Bill Text: IL SB1471 | 2009-2010 | 96th General Assembly | Introduced

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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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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96TH GENERAL ASSEMBLY State of Illinois 2009 and 2010 SB1471 Introduced 2/18/2009, by Sen. John O. Jones - Gary Forby SYNOPSIS AS INTRODUCED:
760 ILCS 100/12.1 new
760 ILCS 100/14 from Ch. 21, par. 64.14
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.
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A BILL FOR
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AN ACT concerning regulation.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
Section 5. The Cemetery Care Act is amended by adding
Section 12.1 and by changing Section 14 as follows:
(760 ILCS 100/12.1 new)
Sec. 12.1. Any cemetery association, as established
pursuant to the Cemetery Association Act, holding $75,000 or
less in its care funds, in lieu of complying with the annual
report requirements of Section 12 of this Act, shall file with
the Comptroller a financial report containing information
required by the Comptroller. Each report shall be made under
oath and shall be in the form furnished by the Comptroller. The
report shall be filed free of cost. If any financial report
shows that the amount of the care funds held in trust at the
end of the preceding calendar year or fiscal year, as the case
may be, has increased in amount greater than $75,000, then, for
the next calendar or fiscal year, as the case may be, the
cemetery association shall file an annual report as required
under Section 12 of this Act.
(760 ILCS 100/14) (from Ch. 21, par. 64.14)
Sec. 14. The Comptroller may at any time investigate the

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cemetery business of every licensee with respect to its care
funds. The Comptroller shall examine at least annually every
licensee who holds $750,000 $250,000 or more in its care funds.
For that purpose, the Comptroller shall have free access to the
office and places of business and to such records of all
licensees and of all trustees of the care funds of all
licensees as shall relate to the acceptance, use and investment
of care funds. The Comptroller may require the attendance of
and examine under oath all persons whose testimony he may
require relative to such business and in such cases the
Comptroller or any qualified representative of the Comptroller
whom the Comptroller may designate, may administer oaths to all
such persons called as witnesses, and the Comptroller, or any
such qualified representative of the Comptroller, may conduct
such examinations. The cost of an initial examination shall be
borne by the cemetery authority if it has $10,000 or more in
such fund; otherwise, by the Comptroller. The charge made by
the Comptroller for such examination shall be based upon the
total amount of care funds held by the cemetery authority as of
the end of the calendar or fiscal year for which a report is
required by Section 12 of this Act and shall be in accordance
with the following schedule:
less than $10,000.........................no charge;
$10,000 or more but less than
$50,000.....................................$10;
$50,000 or more but less than

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$100,000....................................$40;
$100,000 or more but less than
$250,000....................................$80;
$250,000 or more....................................$100.
Any licensee which is not required to be examined annually
shall submit an annual report to the Comptroller containing
such information as the Comptroller reasonably may request.
The Comptroller may order additional audits or
examinations as he or she may deem necessary or advisable to
ensure the safety and stability of the trust funds and to
ensure compliance with this Act. These additional audits or
examinations shall only be made after good cause is established
by the Comptroller in the written order. The grounds for
ordering these additional audits or examinations may include,
but shall not be limited to:
(1) material and unverified changes or fluctuations in
trust balances;
(2) the licensee changing trustees more than twice in
any 12-month period;
(3) any withdrawals or attempted withdrawals from the
trusts in violation of this Act; or
(4) failure to maintain or produce documentation
required by this Act for deposits into trust accounts or
trust investment activities.
Prior to ordering an additional audit or examination, the
Comptroller shall request the licensee to respond and comment

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upon the factors identified by the Comptroller as warranting
the subsequent examination or audit. The licensee shall have 30
days to provide a response to the Comptroller. If the
Comptroller decides to proceed with the additional examination
or audit, the licensee shall bear the full cost of that
examination or audit, up to a maximum of $7,500. The
Comptroller may elect to pay for the examination or audit and
receive reimbursement from the licensee. Payment of the costs
of the examination or audit by a licensee shall be a condition
of receiving or maintaining a license under this Act. All
moneys received by the Comptroller for examination or audit
fees shall be maintained in a separate account to be known as
the Comptroller's Administrative Fund. This Fund, subject to
appropriation by the General Assembly, may be utilized by the
Comptroller for enforcing this Act and other purposes that may
be authorized by law.
(Source: P.A. 89-615, eff. 8-9-96.)
Section 99. Effective date. This Act takes effect upon
becoming law.