Bill Status of HB 1391   94th General Assembly

Short Description:  UNCLAIMED PROP-DEMUTUALIZATION

House Sponsors
Rep. Daniel J. Burke-Angelo Saviano-William B. Black

Senate Sponsors
(Sen. Terry Link-Dan Rutherford)


Last Action  View All Actions

DateChamber Action
  11/9/2005HousePublic Act . . . . . . . . . 94-0686

Statutes Amended In Order of Appearance
765 ILCS 1025/3a new
765 ILCS 1025/11from Ch. 141, par. 111
765 ILCS 1025/12from Ch. 141, par. 112
30 ILCS 105/5.640 new
30 ILCS 105/8h
30 ILCS 105/8j

Synopsis As Introduced
Amends the Uniform Disposition of Unclaimed Property Act. Provides that funds and stock distributable in the course of a demutualization, rehabilitation, or related reorganization of an insurance company shall be deemed abandoned in the listed time frames. Provides that funds and stock deemed abandoned in the course of a demutualization, rehabilitation, or related reorganization of an insurance company shall be held in the Demutualization Trust Fund. Provides that the State Treasurer shall set a date that the required report and remittance of the funds and stock deemed abandoned in the course of a demutualization, rehabilitation, or related reorganization of an insurance company shall be filed. Provides that the names of owners that are identified and contacted directly by the State Treasurer do not have to be published as required under the notice requirements. Amends the State Finance Act. Creates the Demutualization Trust Fund. Exempts the Demutualization Trust Fund from transfers to the General Revenue Fund. Effective immediately.

House Amendment No. 1
Provides that the date that the report must be filed shall be the later of (i) 30 days after the effective date of the amendatory Act of the 94th General Assembly, or (ii) November 1, 2005.

Governor Amendatory Veto Message
Recommends that the following be deleted: (i) language exempting the Demutualization Trust Fund from transfers to the General Revenue Fund; and (ii) language exempting the Demutualization Trust Fund from provisions authorizing the allocation of certain amounts between the General Revenue Fund and other funds.

Actions 
DateChamber Action
  2/9/2005HouseFiled with the Clerk by Rep. Daniel J. Burke
  2/9/2005HouseChief Co-Sponsor Rep. Angelo Saviano
  2/9/2005HouseFirst Reading
  2/9/2005HouseReferred to Rules Committee
  2/10/2005HouseAdded Chief Co-Sponsor Rep. William B. Black
  2/16/2005HouseAssigned to Executive Committee
  3/1/2005HouseMotion to Suspend Rule 25 - Prevailed by Voice Vote
  3/2/2005HouseDo Pass / Short Debate Executive Committee; 013-000-000
  3/3/2005HousePlaced on Calendar 2nd Reading - Short Debate
  3/9/2005HouseHouse Amendment No. 1 Filed with Clerk by Rep. Daniel J. Burke
  3/9/2005HouseHouse Amendment No. 1 Referred to Rules Committee
  3/15/2005HouseHouse Amendment No. 1 Recommends Be Adopted Rules Committee; 005-000-000
  4/5/2005HouseSecond Reading - Short Debate
  4/5/2005HouseHouse Amendment No. 1 Adopted by Voice Vote
  4/5/2005HousePlaced on Calendar Order of 3rd Reading - Short Debate
  4/6/2005HouseThird Reading - Short Debate - Passed 113-000-000
  4/7/2005SenateArrive in Senate
  4/7/2005SenatePlaced on Calendar Order of First Reading April 8, 2005
  4/7/2005SenateChief Senate Sponsor Sen. Terry Link
  4/11/2005SenateFirst Reading
  4/11/2005SenateReferred to Rules
  4/13/2005SenateAssigned to Financial Institutions
  4/14/2005SenateAdded as Alternate Chief Co-Sponsor Sen. Dan Rutherford
  4/21/2005SenatePostponed - Financial Institutions
  5/5/2005SenateDo Pass Financial Institutions; 008-000-000
  5/5/2005SenatePlaced on Calendar Order of 2nd Reading May 10, 2005
  5/11/2005SenateSecond Reading
  5/11/2005SenatePlaced on Calendar Order of 3rd Reading May 12, 2005
  5/12/2005SenateThird Reading - Passed; 056-000-000
  5/12/2005HousePassed Both Houses
  6/10/2005HouseSent to the Governor
  8/9/2005HouseGovernor Amendatory Veto
  8/10/2005HousePlaced on Calendar Amendatory Veto October 25, 2005
  10/26/2005HouseMotion Filed Override Amendatory Veto Rep. Daniel J. Burke
  10/27/2005House3/5 Vote Required
  10/27/2005HouseOverride Amendatory Veto - House Passed 115-001-000
  11/2/2005SenatePlaced on Calendar Amendatory Veto November 3, 2005
  11/2/2005SenateMotion Filed Override Amendatory Veto Sen. Terry Link
  11/2/2005Senate3/5 Vote Required
  11/2/2005SenateOverride Amendatory Veto - Senate Passed 058-000-000
  11/2/2005HouseAmendatory Veto Overridden Both Houses
  11/9/2005HouseEffective Date November 2, 2005
  11/9/2005HousePublic Act . . . . . . . . . 94-0686

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