Bill Text: IL SB0746 | 2017-2018 | 100th General Assembly | Introduced

NOTE: There are more recent revisions of this legislation. Read Latest Draft

---

Bill Title: Amends the Corporate Fiduciary Act. In provisions concerning office locations of corporate fiduciaries, removes the requirement that a corporate fiduciary of a bank, savings and loan association, or savings bank give notice of intent to establish a branch office to the Secretary of Financial and Professional Regulation 30 days prior to purchasing or leasing of land, building, or equipment. Replaces references to "Commissioner" with "Secretary". Effective immediately.

Spectrum: Partisan Bill (Republican 2-0)

Status: (Failed) 2019-01-09 - Session Sine Die [SB0746 Detail]

Download: Illinois-2017-SB0746-Introduced.html

---

100TH GENERAL ASSEMBLY State of Illinois 2017 and 2018 SB0746 Introduced 1/30/2017, by Sen. Jason A. Barickman SYNOPSIS AS INTRODUCED:
205 ILCS 620/1-7 from Ch. 17, par. 1551-7
Amends the Corporate Fiduciary Act. In provisions concerning office locations of corporate fiduciaries, removes the requirement that a corporate fiduciary of a bank, savings and loan association, or savings bank give notice of intent to establish a branch office to the Secretary of Financial and Professional Regulation 30 days prior to purchasing or leasing of land, building, or equipment. Replaces references to "Commissioner" with "Secretary". Effective immediately.
LRB100 05754 SMS 15777 b
A BILL FOR
SB0746 LRB100 05754 SMS 15777 b
AN ACT concerning regulation.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
Section 5. The Corporate Fiduciary Act is amended by
changing Section 1-7 as follows:
(205 ILCS 620/1-7) (from Ch. 17, par. 1551-7)
Sec. 1-7. Office locations; corporate fiduciaries.
(a) Any corporate fiduciary may establish branch offices at
any location. Any corporate fiduciary that seeks to establish a
branch office shall, if it is a trust company, apply for and
obtain approval for the branch office from the Secretary
Commissioner or, if it is a bank, savings and loan association,
or savings bank, give notice of its intent to establish a
branch office to the Commissioner, 30 days prior to the
purchasing or leasing of land, building, or equipment for the
branch office under the terms and conditions as the
Commissioner shall specify by rule.
(b) Any trust company that proposes to establish a
subsidiary, whether by incorporating the subsidiary or by
acquiring the subsidiary, shall apply for and obtain prior
approval from the Secretary Commissioner 60 days prior to
commencing business by the subsidiary, if newly incorporated,
or prior to its acquisition, if it is acquired, provided the

SB0746 - 2 - LRB100 05754 SMS 15777 b
Secretary Commissioner may specify circumstances and
conditions when a trust company may directly or indirectly
acquire a subsidiary without prior approval.
(Source: P.A. 90-665, eff. 7-30-98.)
Section 99. Effective date. This Act takes effect upon
becoming law.