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96TH GENERAL ASSEMBLY
State of Illinois
2009 and 2010
HB5469
Introduced 2/5/2010, by Rep. Keith Farnham SYNOPSIS AS INTRODUCED:
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205 ILCS 625/2 |
from Ch. 17, par. 2132 |
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Amends the Illinois Trust and Payable on Death Accounts Act. Provides that "beneficiary" includes, but is not limited to, a natural person, corporation, charitable organization, or any other organization.
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A BILL FOR
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HB5469 |
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LRB096 18124 MJR 33499 b |
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| AN ACT concerning financial regulation.
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| Be it enacted by the People of the State of Illinois,
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| represented in the General Assembly:
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| Section 5. The Illinois Trust and Payable on Death Accounts |
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| Act is amended by changing Section 2 as follows:
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| (205 ILCS 625/2) (from Ch. 17, par. 2132)
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| Sec. 2. Definitions. As used in this Act, the following |
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| words have
the meanings ascribed to them as set forth herein:
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| (a) "Institution" includes any bank as defined in Section 2 |
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| of the Illinois
Banking Act, any
association
as defined in |
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| Section 1-10.03 of the Illinois Savings and Loan Act,
any |
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| insured savings bank as defined in Section 1007.75 of the
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| Savings Bank Act,
or any credit union as defined in
Section 1.1 |
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| of the Illinois Credit Union Act, and similar federal |
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| institutions.
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| (b) "Account" includes any account, deposit, certificate |
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| of deposit,
withdrawable capital account or credit union share |
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| in any institution. |
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| (c) "Beneficiary" includes, but is not limited to, a |
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| natural person, corporation, charitable organization, or any |
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| other organization.
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| (Source: P.A. 92-285, eff. 1-1-02.)
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