Bill Text: IL HB2937 | 2017-2018 | 100th General Assembly | Engrossed

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Bill Title: Amends the Toll Highway Act. Deletes provisions concerning: land disclosure requirements; condemnation proceedings; beneficial interests; procedures for disclosure; recordation; validity of agreements; penalties; and other requirements. Provides that the Illinois State Toll Highway Authority may not enter into any contract relating to the ownership or use of real property unless the identity of every owner and beneficiary having an interest in the property and every member, shareholder, limited partner, or general partner entitled to receive more than 7.5% of the distributable income of any company or corporation having an interest in the property is disclosed. Provides that the disclosure shall be in writing and under oath. Provides that the beneficiaries of a lease shall furnish a trustee subject to disclosure under the provision with a letter of direction authorizing the trustee to provide the Authority with an up-to-date disclosure whenever requested by the Authority.

Spectrum: Slight Partisan Bill (Republican 3-1)

Status: (Failed) 2019-01-08 - Session Sine Die [HB2937 Detail]

Download: Illinois-2017-HB2937-Engrossed.html

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AN ACT concerning transportation.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
Section 5. The Toll Highway Act is amended by changing
Section 9.12 as follows:
(605 ILCS 10/9.12)
Sec. 9.12. Land disclosure requirements. The Authority may
not enter into any contract relating to the ownership or use of
real property unless the identity of every owner and
beneficiary having any interest, real or personal, in the
property and every member, shareholder, limited partner, or
general partner entitled to receive more than 7 1/2% of the
total distributable income of any limited liability company,
corporation, or limited partnership having any interest, real
or personal, in the property is disclosed. The disclosure shall
be in writing and shall be subscribed by a member, owner,
authorized trustee, corporate official, general partner, or
managing agent, or his or her authorized attorney, under oath.
However, if the interest, stock, or shares in a limited
liability company, corporation, or general partnership are
publicly traded and there is no readily known individual having
greater than a 7 1/2% interest, then a statement subscribed to
under oath by a member, officer of the corporation, general

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partner, or managing agent, or his or her authorized attorney,
shall fulfill the disclosure statement requirement of this
Section. As a condition of contracts entered into on or after
the effective date of this amendatory Act of the 100th General
Assembly, the beneficiaries of a trust shall furnish the
trustee of a trust subject to disclosure under this Section
with a binding non-revocable letter of direction authorizing
the trustee to provide the Authority with an up-to-date
disclosure whenever requested by the Authority. The letter of
direction shall be binding on the beneficiaries' heirs,
successors, and assigns during the term of the contract. This
Section shall be liberally construed to accomplish the purpose
of requiring the identification of the actual parties
benefiting from any transaction with the Authority involving
the procurement of the ownership or use of real property
thereby.
If an entity is wholly or partially owned by another
entity, the names of the owners of the wholly or partially
owning entity shall be disclosed under this Section as well as
the names of the owners of the wholly or partially owned
entity.
(a) Disclosure required. The Authority may not enter into
any agreement or understanding for the use or acquisition of
land that is intended to be used or acquired for toll highway
purposes unless full disclosure of all beneficial interests in
the land is made under this Section.

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(b) Condemnation proceedings. If the Authority commences
condemnation proceedings to acquire land that is intended to be
used or acquired for toll highway purposes, the holders of all
beneficial interests in the land must make full disclosure
under this Section unless the court determines that the
disclosure would cause irreparable harm to one or more holders
of a beneficial interest.
(c) Beneficial interests. Each holder of any beneficial
interest in the land, including without limitation beneficial
interests in a land trust, must be disclosed, including both
individuals and other entities. If any beneficial interest is
held by an entity, other than an entity whose shares are
publicly traded, and not by an individual, then all the holders
of any beneficial interest in that entity must be disclosed.
This requirement continues at each level of holders of
beneficial interests until all beneficial interests of all
individuals in all entities, other than entities whose shares
are publicly traded, have been disclosed.
(d) Written statement. Disclosure must be made by a written
statement filed (i) with the Authority contemporaneously with
the execution of the agreement or understanding or (ii) in the
case of a condemnation proceeding, with the Authority and the
court within a time period ordered by the court. Each
individual and entity must be disclosed by name and address and
by a description of the interest held, including the percentage
interest in the land held by the individual or entity. The

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statement must be verified, subject to penalty of perjury, by
the individual who holds the greatest percentage of beneficial
interest in the land.
(e) Recordation. The Authority must file the statement of
record with the recorder of each county in which any part of
the land is located within 3 business days after the statement
is filed with the Authority.
(f) Agreements and understandings void. Any agreement or
understanding in violation of this Act is void.
(g) Penalty. A person who knowingly violates this Section
is guilty of a business offense and shall be fined $10,000.
(h) Other disclosure requirements. The disclosure required
under this Act is in addition to, and not in lieu of, any other
disclosure required by law.
(Source: P.A. 92-759, eff. 8-2-02.)