IL HB1809 | 2017-2018 | 100th General Assembly
Discussing IL HB1809 | 2017-2018 | 100th General Assembly
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]
Text: Latest bill text (Chaptered) [HTML]
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1) Provisions: Amends the Corporate Fiduciary Act • Removes requirement that a corporate fiduciary of a bank, savings and loan association, or savings bank give notice of intent to establish a branch office 30 days prior to purchasing or leasing of land/building/equipment • Any corporate fiduciary may establish branch offices at any location • Any trust company that proposes to establish shall apply for and obtain prior approval from the Secretary 60 days prior to commencing the subsidiary 2) Background • Has also been introduced in the Senate this session (SB0746). Primary sponsor Sen. Jason Barickman (R-53). No cosponsors, still in Financial Institutions Committee. • Passed Consumer Protection Committee hearing, up for 3rd Reading – Short Debate. • 1 proponent o Robert Dixon from the Illinois Department of Financial and Professional Regulation 3) Panel Comments • Panel would like more explicit information on the purpose of this bill. Why would a corporate fiduciary not need to give notice? Skeptical, and is not in favor until role of Secretary is directly established.