Illinois General Assembly - Bill Status for HB3791
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 Bill Status of HB3791  100th General Assembly

Short Description:  SECURITIES REGISTERED INTERNET

House Sponsors
Rep. Carol Sente - David Harris - Barbara Wheeler - Elgie R. Sims, Jr. - Sheri Jesiel, Daniel V. Beiser, Linda Chapa LaVia, Robyn Gabel, La Shawn K. Ford, Natalie A. Manley, Emanuel Chris Welch, Anthony DeLuca, Martin J. Moylan, Jerry Costello, II, Lawrence Walsh, Jr., Mark Batinick, Nick Sauer, Brian W. Stewart, Brandon W. Phelps, Patricia R. Bellock and Camille Y. Lilly

Senate Sponsors
(Sen. Thomas Cullerton)

Last Action
DateChamber Action
  9/15/2017HousePublic Act . . . . . . . . . 100-0507

Statutes Amended In Order of Appearance
815 ILCS 5/2.35
815 ILCS 5/4from Ch. 121 1/2, par. 137.4
815 ILCS 5/8d


Synopsis As Introduced
Amends the Illinois Securities Law of 1953. Includes certain agents of title insurance companies and registered broker-dealers and registered investment advisors within the scope of the term "qualified escrowee". With respect to certain exempt transactions, removes a requirement that the dealer be organized under Illinois Law, authorizes the payment of finders fees, and make other changes. Permits an Internet Portal to accept equity as payment if specified conditions are met.

House Committee Amendment No. 1
Replaces everything after the enacting clause with provisions substantially similar to the introduced bill with certain changes. Provides that a law firm may act as a qualified escrowee. Provides that actions authorized pursuant to an interpretive letter issued by the Securities and Exchange Commission are permitted.

Senate Floor Amendment No. 2
Provides that in addition to other requirements, a qualified escrowee that is an agent or affiliate of a title insurance company must be one approved by such title insurance company to act under the Illinois Securities Law of 1953 and pursuant to the terms and requirements of the Title Insurance Act.

Actions 
DateChamber Action
  2/10/2017HouseFiled with the Clerk by Rep. Carol Sente
  2/10/2017HouseFirst Reading
  2/10/2017HouseReferred to Rules Committee
  3/1/2017HouseAssigned to Executive Committee
  3/7/2017HouseRe-assigned to Business Growth & Incentives Committee
  3/24/2017HouseHouse Committee Amendment No. 1 Filed with Clerk by Rep. Carol Sente
  3/24/2017HouseHouse Committee Amendment No. 1 Referred to Rules Committee
  3/27/2017HouseHouse Committee Amendment No. 1 Rules Refers to Business Growth & Incentives Committee
  3/30/2017HouseHouse Committee Amendment No. 1 Adopted in Business Growth & Incentives Committee; by Voice Vote
  3/30/2017HouseDo Pass as Amended / Short Debate Business Growth & Incentives Committee; 004-000-000
  3/30/2017HousePlaced on Calendar 2nd Reading - Short Debate
  3/30/2017HouseAdded Co-Sponsor Rep. Daniel V. Beiser
  3/30/2017HouseAdded Co-Sponsor Rep. Linda Chapa LaVia
  3/30/2017HouseAdded Co-Sponsor Rep. Robyn Gabel
  3/30/2017HouseAdded Co-Sponsor Rep. La Shawn K. Ford
  3/30/2017HouseAdded Co-Sponsor Rep. Natalie A. Manley
  3/30/2017HouseAdded Co-Sponsor Rep. Emanuel Chris Welch
  3/30/2017HouseAdded Chief Co-Sponsor Rep. David Harris
  3/30/2017HouseAdded Chief Co-Sponsor Rep. Barbara Wheeler
  3/30/2017HouseAdded Chief Co-Sponsor Rep. Elgie R. Sims, Jr.
  3/30/2017HouseAdded Chief Co-Sponsor Rep. Sheri Jesiel
  3/30/2017HouseAdded Co-Sponsor Rep. Anthony DeLuca
  3/30/2017HouseAdded Co-Sponsor Rep. Martin J. Moylan
  3/30/2017HouseAdded Co-Sponsor Rep. Jerry Costello, II
  3/30/2017HouseAdded Co-Sponsor Rep. Lawrence Walsh, Jr.
  3/30/2017HouseAdded Co-Sponsor Rep. Mark Batinick
  3/30/2017HouseAdded Co-Sponsor Rep. Nick Sauer
  3/30/2017HouseAdded Co-Sponsor Rep. Brian W. Stewart
  3/30/2017HouseAdded Co-Sponsor Rep. Brandon W. Phelps
  4/5/2017HouseSecond Reading - Short Debate
  4/5/2017HousePlaced on Calendar Order of 3rd Reading - Short Debate
  4/7/2017HouseThird Reading - Short Debate - Passed 103-000-000
  4/7/2017HouseAdded Co-Sponsor Rep. Patricia R. Bellock
  4/20/2017SenateArrive in Senate
  4/20/2017SenatePlaced on Calendar Order of First Reading
  4/20/2017SenateChief Senate Sponsor Sen. Thomas Cullerton
  4/20/2017SenateFirst Reading
  4/20/2017SenateReferred to Assignments
  5/2/2017SenateAssigned to Financial Institutions
  5/10/2017SenateSenate Committee Amendment No. 1 Filed with Secretary by Sen. Thomas Cullerton
  5/10/2017SenateSenate Committee Amendment No. 1 Referred to Assignments
  5/10/2017SenateDo Pass Financial Institutions; 007-000-000
  5/10/2017SenatePlaced on Calendar Order of 2nd Reading May 11, 2017
  5/11/2017SenateSenate Floor Amendment No. 2 Filed with Secretary by Sen. Thomas Cullerton
  5/11/2017SenateSenate Floor Amendment No. 2 Referred to Assignments
  5/15/2017SenateSenate Floor Amendment No. 2 Assignments Refers to Financial Institutions
  5/17/2017SenateSenate Floor Amendment No. 2 Recommend Do Adopt Financial Institutions; 006-000-000
  5/19/2017SenateSecond Reading
  5/19/2017SenateSenate Floor Amendment No. 2 Adopted; T. Cullerton
  5/19/2017SenatePlaced on Calendar Order of 3rd Reading May 22, 2017
  5/26/2017SenateThird Reading - Passed; 053-000-001
  5/26/2017SenateSenate Committee Amendment No. 1 Tabled Pursuant to Rule 5-4(a)
  5/28/2017HouseArrived in House
  5/28/2017HousePlaced on Calendar Order of Concurrence Senate Amendment(s) 2
  5/28/2017HouseSenate Floor Amendment No. 2 Motion Filed Concur Rep. Carol Sente
  5/28/2017HouseSenate Floor Amendment No. 2 Motion to Concur Referred to Rules Committee
  5/29/2017HouseSenate Floor Amendment No. 2 Motion to Concur Recommends Be Adopted Rules Committee; 004-000-000
  6/25/2017HouseSenate Floor Amendment No. 2 House Concurs 101-000-000
  6/25/2017HouseHouse Concurs
  6/25/2017HousePassed Both Houses
  6/25/2017HouseAdded Co-Sponsor Rep. Camille Y. Lilly
  7/24/2017HouseSent to the Governor
  9/15/2017HouseGovernor Approved
  9/15/2017HouseEffective Date June 1, 2018
  9/15/2017HousePublic Act . . . . . . . . . 100-0507

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