Illinois House Bill 229 (Prior Session Legislation)

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January 8 2013 - Session Sine Die
Text: Latest bill text (Amended) [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. Effective immediately.

FUNERAL TRUST FUNDS-TRUSTEES

Rep Dan Brady

Date	Chamber	Action
2013-01-08	House	Session Sine Die
2011-03-17	House	Rule 19(a) / Re-referred to Rules Committee
2011-03-17	House	House Committee Amendment No. 1 Tabled Pursuant to Rule 40
2011-03-01	House	House Committee Amendment No. 1 Referred to Rules Committee
2011-03-01	House	House Committee Amendment No. 1 Filed with Clerk by Rep. Dan Brady
2011-02-08	House	Assigned to Executive Committee
2011-01-21	House	Referred to Rules Committee
2011-01-21	House	First Reading
2011-01-21	House	Filed with the Clerk by Rep. Dan Brady

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	http://www.ilga.gov/legislation/BillStatus.asp?DocNum=229&GAID=11&DocTypeID=HB&SessionID=84&GA=97
Text	http://www.ilga.gov/legislation/97/HB/09700HB0229.htm
Text	http://www.ilga.gov/legislation/97/HB/09700HB0229ham001.htm