Illinois General Assembly - Bill Status for HB3968
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 Bill Status of HB3968  102nd General Assembly


Short Description:  SPECIAL PURPOSE TRUST COMPANY

House Sponsors
Rep. Margaret Croke - Michael J. Zalewski - Mark L. Walker - Jaime M. Andrade, Jr. - Mark Batinick, Jonathan Carroll, Kelly M. Cassidy, Deb Conroy, Eva Dina Delgado, Robyn Gabel, Stephanie A. Kifowit, Anna Moeller, Bob Morgan, Anne Stava-Murray, Maurice A. West, II, Ann M. Williams, Kambium Buckner, Terra Costa Howard, Adam Niemerg, Nicholas K. Smith, Janet Yang Rohr, Jeff Keicher, Ryan Spain, C.D. Davidsmeyer, Seth Lewis, Emanuel Chris Welch and Suzanne Ness

Senate Sponsors
(Sen. Bill Cunningham and Win Stoller)

Last Action
DateChamber Action
  6/15/2021SenateRule 3-9(a) / Re-referred to Assignments

Statutes Amended In Order of Appearance
205 ILCS 5/2from Ch. 17, par. 302
205 ILCS 5/30from Ch. 17, par. 337
205 ILCS 620/Art. IIA heading new
205 ILCS 620/2A-1 new
205 ILCS 620/2A-2 new
205 ILCS 620/2A-3 new
205 ILCS 725/11 new


Synopsis As Introduced
Amends the Corporate Fiduciary Act to create the Special Purpose Trust Company Authority and Organization Article. Provides that a corporation that has been or shall be incorporated under the general corporation laws of the State for the special purpose of providing fiduciary custodial services or providing other like or related services as specified by rule may be appointed to act as a fiduciary with respect to such services and shall be designated a special purpose trust company. Provides that it shall not be lawful for any person to engage in the activity of a special purpose trust company without first filing an application for and procuring a certificate of authority from the Secretary of Financial and Professional Regulation. Provides that the Department shall adopt rules for the administration of the Article, and that specified Articles of the Corporate Fiduciary Act shall apply to a special purpose trust company as if the special purpose trust company were a trust company. Amends the Illinois Banking Act. In provisions concerning conversion and merger with trust companies, provides that a special purpose trust company may merge with a State bank or convert to a State bank as if the special purpose trust company were a trust company. Defines "special purpose trust company". Amends the Blockchain Business Development Act to provide that the Department of Financial and Professional Regulation shall have authority to adopt rules, opinions, or interpretive letters regarding the custody of digital assets, including digital consumer assets, digital securities, and virtual currency.

House Floor Amendment No. 1
Provides that the Department of Financial and Professional Regulation shall have the authority to adopt rules, opinions, or interpretive letters regarding the provision of custodial services for digital assets by banks chartered under the Illinois Banking Act, savings banks chartered under the Savings Bank Act, and corporate fiduciaries authorized under the Certificate Of Authority And Organization Article or Special Purpose Trust Company Authority And Organization Article of the Corporate Fiduciary Act. Defines "digital asset". Removes language that provides that the Department of Financial and Professional Regulation shall have authority to adopt rules, opinions, or interpretive letters regarding the custody of digital assets, including digital consumer assets, digital securities, and virtual currency.

