Illinois General Assembly - Bill Status for SB0263
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 Bill Status of SB0263  94th General Assembly


Senate Sponsors
Sen. Terry Link

House Sponsors
(Rep. Angelo Saviano)

Last Action
DateChamber Action
  1/9/2007SenateSession Sine Die

Statutes Amended In Order of Appearance
205 ILCS 620/5-15 new

Synopsis As Introduced
Amends the Corporate Fiduciary Act. Authorizes any bank or trust company to purchase services or products from an affiliate of the bank or trust company if the purchase is otherwise prudent and not prohibited by the instrument governing the fiduciary relationship. Provides that compensation for the services or products may be in addition to any compensation to which the bank, 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 from an affiliate. Applies to any bank or trust company doing banking or trust business in this State, including any national bank, national trust company, or its affiliates. Effective January 1, 2006.

DateChamber Action
  2/3/2005SenateFiled with Secretary by Sen. Terry Link
  2/3/2005SenateFirst Reading
  2/3/2005SenateReferred to Rules
  2/17/2005SenateAssigned to Financial Institutions
  2/24/2005SenateDo Pass Financial Institutions; 006-000-000
  2/24/2005SenatePlaced on Calendar Order of 2nd Reading March 1, 2005
  3/1/2005SenateSecond Reading
  3/1/2005SenatePlaced on Calendar Order of 3rd Reading March 2, 2005
  3/9/2005SenateThird Reading - Passed; 054-000-000
  3/9/2005HouseArrived in House
  3/9/2005HousePlaced on Calendar Order of First Reading
  3/10/2005HouseChief House Sponsor Rep. Angelo Saviano
  3/15/2005HouseFirst Reading
  3/15/2005HouseReferred to Rules Committee
  4/5/2005HouseAssigned to Executive Committee
  5/13/2005HouseRule 19(a) / Re-referred to Rules Committee
  1/9/2007SenateSession Sine Die

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