Bill Status of SB 1718   103rd General Assembly


Short Description:  SPECIAL PURPOSE TRUST COMPANY

Senate Sponsors
Sen. Laura Ellman

Last Action  View All Actions

DateChamber Action
  2/9/2023SenateReferred to Assignments

Statutes Amended In Order of Appearance
205 ILCS 5/2from Ch. 17, par. 302
205 ILCS 5/30from Ch. 17, par. 337
205 ILCS 620/Art. IIA heading new
205 ILCS 620/2A-1 new
205 ILCS 620/2A-2 new
205 ILCS 620/2A-3 new
205 ILCS 725/11 new

Synopsis As Introduced
Amends the Corporate Fiduciary Act to create the Special Purpose Trust Company Authority and Organization Article. Provides that a corporation that has been or shall be incorporated under the general corporation laws of the State for the special purpose of providing fiduciary custodial services or providing other like or related services as specified by rule may be appointed to act as a fiduciary with respect to such services and shall be designated a special purpose trust company. Provides that it shall not be lawful for any person to engage in the activity of a special purpose trust company without first filing an application for and procuring a certificate of authority from the Secretary of Financial and Professional Regulation. Provides that the Department shall adopt rules for the administration of the Article, and that specified Articles of the Corporate Fiduciary Act shall apply to a special purpose trust company as if the special purpose trust company were a trust company. Amends the Illinois Banking Act. In provisions concerning conversion and merger with trust companies, provides that a special purpose trust company may merge with a State bank or convert to a State bank as if the special purpose trust company were a trust company. Defines "special purpose trust company". Amends the Blockchain Business Development Act to provide that the Department of Financial and Professional Regulation shall have authority to adopt rules, opinions, or interpretive letters regarding the provision of custodial services for digital assets.

Actions 
DateChamber Action
  2/9/2023SenateFiled with Secretary by Sen. Laura Ellman
  2/9/2023SenateFirst Reading
  2/9/2023SenateReferred to Assignments

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