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

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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: (Failed) 2019-01-09 - Session Sine Die [SB0303 Detail]

Download: Illinois-2017-SB0303-Introduced.html

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

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