Bill Status of SB 3171   97th General Assembly


Short Description:  FUNERAL TRUST FUNDS-TRUSTEES

Senate Sponsors
Sen. John M. Sullivan, Kyle McCarter and Kimberly A. Lightford

House Sponsors
(Rep. Dan Brady-Elaine Nekritz-Paul Evans-Michael G. Connelly)


Last Action  View All Actions

DateChamber Action
  7/30/2012SenatePublic Act . . . . . . . . . 97-0867

Statutes Amended In Order of Appearance
225 ILCS 45/1from Ch. 111 1/2, par. 73.101
225 ILCS 45/1a-1
225 ILCS 45/1bfrom Ch. 111 1/2, par. 73.101b
225 ILCS 45/2from Ch. 111 1/2, par. 73.102
225 ILCS 45/4a
815 ILCS 390/14from Ch. 21, par. 214
815 ILCS 390/15from Ch. 21, par. 215

Synopsis As Introduced
Amends the Illinois Funeral or Burial Funds Act. Restores a provision that allows persons holding less than $500,000 in trust funds to continue to act as the trustee after the funds are deposited. Provides that a pre-need contract must, if funded by a trust, clearly identify the trustee's name and address and the primary state or federal regulator of the trustee. Provides that a trustee may be the seller or provider of funeral services or merchandise if the seller holds sales of less than $500,000 in trust and deposits funds for which the seller is acting as trustee according in a certain manner. Provides that if a purchaser selects a trust arrangement to fund the pre-need contract, the trust must be maintained: (1) in a deposit account maintained by the seller as trustee in a bank, savings and loan association, savings bank, or credit union authorized to do business in Illinois in which accounts are insured by an agency of the federal government, (2) in a trust company authorized to do business in Illinois, or (3) with a corporate fiduciary as defined in the Corporate Fiduciary Act. Restores a provision that allows trust funds to be maintained in a financial institution located in a state adjoining Illinois if certain conditions are met. Provides that a trustee has a duty to manage the trust and, with respect to the investment of trust funds, shall exercise certain judgment and care. Provides that the trustee has a duty to manage and invest the assets pursuant to the Prudent Investor Rule under the Trusts and Trustees Act if the amount of funds to be entrusted exceeds $1,000,000. Amends the Illinois Pre-Need Cemetery Sales Act. Removes language that provides that the seller must retain a corporate fiduciary as an independent trustee for any amount of trust funds. Provides that a trust established under the Act must be maintained: (1) in a deposit account maintained by the seller as trustee in a bank, savings and loan association, or credit union authorized to do business in Illinois in which accounts are insured by an agency of the federal government, (2) in a trust company authorized to do business in Illinois, or (3) in an investment company authorized to do business in Illinois insured by the Securities Brokers Insurance Corporation.

Senate Floor Amendment No. 2
In provisions of the Illinois Funeral or Burial Funds Act and the Illinois Pre-Need Cemetery Sales Act concerning trust deposits, changes references from deposit accounts in a credit union authorized to do business in Illinois in which accounts are insured by an agency of the federal government to a State or federal bank, savings and loan association, or savings bank, the accounts of which are insured by an agency of the federal government; or in a share account or share certificate account maintained by the seller as trustee in a State or federal credit union, the accounts of which are insured as required by the Illinois Credit Union Act or the Federal Credit Union Act.

House Committee Amendment No. 1
Deletes reference to:
225 ILCS 45/1
225 ILCS 45/1a-1
225 ILCS 45/1b
225 ILCS 45/2
225 ILCS 45/4a
815 ILCS 390/14
815 ILCS 390/15
Adds reference to:
735 ILCS 5/8-2001from Ch. 110, par. 8-2001
735 ILCS 5/8-2001.5

Replaces everything after the enacting clause. Amends the Code of Civil Procedure. Provides that the $20 handling charge for obtaining health care facility records shall not be collected from a patient or from a deceased patient's personal representative. Provides that a deceased person's healthcare records must (instead of may) be released upon the written request of the executor or administrator of the deceased person's estate, the deceased person's agent under a power of attorney for healthcare, or a relative of the deceased person with a specified relationship, who shall be considered to be a personal representative of the deceased patient. Adds to a health care facility records release form a certification from the relative that the relative is acting as a personal representative pursuant to these provisions. Effective immediately.

