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(225 ILCS 45/2)
(from Ch. 111 1/2, par. 73.102)
(a) If a purchaser selects a trust arrangement to fund the
pre-need contract, all trust deposits as determined by Section 1b shall be made
within 30 days of receipt.
(b) A trust established under this Act must be maintained with a corporate fiduciary as defined in Section 1-5.05 of the Corporate Fiduciary Act or with a foreign corporate fiduciary recognized by Article IV of the Corporate Fiduciary Act.
(c) Trust agreements and amendments to the trust agreements used to
fund a pre-need contract shall be filed with the Comptroller.
(e) A seller or provider shall furnish to the trustee and depositary the
name of each payor and the amount of payment on each such account for which
deposit is being so made. Nothing shall prevent the trustee from commingling the
deposits in any such trust fund for purposes of its management and the
investment of its funds as provided in the Common Trust Fund Act. In addition,
multiple trust funds maintained under this Act may be commingled or commingled
with other funeral or burial related trust funds if all record keeping
requirements imposed by law are met.
(g) Upon no less than 30 days prior notice to the Comptroller, the seller may change
the trustee of
the fund. Failure to provide the Comptroller with timely prior notice is an intentional violation of this Act.
(h) A trustee shall at least annually furnish to each purchaser a statement containing: (1) the receipts, disbursements, and inventory of the trust, including an explanation of any fees or expenses charged by the trustee under Section 5 of this Act or otherwise, (2) an explanation of the purchaser's right to a refund, if any, under this Act, and (3) identifying the primary regulator of the trust as a corporate fiduciary under state or federal law.
(i) If a trustee has reason to believe that the contact information for a purchaser is no longer valid, then the trustee shall promptly notify the seller. If a trustee has reason to believe that the purchaser is deceased, then the trustee shall promptly notify the seller. A trustee shall report and remit to the State Treasurer any trust funds, including both the principal and any accrued earnings or losses, less any funds allowed to be retained under subsection (c-5) of Section 4, relating to an individual account that is presumed abandoned under the Revised Uniform Unclaimed Property Act.
(Source: P.A. 101-552, eff. 1-1-20