IL HB3968 | 2021-2022 | 102nd General Assembly

Status

Spectrum: Moderate Partisan Bill (Democrat 22-7)
Status: Engrossed on April 21 2021 - 50% progression
Action: 2021-10-13 - Pursuant to Senate Rule 3-9(b)(ii) this bill shall not be re-referred to the Committee on Assignment pursuant to Senate Rule 3-9(b).
Text: Latest bill text (Engrossed) [HTML]

Summary

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 custody of digital assets, including digital consumer assets, digital securities, and virtual currency.

Tracking Information

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Title

SPECIAL PURPOSE TRUST COMPANY

Sponsors


Roll Calls

2021-04-21 - House - Third Reading in House (Y: 117 N: 0 NV: 0 Abs: 0) [PASS]

History

DateChamberAction
2021-10-13SenatePursuant to Senate Rule 3-9(b)(ii) this bill shall not be re-referred to the Committee on Assignment pursuant to Senate Rule 3-9(b).
2021-08-26SenatePlaced on Calendar Order of 3rd Reading August 31, 2021
2021-08-26SenateApproved for Consideration Assignments
2021-08-25SenateRule 2-10 Third Reading Deadline Established As December 1, 2021
2021-06-15SenateRule 3-9(a) / Re-referred to Assignments
2021-05-31SenateRule 2-10 Third Reading Deadline Established As June 15, 2021
2021-05-21SenatePlaced on Calendar Order of 3rd Reading May 24, 2021
2021-05-21SenateSecond Reading
2021-05-19SenatePlaced on Calendar Order of 2nd Reading May 20, 2021
2021-05-19SenateDo Pass Judiciary; 007-000-000
2021-05-10SenateAssigned to Judiciary
2021-04-27SenateAdded as Alternate Co-Sponsor Sen. Win Stoller
2021-04-22SenateReferred to Assignments
2021-04-22SenateFirst Reading
2021-04-22SenateChief Senate Sponsor Sen. Bill Cunningham
2021-04-21SenatePlaced on Calendar Order of First Reading April 22, 2021
2021-04-21SenateArrive in Senate
2021-04-21HouseAdded Co-Sponsor Rep. Suzanne Ness
2021-04-21HouseThird Reading - Short Debate - Passed 117-000-000
2021-04-21HousePlaced on Calendar Order of 3rd Reading - Short Debate
2021-04-21HouseHouse Floor Amendment No. 1 Adopted
2021-04-21HouseRecalled to Second Reading - Short Debate
2021-04-20HouseHouse Floor Amendment No. 1 Recommends Be Adopted Financial Institutions Committee; 008-000-000
2021-04-20HouseHouse Floor Amendment No. 1 Rules Refers to Financial Institutions Committee
2021-04-16HouseAdded Co-Sponsor Rep. Emanuel Chris Welch
2021-04-15HouseHouse Floor Amendment No. 1 Referred to Rules Committee
2021-04-15HouseHouse Floor Amendment No. 1 Filed with Clerk by Rep. Margaret Croke
2021-04-15HouseAdded Chief Co-Sponsor Rep. Mark Batinick
2021-04-14HousePlaced on Calendar Order of 3rd Reading - Short Debate
2021-04-14HouseSecond Reading - Short Debate
2021-04-13HousePlaced on Calendar 2nd Reading - Short Debate
2021-04-13HouseRemoved from Consent Calendar Status Rep. Margaret Croke
2021-04-13HouseAdded Co-Sponsor Rep. Seth Lewis
2021-04-08HousePlaced on Calendar 2nd Reading - Consent Calendar
2021-03-24HouseAdded Co-Sponsor Rep. C.D. Davidsmeyer
2021-03-24HouseAdded Co-Sponsor Rep. Ryan Spain
2021-03-24HouseAdded Co-Sponsor Rep. Jeff Keicher
2021-03-24HouseAdded Chief Co-Sponsor Rep. Jaime M. Andrade, Jr.
2021-03-23HouseDo Pass / Consent Calendar Financial Institutions Committee; 009-000-000
2021-03-23HouseAdded Co-Sponsor Rep. Janet Yang Rohr
2021-03-23HouseAdded Chief Co-Sponsor Rep. Mark L. Walker
2021-03-22HouseAdded Co-Sponsor Rep. Nicholas K. Smith
2021-03-16HouseAssigned to Financial Institutions Committee
2021-03-09HouseAdded Co-Sponsor Rep. Adam Niemerg
2021-03-04HouseReferred to Rules Committee
2021-03-04HouseFirst Reading
2021-03-03HouseAdded Co-Sponsor Rep. Terra Costa Howard
2021-02-24HouseRemoved Co-Sponsor Rep. Mark Batinick
2021-02-24HouseAdded Co-Sponsor Rep. Kambium Buckner
2021-02-24HouseAdded Co-Sponsor Rep. Ann M. Williams
2021-02-24HouseAdded Co-Sponsor Rep. Maurice A. West, II
2021-02-24HouseAdded Co-Sponsor Rep. Anne Stava-Murray
2021-02-24HouseAdded Co-Sponsor Rep. Bob Morgan
2021-02-24HouseAdded Co-Sponsor Rep. Anna Moeller
2021-02-24HouseAdded Co-Sponsor Rep. Stephanie A. Kifowit
2021-02-24HouseAdded Co-Sponsor Rep. Robyn Gabel
2021-02-24HouseAdded Co-Sponsor Rep. Eva Dina Delgado
2021-02-24HouseAdded Co-Sponsor Rep. Deb Conroy
2021-02-24HouseAdded Co-Sponsor Rep. Kelly M. Cassidy
2021-02-24HouseAdded Co-Sponsor Rep. Jonathan Carroll
2021-02-24HouseAdded Co-Sponsor Rep. Mark Batinick
2021-02-24HouseAdded Chief Co-Sponsor Rep. Michael J. Zalewski
2021-02-22HouseFiled with the Clerk by Rep. Margaret Croke

Code Citations

ChapterArticleSectionCitation TypeStatute Text
20552Amended CodeCitation Text
205530Amended CodeCitation Text
2056202A-1New CodeSee Bill Text
2056202A-2New CodeSee Bill Text
2056202A-3New CodeSee Bill Text
205620Art. IIA headingNew CodeSee Bill Text
20572511New CodeSee Bill Text

Illinois State Sources


Bill Comments

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