Bill Status of SB 497   95th General Assembly

Short Description:  CIV PRO/TREAS-COLLEGE SAVINGS

Senate Sponsors
Sen. John J. Cullerton-Dan Cronin-James T. Meeks

House Sponsors
(Rep. John A. Fritchey-Naomi D. Jakobsson-Kevin Joyce, William Davis, Rich Brauer, David E. Miller and William B. Black)


Last Action  View All Actions

DateChamber Action
  8/20/2007SenatePublic Act . . . . . . . . . 95-0306

Statutes Amended In Order of Appearance
15 ILCS 505/16.5
735 ILCS 5/12-1001from Ch. 110, par. 12-1001

Synopsis As Introduced
Amends the State Treasurer Act to provide that moneys held in an account invested in the Illinois College Savings Pool shall be exempt from all claims of the creditors of the participant, donor, or designated beneficiary of that account, except for non-exempt College Savings Pool transfers to or from the account. Defines "participant" and "donor". Amends the Code of Civil Procedure. Provides that moneys held in an account invested in the Illinois College Savings Pool of which the debtor is a participant or donor is personal property that is exempt from judgment, attachment, or distress from rent except for: (i) contributions to the account made with the intent to hinder, delay, or defraud any creditor, (ii) certain contributions to the account made during the 365 day period prior to the date of the debtor filing for bankruptcy in excess of the annual gift tax exclusion; or (iii) certain contributions to the account made during the 730 to 366 day period prior to the date of the debtor filing for bankruptcy in excess of the annual gift tax exclusion.

Actions 
DateChamber Action
  2/8/2007SenateFiled with Secretary by Sen. John J. Cullerton
  2/8/2007SenateFirst Reading
  2/8/2007SenateReferred to Rules
  2/21/2007SenateAssigned to Judiciary Civil Law
  3/1/2007SenateDo Pass Judiciary Civil Law; 010-000-000
  3/1/2007SenatePlaced on Calendar Order of 2nd Reading March 2, 2007
  3/2/2007SenateSecond Reading
  3/2/2007SenatePlaced on Calendar Order of 3rd Reading March 6, 2007
  3/8/2007SenateAdded as Chief Co-Sponsor Sen. Dan Cronin
  3/29/2007SenateAdded as Chief Co-Sponsor Sen. James T. Meeks
  3/29/2007SenateThird Reading - Passed; 057-000-000
  3/30/2007HouseArrived in House
  3/30/2007HousePlaced on Calendar Order of First Reading
  4/10/2007HouseChief House Sponsor Rep. John A. Fritchey
  4/16/2007HouseFirst Reading
  4/16/2007HouseReferred to Rules Committee
  4/17/2007HouseAdded Alternate Chief Co-Sponsor Rep. Naomi D. Jakobsson
  4/30/2007HouseAssigned to Financial Institutions Committee
  5/8/2007HouseDo Pass / Short Debate Financial Institutions Committee; 022-000-000
  5/9/2007HousePlaced on Calendar 2nd Reading - Short Debate
  5/10/2007HouseAdded Alternate Co-Sponsor Rep. William Davis
  5/10/2007HouseAdded Alternate Co-Sponsor Rep. Rich Brauer
  5/22/2007HouseSecond Reading - Short Debate
  5/22/2007HousePlaced on Calendar Order of 3rd Reading - Short Debate
  5/23/2007HouseAdded Alternate Chief Co-Sponsor Rep. Kevin Joyce
  5/23/2007HouseAdded Alternate Co-Sponsor Rep. David E. Miller
  5/23/2007HouseAdded Alternate Co-Sponsor Rep. William B. Black
  5/23/2007HouseThird Reading - Short Debate - Passed 114-000-000
  5/23/2007SenatePassed Both Houses
  6/21/2007SenateSent to the Governor
  8/20/2007SenateGovernor Approved
  8/20/2007SenateEffective Date January 1, 2008
  8/20/2007SenatePublic Act . . . . . . . . . 95-0306

Back To Top