Bill Sponsors: IL HB3968 | 2021-2022 | 102nd General Assembly

Bill Title: 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.

Spectrum: Moderate Partisan Bill (Democrat 23-7)

Status: (Engrossed) 2021-11-28 - Pursuant to Senate Rule 3-9(b) / Referred to Assignments [HB3968 Detail]

Text: Latest bill text (Engrossed) [HTML]

Sponsors

NameTypeSponsorshipDistrictFinancialEncyclopediaBiography
Representative Margaret Croke [D]PrimarySponsored BillsHD-012FollowTheMoneyBallotpediaVoteSmart
Representative Michael Zalewski [D]CosponsorSponsored BillsHD-023FollowTheMoneyBallotpediaVoteSmart
Representative Mark Walker [D]CosponsorSponsored BillsHD-053FollowTheMoneyBallotpediaVoteSmart
Representative Jaime Andrade [D]CosponsorSponsored BillsHD-040FollowTheMoneyBallotpediaVoteSmart
Representative Mark Batinick [R]CosponsorSponsored BillsHD-097FollowTheMoneyBallotpediaVoteSmart
Representative Jonathan Carroll [D]CosponsorSponsored BillsHD-057FollowTheMoneyBallotpediaVoteSmart
Representative Kelly Cassidy [D]CosponsorSponsored BillsHD-014FollowTheMoneyBallotpediaVoteSmart
Representative Deborah Conroy [D]CosponsorSponsored BillsHD-046FollowTheMoneyBallotpediaVoteSmart
Representative Eva Dina Delgado [D]CosponsorSponsored BillsHD-003FollowTheMoneyBallotpediaVoteSmart
Representative Robyn Gabel [D]CosponsorSponsored BillsHD-018FollowTheMoneyBallotpediaVoteSmart
Representative Stephanie Kifowit [D]CosponsorSponsored BillsHD-084FollowTheMoneyBallotpediaVoteSmart
Representative Anna Moeller [D]CosponsorSponsored BillsHD-043FollowTheMoneyBallotpediaVoteSmart
Representative Bob Morgan [D]CosponsorSponsored BillsHD-058FollowTheMoneyBallotpediaVoteSmart
Representative Anne Stava-Murray [D]CosponsorSponsored BillsHD-081FollowTheMoneyBallotpediaVoteSmart
Representative Maurice West [D]CosponsorSponsored BillsHD-067FollowTheMoneyBallotpediaVoteSmart
Representative Ann Williams [D]CosponsorSponsored BillsHD-011FollowTheMoneyBallotpediaVoteSmart
Representative Kambium Buckner [D]CosponsorSponsored BillsHD-026FollowTheMoneyBallotpediaVoteSmart
Representative Terra Costa Howard [D]CosponsorSponsored BillsHD-048FollowTheMoneyBallotpediaVoteSmart
Representative Adam Niemerg [R]CosponsorSponsored BillsHD-109FollowTheMoneyBallotpediaVoteSmart
Representative Nicholas Smith [D]CosponsorSponsored BillsHD-034FollowTheMoneyBallotpediaVoteSmart
Representative Janet Yang Rohr [D]CosponsorSponsored BillsHD-041FollowTheMoneyBallotpediaVoteSmart
Representative Jeff Keicher [R]CosponsorSponsored BillsHD-070FollowTheMoneyBallotpediaVoteSmart
Representative Ryan Spain [R]CosponsorSponsored BillsHD-073FollowTheMoneyBallotpediaVoteSmart
Representative Christopher Davidsmeyer [R]CosponsorSponsored BillsHD-100FollowTheMoneyBallotpediaVoteSmart
Representative Seth Lewis [R]CosponsorSponsored BillsHD-045FollowTheMoneyBallotpediaVoteSmart
Representative Emanuel Welch [D]CosponsorSponsored BillsHD-007FollowTheMoneyBallotpediaVoteSmart
Representative Suzanne Ness [D]CosponsorSponsored BillsHD-066FollowTheMoneyBallotpediaVoteSmart
Senator William Cunningham [D]PrimarySponsored BillsSD-018FollowTheMoneyBallotpediaVoteSmart
Senator Win Stoller [R]CosponsorSponsored BillsSD-037FollowTheMoneyBallotpediaVoteSmart
Senator Laura Ellman [D]CosponsorSponsored BillsSD-021FollowTheMoneyBallotpediaVoteSmart

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