Bill Text: IL HB1809 | 2017-2018 | 100th General Assembly | Enrolled

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: Slight Partisan Bill (Republican 2-1)

Status: (Enrolled) 2017-06-13 - Sent to the Governor [HB1809 Detail]

Download: Illinois-2017-HB1809-Enrolled.html

HB1809 EnrolledLRB100 05755 SMS 15778 b
1 AN ACT concerning regulation.
2 Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
4 Section 5. The Corporate Fiduciary Act is amended by
5changing Section 1-7 as follows:
6 (205 ILCS 620/1-7) (from Ch. 17, par. 1551-7)
7 Sec. 1-7. Office locations; corporate fiduciaries.
8 (a) Any corporate fiduciary may establish branch offices at
9any location. Any corporate fiduciary that seeks to establish a
10branch office shall, if it is a trust company, apply for and
11obtain approval for the branch office from the Secretary
12Commissioner or, if it is a bank, savings and loan association,
13or savings bank, give notice of its intent to establish a
14branch office to the Commissioner, 30 days prior to the
15purchasing or leasing of land, building, or equipment for the
16branch office under the terms and conditions as the
17Commissioner shall specify by rule.
18 (b) Any trust company that proposes to establish a
19subsidiary, whether by incorporating the subsidiary or by
20acquiring the subsidiary, shall apply for and obtain prior
21approval from the Secretary Commissioner 60 days prior to
22commencing business by the subsidiary, if newly incorporated,
23or prior to its acquisition, if it is acquired, provided the

HB1809 Enrolled- 2 -LRB100 05755 SMS 15778 b
1Secretary Commissioner may specify circumstances and
2conditions when a trust company may directly or indirectly
3acquire a subsidiary without prior approval.
4(Source: P.A. 90-665, eff. 7-30-98.)
5 Section 99. Effective date. This Act takes effect upon
6becoming law.