Bill Text: IL SB0303 | 2017-2018 | 100th General Assembly | Introduced


Bill Title: Amends the Illinois Securities Law of 1953. Makes a technical change in a Section concerning the definition of security.

Spectrum: Bipartisan Bill

Status: (Introduced) 2017-05-31 - Added as Co-Sponsor Sen. Sue Rezin [SB0303 Detail]

Download: Illinois-2017-SB0303-Introduced.html


100TH GENERAL ASSEMBLY
State of Illinois
2017 and 2018
SB0303

Introduced 1/24/2017, by Sen. John J. Cullerton

SYNOPSIS AS INTRODUCED:
815 ILCS 5/2.1 from Ch. 121 1/2, par. 137.2-1

Amends the Illinois Securities Law of 1953. Makes a technical change in a Section concerning the definition of security.
LRB100 04817 JLS 14827 b

A BILL FOR

SB0303LRB100 04817 JLS 14827 b
1 AN ACT concerning business.
2 Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
4 Section 5. The Illinois Securities Law of 1953 is amended
5by changing Section 2.1 as follows:
6 (815 ILCS 5/2.1) (from Ch. 121 1/2, par. 137.2-1)
7 Sec. 2.1. Security. "Security" means any note, stock,
8treasury stock, bond, debenture, evidence of indebtedness,
9certificate of interest or participation in any profit-sharing
10agreement, collateral-trust certificate, preorganization
11certificate or subscription, transferable share, investment
12contract, viatical investment, investment fund share,
13face-amount certificate, voting-trust certificate, certificate
14of deposit for a security, fractional undivided interest in
15oil, gas or other mineral lease, right or royalty, any put,
16call, straddle, option, or privilege on any security,
17certificate of deposit, or group or index of securities
18(including any interest therein or based on the the value
19thereof), or any put, call, straddle, option, or privilege
20entered into, relating to foreign currency, or, in general, any
21interest or instrument commonly known as a "security", or any
22certificate of interest or participation in, temporary or
23interim certificate for, receipt for, guarantee of, or warrant

SB0303- 2 -LRB100 04817 JLS 14827 b
1or right to subscribe to or purchase, any of the foregoing.
2"Security" does not mean a mineral investment contract or a
3mineral deferred delivery contract; provided, however, the
4Department shall have the authority to regulate these contracts
5as hereinafter provided.
6(Source: P.A. 96-736, eff. 7-1-10.)
feedback