under the Trusts and Trustees Act if the amount of funds to be entrusted exceeds $1,000,000. Amends the Illinois Pre-Need Cemetery Sales Act. Removes language that provides that the seller must retain a corporate fiduciary as an independent trustee for any amount of trust funds. Provides that a trust established under the Act must be maintained: (1) in a deposit account maintained by the seller as trustee in a bank, savings and loan association, or credit union authorized to do business in Illinois in which accounts are insured by an agency of the federal government, (2) in a trust company authorized to do business in Illinois, or (3) in an investment company authorized to do business in Illinois insured by the Securities Brokers Insurance Corporation.

FUNERAL TRUST FUNDS-TRUSTEES

Sen. John Sullivan [D]	Sen. Kyle McCarter [R]	Sen. Kimberly Lightford [D]	Rep. Dan Brady [R]
Rep. Elaine Nekritz [D]	Rep. Paul Evans [D]	Sen. Michael Connelly [R]

2012-05-30 - Senate - Concurrence in Senate (Y: 56 N: 0 NV: 3 Abs: 0) [PASS]
2012-05-28 - House - Third Reading in House (Y: 112 N: 0 NV: 0 Abs: 0) [PASS]
2012-03-28 - Senate - Third Reading in Senate (Y: 53 N: 0 NV: 6 Abs: 0) [PASS]

Date	Chamber	Action
2012-07-30	Senate	Public Act . . . . . . . . . 97-0867
2012-07-30	Senate	Effective Date July 30, 2012
2012-07-30	Senate	Governor Approved
2012-06-28	Senate	Sent to the Governor
2012-05-30	Senate	Passed Both Houses
2012-05-30	Senate	House Committee Amendment No. 1 Senate Concurs 056-000-000
2012-05-30	Senate	Added as Co-Sponsor Sen. Kimberly A. Lightford
2012-05-29	Senate	House Committee Amendment No. 1 Motion To Concur Recommended Do Adopt Judiciary; 009-000-000
2012-05-28	Senate	House Committee Amendment No. 1 Motion to Concur Assignments Referred to Judiciary
2012-05-28	Senate	House Committee Amendment No. 1 Motion to Concur Referred to Assignments
2012-05-28	Senate	House Committee Amendment No. 1 Motion to Concur Filed with Secretary Sen. John M. Sullivan
2012-05-28	Senate	Placed on Calendar Order of Concurrence House Amendment(s) 1 - May 29, 2012
2012-05-28	Senate	Secretary's Desk - Concurrence House Amendment(s) 1
2012-05-28	House	Third Reading - Short Debate - Passed 112-000-000
2012-05-28	House	Added Alternate Chief Co-Sponsor Rep. Michael G. Connelly
2012-05-28	House	Added Alternate Chief Co-Sponsor Rep. Paul Evans
2012-05-26	House	Placed on Calendar Order of 3rd Reading - Short Debate
2012-05-24	House	Held on Calendar Order of Second Reading - Short Debate
2012-05-24	House	Second Reading - Short Debate
2012-05-24	House	Placed on Calendar 2nd Reading - Short Debate
2012-05-24	House	Do Pass as Amended / Short Debate Judiciary I - Civil Law Committee; 010-000-000
2012-05-24	House	House Committee Amendment No. 1 Adopted in Judiciary I - Civil Law Committee; by Voice Vote
2012-05-22	House	House Committee Amendment No. 1 Rules Refers to Judiciary I - Civil Law Committee
2012-05-22	House	Added Alternate Chief Co-Sponsor Rep. Elaine Nekritz
2012-05-21	House	Motion to Suspend Rule 25 - Prevailed by Voice Vote
2012-05-21	House	Motion Filed to Suspend Rule 25 Judiciary I - Civil Law Committee; Rep. Barbara Flynn Currie
2012-05-21	House	House Committee Amendment No. 1 Referred to Rules Committee
2012-05-21	House	House Committee Amendment No. 1 Filed with Clerk by Rep. Dan Brady
2012-05-21	House	Assigned to Judiciary I - Civil Law Committee
2012-05-21	House	Final Action Deadline Extended-9(b) May 29, 2012
2012-03-28	House	Referred to Rules Committee
2012-03-28	House	First Reading
2012-03-28	House	Placed on Calendar Order of First Reading
2012-03-28	House	Chief House Sponsor Rep. Dan Brady
2012-03-28	House	Arrived in House
2012-03-28	Senate	Senate Floor Amendment No. 1 Tabled Pursuant to Rule 5-4(a)
2012-03-28	Senate	Third Reading - Passed; 053-000-000
2012-03-28	Senate	Placed on Calendar Order of 3rd Reading
2012-03-28	Senate	Senate Floor Amendment No. 2 Adopted; Sullivan
2012-03-28	Senate	Recalled to Second Reading
2012-03-27	Senate	Senate Floor Amendment No. 2 Recommend Do Adopt Licensed Activities; 008-000-000
2012-03-27	Senate	Senate Floor Amendment No. 1 Postponed - Licensed Activities
2012-03-22	Senate	Senate Floor Amendment No. 2 Assignments Refers to Licensed Activities
2012-03-19	Senate	Senate Floor Amendment No. 2 Referred to Assignments
2012-03-19	Senate	Senate Floor Amendment No. 2 Filed with Secretary by Sen. John M. Sullivan
2012-03-06	Senate	Senate Floor Amendment No. 1 Assignments Refers to Licensed Activities
2012-03-01	Senate	Senate Floor Amendment No. 1 Referred to Assignments
2012-03-01	Senate	Senate Floor Amendment No. 1 Filed with Secretary by Sen. John M. Sullivan
2012-02-27	Senate	Placed on Calendar Order of 3rd Reading February 28, 2012
2012-02-27	Senate	Second Reading
2012-02-24	Senate	Placed on Calendar Order of 2nd Reading February 27, 2012
2012-02-24	Senate	Do Pass Licensed Activities; 008-000-000
2012-02-23	Senate	Added as Co-Sponsor Sen. Kyle McCarter
2012-02-07	Senate	Assigned to Licensed Activities
2012-02-01	Senate	Referred to Assignments
2012-02-01	Senate	First Reading
2012-02-01	Senate	Filed with Secretary by Sen. John M. Sullivan

