Bill Status of SB1946  95th General Assembly

Short Description:  FIN REG-AFFILIATES

Senate Sponsors
Sen. Randall M. Hultgren

House Sponsors
(Rep. Mark H. Beaubien, Jr.)

Last Action
DateChamber Action
  1/13/2009SenateSession Sine Die

Statutes Amended In Order of Appearance
205 ILCS 620/2-14 new

Synopsis As Introduced
Amends the Corporate Fiduciary Act. Adds provisions concerning investments and participation by affiliates of any bank or trust company acting in its fiduciary capacity. Provides that any bank or trust company may purchase services or products from an affiliate, provided that the purchase is otherwise prudent and not prohibited by the instrument governing the fiduciary relationship. Provides that the compensation for the service or product may be in addition to the compensation that the bank or 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 authorized by the new provisions. Provides that the new provisions apply to any bank or trust company doing banking or trust business in this State, including any national bank or national trust company or any of its affiliates.

DateChamber Action
  2/7/2008SenateFiled with Secretary by Sen. Randall M. Hultgren
  2/7/2008SenateFirst Reading
  2/7/2008SenateReferred to Rules
  2/14/2008SenateAssigned to Financial Institutions
  2/28/2008SenateDo Pass Financial Institutions; 007-000-000
  2/28/2008SenatePlaced on Calendar Order of 2nd Reading March 5, 2008
  3/6/2008SenateSecond Reading
  3/6/2008SenatePlaced on Calendar Order of 3rd Reading March 11, 2008
  4/8/2008SenateThird Reading - Passed; 056-000-000
  4/8/2008HouseArrived in House
  4/8/2008HousePlaced on Calendar Order of First Reading
  4/9/2008HouseChief House Sponsor Rep. Mark H. Beaubien, Jr.
  4/9/2008HouseFirst Reading
  4/9/2008HouseReferred to Rules Committee
  1/13/2009SenateSession Sine Die