Bill Status of SB 2820   99th General Assembly

Short Description:  PENCD-CHI FIRE-LEND SECURITIES

Senate Sponsors
Sen. John G. Mulroe

House Sponsors
(Rep. Elaine Nekritz-Carol Sente)


Last Action  View All Actions

DateChamber Action
  8/12/2016SenatePublic Act . . . . . . . . . 99-0793

Statutes Amended In Order of Appearance
40 ILCS 5/6-183.1 new

Synopsis As Introduced
Amends the Chicago Firefighter Article of the Illinois Pension Code. Authorizes the Board of Trustees of the Fund to lend securities owned by the Fund to a borrower upon such terms and conditions as may be mutually agreed upon. Requires the agreement to provide that during the period of the loan the Fund shall retain the right to receive, or collect from the borrower, all dividends, interest rights, or any distributions to which the Fund would have otherwise been entitled. Provides that the borrower shall deposit with the Fund, as collateral, cash equal to the market value of the securities at the time the loan is made and shall increase the amount of collateral if and when the Fund requests an additional amount because of subsequent increased market value of the securities. Provides that the period for which the securities may be loaned shall not exceed one year, and the loan agreement may specify earlier termination by either party upon mutually agreed conditions. Effective immediately.

House Floor Amendment No. 1
Adds reference to:
40 ILCS 5/6-179from Ch. 108 1/2, par. 6-179
40 ILCS 5/6-191.1 new

Replaces everything after the enacting clause. Reinserts the provisions of the bill with the following changes. Further amends the Chicago Firefighter Article of the Illinois Pension Code. Authorizes the board of trustees of the Fund to have any records kept by the board photographed, microfilmed, or digitally or electronically reproduced in accordance with the Local Records Act. Provides that the photographs, microfilm, and digital and electronic reproductions shall be deemed original records and documents for all purposes, including introduction in evidence before all courts and administrative agencies. Effective immediately.

Actions 
DateChamber Action
  2/17/2016SenateFiled with Secretary by Sen. John G. Mulroe
  2/17/2016SenateFirst Reading
  2/17/2016SenateReferred to Assignments
  3/1/2016SenateAssigned to Licensed Activities and Pensions
  3/17/2016SenateDo Pass Licensed Activities and Pensions; 012-000-000
  3/17/2016SenatePlaced on Calendar Order of 2nd Reading April 5, 2016
  4/18/2016SenateSecond Reading
  4/18/2016SenatePlaced on Calendar Order of 3rd Reading April 19, 2016
  4/21/2016SenateThird Reading - Passed; 053-000-001
  4/22/2016HouseArrived in House
  4/22/2016HouseChief House Sponsor Rep. Elaine Nekritz
  4/22/2016HouseFirst Reading
  4/22/2016HouseReferred to Rules Committee
  5/9/2016HouseAssigned to Personnel and Pensions Committee
  5/13/2016HouseFinal Action Deadline Extended-9(b) May 27, 2016
  5/18/2016HouseDo Pass / Short Debate Personnel and Pensions Committee; 008-000-000
  5/18/2016HousePlaced on Calendar 2nd Reading - Short Debate
  5/18/2016HouseHouse Floor Amendment No. 1 Filed with Clerk by Rep. Elaine Nekritz
  5/18/2016HouseHouse Floor Amendment No. 1 Referred to Rules Committee
  5/18/2016HouseAdded Alternate Chief Co-Sponsor Rep. Carol Sente
  5/19/2016HouseHouse Floor Amendment No. 1 Recommends Be Adopted Rules Committee; 003-001-000
  5/19/2016HouseSecond Reading - Short Debate
  5/19/2016HouseHeld on Calendar Order of Second Reading - Short Debate
  5/23/2016HouseHouse Floor Amendment No. 1 Adopted
  5/23/2016HousePlaced on Calendar Order of 3rd Reading - Short Debate
  5/27/2016HouseThird Reading - Short Debate - Passed 109-000-000
  5/27/2016SenateSecretary's Desk - Concurrence House Amendment(s) 1
  5/27/2016SenatePlaced on Calendar Order of Concurrence House Amendment(s) 1 - May 29, 2016
  5/27/2016SenateHouse Floor Amendment No. 1 Motion to Concur Filed with Secretary Sen. John G. Mulroe
  5/27/2016SenateHouse Floor Amendment No. 1 Motion to Concur Referred to Assignments
  5/29/2016SenateHouse Floor Amendment No. 1 Motion to Concur Assignments Referred to Licensed Activities and Pensions
  5/30/2016SenateHouse Floor Amendment No. 1 Motion To Concur Recommended Do Adopt Licensed Activities and Pensions; 011-000-000
  5/31/2016SenateHouse Floor Amendment No. 1 Senate Concurs 057-000-000
  5/31/2016SenateSenate Concurs
  5/31/2016SenatePassed Both Houses
  6/29/2016SenateSent to the Governor
  8/12/2016SenateGovernor Approved
  8/12/2016SenateEffective Date August 12, 2016
  8/12/2016SenatePublic Act . . . . . . . . . 99-0793

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