Actions 
DateChamber Action
  2/22/2021HouseFiled with the Clerk by Rep. Margaret Croke
  2/24/2021HouseAdded Chief Co-Sponsor Rep. Michael J. Zalewski
  2/24/2021HouseAdded Co-Sponsor Rep. Mark Batinick
  2/24/2021HouseAdded Co-Sponsor Rep. Jonathan Carroll
  2/24/2021HouseAdded Co-Sponsor Rep. Kelly M. Cassidy
  2/24/2021HouseAdded Co-Sponsor Rep. Deb Conroy
  2/24/2021HouseAdded Co-Sponsor Rep. Eva Dina Delgado
  2/24/2021HouseAdded Co-Sponsor Rep. Robyn Gabel
  2/24/2021HouseAdded Co-Sponsor Rep. Stephanie A. Kifowit
  2/24/2021HouseAdded Co-Sponsor Rep. Anna Moeller
  2/24/2021HouseAdded Co-Sponsor Rep. Bob Morgan
  2/24/2021HouseAdded Co-Sponsor Rep. Anne Stava-Murray
  2/24/2021HouseAdded Co-Sponsor Rep. Maurice A. West, II
  2/24/2021HouseAdded Co-Sponsor Rep. Ann M. Williams
  2/24/2021HouseAdded Co-Sponsor Rep. Kambium Buckner
  2/24/2021HouseRemoved Co-Sponsor Rep. Mark Batinick
  3/3/2021HouseAdded Co-Sponsor Rep. Terra Costa Howard
  3/4/2021HouseFirst Reading
  3/4/2021HouseReferred to Rules Committee
  3/9/2021HouseAdded Co-Sponsor Rep. Adam Niemerg
  3/16/2021HouseAssigned to Financial Institutions Committee
  3/22/2021HouseAdded Co-Sponsor Rep. Nicholas K. Smith
  3/23/2021HouseAdded Chief Co-Sponsor Rep. Mark L. Walker
  3/23/2021HouseAdded Co-Sponsor Rep. Janet Yang Rohr
  3/23/2021HouseDo Pass / Consent Calendar Financial Institutions Committee; 009-000-000
  3/24/2021HouseAdded Chief Co-Sponsor Rep. Jaime M. Andrade, Jr.
  3/24/2021HouseAdded Co-Sponsor Rep. Jeff Keicher
  3/24/2021HouseAdded Co-Sponsor Rep. Ryan Spain
  3/24/2021HouseAdded Co-Sponsor Rep. C.D. Davidsmeyer
  4/8/2021HousePlaced on Calendar 2nd Reading - Consent Calendar
  4/13/2021HouseAdded Co-Sponsor Rep. Seth Lewis
  4/13/2021HouseRemoved from Consent Calendar Status Rep. Margaret Croke
  4/13/2021HousePlaced on Calendar 2nd Reading - Short Debate
  4/14/2021HouseSecond Reading - Short Debate
  4/14/2021HousePlaced on Calendar Order of 3rd Reading - Short Debate
  4/15/2021HouseAdded Chief Co-Sponsor Rep. Mark Batinick
  4/15/2021HouseHouse Floor Amendment No. 1 Filed with Clerk by Rep. Margaret Croke
  4/15/2021HouseHouse Floor Amendment No. 1 Referred to Rules Committee
  4/16/2021HouseAdded Co-Sponsor Rep. Emanuel Chris Welch
  4/20/2021HouseHouse Floor Amendment No. 1 Rules Refers to Financial Institutions Committee
  4/20/2021HouseHouse Floor Amendment No. 1 Recommends Be Adopted Financial Institutions Committee; 008-000-000
  4/21/2021HouseRecalled to Second Reading - Short Debate
  4/21/2021HouseHouse Floor Amendment No. 1 Adopted
  4/21/2021HousePlaced on Calendar Order of 3rd Reading - Short Debate
  4/21/2021HouseThird Reading - Short Debate - Passed 117-000-000
  4/21/2021HouseAdded Co-Sponsor Rep. Suzanne Ness
  4/21/2021SenateArrive in Senate
  4/21/2021SenatePlaced on Calendar Order of First Reading April 22, 2021
  4/22/2021SenateChief Senate Sponsor Sen. Bill Cunningham
  4/22/2021SenateFirst Reading
  4/22/2021SenateReferred to Assignments
  4/27/2021SenateAdded as Alternate Co-Sponsor Sen. Win Stoller
  5/10/2021SenateAssigned to Judiciary
  5/19/2021SenateDo Pass Judiciary; 007-000-000
  5/19/2021SenatePlaced on Calendar Order of 2nd Reading May 20, 2021
  5/21/2021SenateSecond Reading
  5/21/2021SenatePlaced on Calendar Order of 3rd Reading May 24, 2021
  5/31/2021SenateRule 2-10 Third Reading Deadline Established As June 15, 2021
  6/15/2021SenateRule 3-9(a) / Re-referred to Assignments

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