Bill Text: IL SB1471 | 2009-2010 | 96th General Assembly | Introduced
NOTE: There are more recent revisions of this legislation. Read Latest Draft
Bill Title: Amends the Cemetery Care Act to require a cemetery association holding $75,000 or less in its care funds to file a report with the Comptroller in lieu of other annual report requirements and to require that the Comptroller examine at least annually every licensee who holds $750,000 or more (now, $250,000 or more) in its care funds. Effective immediately.
Spectrum: Partisan Bill (Democrat 6-0)
Status: (Engrossed - Dead) 2010-01-12 - House Floor Amendment No. 2 Judicial Note Filed as Amended. [SB1471 Detail]
Download: Illinois-2009-SB1471-Introduced.html
Bill Title: Amends the Cemetery Care Act to require a cemetery association holding $75,000 or less in its care funds to file a report with the Comptroller in lieu of other annual report requirements and to require that the Comptroller examine at least annually every licensee who holds $750,000 or more (now, $250,000 or more) in its care funds. Effective immediately.
Spectrum: Partisan Bill (Democrat 6-0)
Status: (Engrossed - Dead) 2010-01-12 - House Floor Amendment No. 2 Judicial Note Filed as Amended. [SB1471 Detail]
Download: Illinois-2009-SB1471-Introduced.html
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1 | AN ACT concerning regulation.
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2 | Be it enacted by the People of the State of Illinois,
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3 | represented in the General Assembly:
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4 | Section 5. The Cemetery Care Act is amended by adding | |||||||||||||||||||||
5 | Section 12.1 and by changing Section 14 as follows:
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6 | (760 ILCS 100/12.1 new)
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7 | Sec. 12.1. Any cemetery association, as established | |||||||||||||||||||||
8 | pursuant to the Cemetery Association Act, holding $75,000 or | |||||||||||||||||||||
9 | less in its care funds, in lieu of complying with the annual | |||||||||||||||||||||
10 | report requirements of Section 12 of this Act, shall file with | |||||||||||||||||||||
11 | the Comptroller a financial report containing information | |||||||||||||||||||||
12 | required by the Comptroller. Each report shall be made under | |||||||||||||||||||||
13 | oath and shall be in the form furnished by the Comptroller. The | |||||||||||||||||||||
14 | report shall be filed free of cost. If any financial report | |||||||||||||||||||||
15 | shows that the amount of the care funds held in trust at the | |||||||||||||||||||||
16 | end of the preceding calendar year or fiscal year, as the case | |||||||||||||||||||||
17 | may be, has increased in amount greater than $75,000, then, for | |||||||||||||||||||||
18 | the next calendar or fiscal year, as the case may be, the | |||||||||||||||||||||
19 | cemetery association shall file an annual report as required | |||||||||||||||||||||
20 | under Section 12 of this Act.
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21 | (760 ILCS 100/14) (from Ch. 21, par. 64.14)
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22 | Sec. 14. The Comptroller may at any time investigate the |
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1 | cemetery business
of every licensee with respect to its care | ||||||
2 | funds. The Comptroller shall
examine at least annually every | ||||||
3 | licensee who holds $750,000
$250,000 or more in
its care funds. | ||||||
4 | For that purpose, the Comptroller shall have free access
to the | ||||||
5 | office and places of business and to such records of all
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6 | licensees and of all trustees of the care funds of all | ||||||
7 | licensees as
shall relate to the acceptance, use and investment | ||||||
8 | of care funds. The
Comptroller may require the attendance of | ||||||
9 | and examine under oath all
persons whose testimony he may | ||||||
10 | require relative to such business and in
such cases the | ||||||
11 | Comptroller or any qualified representative of the
Comptroller | ||||||
12 | whom the Comptroller may designate, may administer oaths to
all | ||||||
13 | such persons called as witnesses, and the Comptroller, or any | ||||||
14 | such
qualified representative of the Comptroller, may conduct | ||||||
15 | such
examinations. The cost of an initial examination
shall be | ||||||
16 | borne by the
cemetery authority if it has $10,000 or more in | ||||||
17 | such fund; otherwise, by
the Comptroller. The charge made by | ||||||
18 | the Comptroller for such examination
shall be based upon the | ||||||
19 | total amount of care funds held by the cemetery
authority as of | ||||||
20 | the end of the calendar or fiscal year for which a
report is | ||||||
21 | required by Section 12 of this Act and shall be in accordance
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22 | with the following schedule:
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23 | less than $10,000 .........................no charge;
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24 | $10,000 or more but less than
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25 | $50,000 .....................................$10;
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26 | $50,000 or more but less than
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1 | $100,000 ....................................$40;
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2 | $100,000 or more but less than
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3 | $250,000 ....................................$80;
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4 | $250,000 or more ....................................$100.
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5 | Any licensee which is not required to be examined annually | ||||||
6 | shall submit
an annual report to the Comptroller containing | ||||||
7 | such information as the
Comptroller reasonably may request.
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8 | The Comptroller may order additional audits or | ||||||
9 | examinations as he or she
may deem necessary or advisable to | ||||||
10 | ensure the safety and stability of the trust
funds and to | ||||||
11 | ensure compliance with this Act. These additional audits or
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12 | examinations shall only be made after good cause is established | ||||||
13 | by the
Comptroller in the written order. The grounds for | ||||||
14 | ordering these additional
audits or examinations may include, | ||||||
15 | but shall not be limited to:
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16 | (1) material and unverified changes or fluctuations in | ||||||
17 | trust balances;
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18 | (2) the licensee changing trustees more than twice in | ||||||
19 | any 12-month
period;
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20 | (3) any withdrawals or attempted withdrawals from the | ||||||
21 | trusts in violation
of this Act; or
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22 | (4) failure to maintain or produce documentation | ||||||
23 | required by this Act for
deposits into trust accounts or | ||||||
24 | trust investment activities.
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25 | Prior to ordering an additional audit or examination, the | ||||||
26 | Comptroller shall
request the licensee to respond and comment |
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1 | upon the factors identified by the
Comptroller as warranting | ||||||
2 | the subsequent examination or audit. The licensee
shall have 30 | ||||||
3 | days to provide a response to the Comptroller. If the
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4 | Comptroller decides to proceed with the additional examination | ||||||
5 | or audit, the
licensee shall bear the full cost of that | ||||||
6 | examination or audit, up to a maximum
of $7,500. The
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7 | Comptroller may elect to pay for the examination or audit and | ||||||
8 | receive
reimbursement from the licensee. Payment of the costs | ||||||
9 | of the examination or
audit by a licensee shall be a condition | ||||||
10 | of receiving or maintaining a license
under this Act. All | ||||||
11 | moneys received by the Comptroller for examination or
audit | ||||||
12 | fees shall be maintained in a separate account to be known as | ||||||
13 | the
Comptroller's Administrative
Fund. This Fund,
subject to | ||||||
14 | appropriation by the General Assembly, may
be utilized by the | ||||||
15 | Comptroller for
enforcing this Act and other purposes that may | ||||||
16 | be authorized by law.
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17 | (Source: P.A. 89-615, eff. 8-9-96.)
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18 | Section 99. Effective date. This Act takes effect upon | ||||||
19 | becoming law.
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