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

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: (Passed) 2017-08-11 - Public Act . . . . . . . . . 100-0048 [HB1809 Detail]

Download: Illinois-2017-HB1809-Chaptered.html

Public Act 100-0048
HB1809 EnrolledLRB100 05755 SMS 15778 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
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.