Chapter	Article	Section	Citation Type	Statute Text
225	45	1	Amended Code	Citation Text
225	45	1a-1	Amended Code	Citation Text
225	45	1b	Amended Code	Citation Text
225	45	2	Amended Code	Citation Text
225	45	4a	Amended Code	Citation Text
815	390	14	Amended Code	Citation Text
815	390	15	Amended Code	Citation Text

Type	Source
Summary	https://www.ilga.gov/legislation/BillStatus.asp?DocNum=3171&GAID=11&DocTypeID=SB&SessionID=84&GA=97
Text	https://www.ilga.gov/legislation/97/SB/09700SB3171.htm
Text	https://www.ilga.gov/legislation/97/SB/09700SB3171sam001.htm
Text	https://www.ilga.gov/legislation/97/SB/09700SB3171sam002.htm
Text	https://www.ilga.gov/legislation/97/SB/09700SB3171eng.htm
Text	https://www.ilga.gov/legislation/97/SB/09700SB3171ham001.htm
Text	https://www.ilga.gov/legislation/97/SB/09700SB3171enr.htm
Text	https://www.ilga.gov/legislation/publicacts/97/097-0867.htm
Roll Call	https://www.ilga.gov/legislation/votehistory/97/senate/09700SB3171_03282012_047000T.pdf
Roll Call	https://www.ilga.gov/legislation/votehistory/97/house/09700SB3171_05282012_005000T.pdf
Roll Call	https://www.ilga.gov/legislation/votehistory/97/senate/09700SB3171_05302012_027000C.pdf