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| | 100TH GENERAL ASSEMBLY
State of Illinois
2017 and 2018
HB1809 Introduced , by Rep. C.D. Davidsmeyer SYNOPSIS AS INTRODUCED:
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| 205 ILCS 620/1-7 | from Ch. 17, par. 1551-7 |
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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.
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| | A BILL FOR |
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| | HB1809 | | LRB100 05755 SMS 15778 b |
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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 Corporate Fiduciary Act is amended by |
| 5 | | changing Section 1-7 as follows:
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| 6 | | (205 ILCS 620/1-7) (from Ch. 17, par. 1551-7)
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| 7 | | Sec. 1-7. Office locations; corporate fiduciaries.
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| 8 | | (a) Any corporate fiduciary may establish branch offices at |
| 9 | | any
location. Any corporate fiduciary that seeks to establish a |
| 10 | | branch office
shall, if it is a trust company, apply for and |
| 11 | | obtain approval for the
branch office from the Secretary |
| 12 | | Commissioner or, if it is a bank, savings and loan
association, |
| 13 | | or savings bank, give notice of its intent to establish a
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| 14 | | branch office to the Commissioner, 30 days prior to the |
| 15 | | purchasing or
leasing of land, building, or equipment for the |
| 16 | | branch office under the
terms and conditions as the |
| 17 | | Commissioner shall specify by rule.
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| 18 | | (b) Any trust company that proposes to establish a |
| 19 | | subsidiary,
whether by incorporating the subsidiary or by |
| 20 | | acquiring the subsidiary,
shall apply for and obtain prior |
| 21 | | approval from the Secretary Commissioner 60 days
prior to |
| 22 | | commencing business by the subsidiary, if newly incorporated, |
| 23 | | or
prior to its acquisition, if it is acquired, provided the |