Actions 
DateChamber Action
  2/1/2012SenateFiled with Secretary by Sen. John M. Sullivan
  2/1/2012SenateFirst Reading
  2/1/2012SenateReferred to Assignments
  2/7/2012SenateAssigned to Licensed Activities
  2/23/2012SenateAdded as Co-Sponsor Sen. Kyle McCarter
  2/24/2012SenateDo Pass Licensed Activities; 008-000-000
  2/24/2012SenatePlaced on Calendar Order of 2nd Reading February 27, 2012
  2/27/2012SenateSecond Reading
  2/27/2012SenatePlaced on Calendar Order of 3rd Reading February 28, 2012
  3/1/2012SenateSenate Floor Amendment No. 1 Filed with Secretary by Sen. John M. Sullivan
  3/1/2012SenateSenate Floor Amendment No. 1 Referred to Assignments
  3/6/2012SenateSenate Floor Amendment No. 1 Assignments Refers to Licensed Activities
  3/19/2012SenateSenate Floor Amendment No. 2 Filed with Secretary by Sen. John M. Sullivan
  3/19/2012SenateSenate Floor Amendment No. 2 Referred to Assignments
  3/22/2012SenateSenate Floor Amendment No. 2 Assignments Refers to Licensed Activities
  3/27/2012SenateSenate Floor Amendment No. 1 Postponed - Licensed Activities
  3/27/2012SenateSenate Floor Amendment No. 2 Recommend Do Adopt Licensed Activities; 008-000-000
  3/28/2012SenateRecalled to Second Reading
  3/28/2012SenateSenate Floor Amendment No. 2 Adopted; Sullivan
  3/28/2012SenatePlaced on Calendar Order of 3rd Reading
  3/28/2012SenateThird Reading - Passed; 053-000-000
  3/28/2012SenateSenate Floor Amendment No. 1 Tabled Pursuant to Rule 5-4(a)
  3/28/2012HouseArrived in House
  3/28/2012HouseChief House Sponsor Rep. Dan Brady
  3/28/2012HousePlaced on Calendar Order of First Reading
  3/28/2012HouseFirst Reading
  3/28/2012HouseReferred to Rules Committee
  5/21/2012HouseFinal Action Deadline Extended-9(b) May 29, 2012
  5/21/2012HouseAssigned to Judiciary I - Civil Law Committee
  5/21/2012HouseHouse Committee Amendment No. 1 Filed with Clerk by Rep. Dan Brady
  5/21/2012HouseHouse Committee Amendment No. 1 Referred to Rules Committee
  5/21/2012HouseMotion Filed to Suspend Rule 25 Judiciary I - Civil Law Committee; Rep. Barbara Flynn Currie
  5/21/2012HouseMotion to Suspend Rule 25 - Prevailed by Voice Vote
  5/22/2012HouseAdded Alternate Chief Co-Sponsor Rep. Elaine Nekritz
  5/22/2012HouseHouse Committee Amendment No. 1 Rules Refers to Judiciary I - Civil Law Committee
  5/24/2012HouseHouse Committee Amendment No. 1 Adopted in Judiciary I - Civil Law Committee; by Voice Vote
  5/24/2012HouseDo Pass as Amended / Short Debate Judiciary I - Civil Law Committee; 010-000-000
  5/24/2012HousePlaced on Calendar 2nd Reading - Short Debate
  5/24/2012HouseSecond Reading - Short Debate
  5/24/2012HouseHeld on Calendar Order of Second Reading - Short Debate
  5/26/2012HousePlaced on Calendar Order of 3rd Reading - Short Debate
  5/28/2012HouseAdded Alternate Chief Co-Sponsor Rep. Paul Evans
  5/28/2012HouseAdded Alternate Chief Co-Sponsor Rep. Michael G. Connelly
  5/28/2012HouseThird Reading - Short Debate - Passed 112-000-000
  5/28/2012SenateSecretary's Desk - Concurrence House Amendment(s) 1
  5/28/2012SenatePlaced on Calendar Order of Concurrence House Amendment(s) 1 - May 29, 2012
  5/28/2012SenateHouse Committee Amendment No. 1 Motion to Concur Filed with Secretary Sen. John M. Sullivan
  5/28/2012SenateHouse Committee Amendment No. 1 Motion to Concur Referred to Assignments
  5/28/2012SenateHouse Committee Amendment No. 1 Motion to Concur Assignments Referred to Judiciary
  5/29/2012SenateHouse Committee Amendment No. 1 Motion To Concur Recommended Do Adopt Judiciary; 009-000-000
  5/30/2012SenateAdded as Co-Sponsor Sen. Kimberly A. Lightford
  5/30/2012SenateHouse Committee Amendment No. 1 Senate Concurs 056-000-000
  5/30/2012SenatePassed Both Houses
  6/28/2012SenateSent to the Governor
  7/30/2012SenateGovernor Approved
  7/30/2012SenateEffective Date July 30, 2012
  7/30/2012SenatePublic Act . . . . . . . . . 97-0867

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