Bill Status of HB 242   95th General Assembly


Short Description:  FIN REG-AFFILIATES

House Sponsors
Rep. Mark H. Beaubien, Jr.

Last Action  View All Actions

DateChamber Action
  1/13/2009HouseSession Sine Die

Statutes Amended In Order of Appearance
205 ILCS 620/2-14 new

Synopsis As Introduced
Amends the Corporate Fiduciary Act. Adds provisions concerning investments and participation by affiliates of any bank or trust company acting in its fiduciary capacity. Provides that any bank or trust company may purchase services or products from an affiliate, provided that the purchase is otherwise prudent and not prohibited by the instrument governing the fiduciary relationship. Provides that the compensation for the service or product may be in addition to the compensation that the bank or trust company or its affiliate is otherwise entitled as a fiduciary. Provides that the bank or trust company must disclose, in a specified manner, any purchase authorized by the new provisions. Provides that the new provisions apply to any bank or trust company doing banking or trust business in this State, including any national bank or national trust company or any of its affiliates.

Actions 
DateChamber Action
  1/10/2007HouseFiled with the Clerk by Rep. Mark H. Beaubien, Jr.
  1/19/2007HouseFirst Reading
  1/19/2007HouseReferred to Rules Committee
  1/31/2007HouseAssigned to Executive Committee
  3/23/2007HouseRule 19(a) / Re-referred to Rules Committee
  1/13/2009HouseSession Sine Die

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