WELCH-O'MALLEY. (LYONS,JOSEPH) 815 ILCS 5/2.1 from Ch. 121 1/2, par. 137.2-1 815 ILCS 5/8 from Ch. 121 1/2, par. 137.8 815 ILCS 5/11 from Ch. 121 1/2, par. 137.11 815 ILCS 5/14 from Ch. 121 1/2, par. 137.14 815 ILCS 175/15-5.15 815 ILCS 175/15-5.20 815 ILCS 175/15-20 815 ILCS 175/15-25 815 ILCS 175/15-45 815 ILCS 175/15-50 815 ILCS 175/15-85 815 ILCS 175/15-95 new 815 ILCS 307/10-5.20 815 ILCS 307/10-20 815 ILCS 307/10-25 815 ILCS 307/10-40 815 ILCS 307/10-45 815 ILCS 307/10-50 815 ILCS 307/10-55 815 ILCS 307/10-85 815 ILCS 307/10-125 new 815 ILCS 602/5-5.05 815 ILCS 602/5-5.10 815 ILCS 602/5-5.15 815 ILCS 602/5-5.30 815 ILCS 602/5-20 815 ILCS 602/5-30 815 ILCS 602/5-35 815 ILCS 602/5-60 815 ILCS 602/5-65 815 ILCS 602/5-95 815 ILCS 602/5-145 new Amends the Illinois Securities Law of 1953. Adds a certificate of deposit to the definition of "security". Adds to the information to be submitted to the Secretary of State with an application for registration and to the list of violations that may cause a registration to be denied, suspended, or revoked for a salesperson, dealer, limited Canadian dealer, investment adviser, or investment adviser representative. Limits the circuit courts that may be used for judicial review to Sangamon County and Cook County. Raises the sentence for violation of certain provisions of the Act to a Class 4 felony (instead of a Class A misdemeanor). Provides that the Secretary of State may charge attorneys' fees and witness costs as costs of an investigation. Amends the Illinois Loan Brokers Act of 1995, the Business Opportunity Sales Law of 1995, and the Illinois Business Brokers Act of 1995. Adds a joint stock company and a limited liability partnership to the definition of "person". Provides that applications for the renewal of registration of a loan broker may be filed within 30 days following the expiration for the registration provided that the annual fee and the additional fee are paid. Adds to the list of services for which the Secretary of State may collect a fee. Limits the power of the Secretary of State to administer oaths, subpoena witnesses, or compel the production of books, records, or other documents to investigations, audits, examinations, and inspections. Provides for certificates from the Secretary of State on evidentiary matters. Adds to the list of prohibited fraudulent practices. Provides for service of process. Provides that the Secretary of State may charge attorneys' fees and witness costs as costs of an investigation. Provides that if, upon the receipt of a copy of an entry of a summary order, no hearing is requested within 30 days, the failure of the respondent to request a hearing constitutes an admission of the facts alleged in the order. SENATE AMENDMENT NO. 1. Further amends the Illinois Securities Law of 1953. Provides that the registration of a dealer, limited Canadian dealer, salesperson, or registered principal of a dealer or limited Canadian dealer may be denied, suspended, or revoked if the Secretary of State finds that the dealer, limited Canadian dealer, salesperson, or registered principal of a dealer or limited Canadian dealer has failed to maintain and enforce (rather than establish, maintain, and enforce) written procedures to supervise the types of business in which it engages. Provides that the registration of a dealer, limited Canadian dealer, salesperson, investment adviser, or investment adviser representative may be denied, suspended, or revoked if the Secretary of State finds that the dealer, limited Canadian dealer, salesperson, investment adviser, or investment adviser representative or any principal officer, director, partner, member, trustee, manager, or any person who performs a similar function of the dealer, limited Canadian dealer, or investment adviser has had a license or registration under any federal or state law regulating the sale of securities or commodity futures contracts refused, cancelled, suspended, withdrawn, or otherwise adversely affected in a similar manner (rather than refused, cancelled, suspended, withdrawn, revoked, or adversely affected). Provides that the registration of a dealer, limited Canadian dealer, salesperson, investment adviser, or investment adviser representative may be denied, suspended, or revoked if the Secretary of State finds that a corporation, limited liability company, or limited liability partnership has been suspended, canceled, or revoked, or has failed to register as a foreign corporation, limited liability company, or limited liability partnership. FEB-21-2001 S FIRST READING FEB-21-2001 S REFERRED TO SENATE RULES COMMITTEE RULES FEB-28-2001 S ASSIGNED TO COMMITTEE FIN INST MAR-06-2001 S ADDED AS A CHIEF CO-SPONSOR O'MALLEY MAR-08-2001 S DO PASS 007-000-000 SFIC MAR-08-2001 S PLACED ON CALENDAR ORDER OF 2ND READING 01-03-20 MAR-20-2001 S SECOND READING MAR-20-2001 S PLACED ON CALENDAR ORDER OF 3RD READING 01-03-21 MAR-27-2001 S FILED WITH SECRETARY MAR-27-2001 S AMENDMENT NO. 01-WELCH MAR-27-2001 S AMENDMENT REFERRED TO SRUL MAR-29-2001 S AMENDMENT NO. 01-WELCH MAR-29-2001 S BE APPROVED FOR CONSIDERATION SRUL MAR-29-2001 S RECALLED TO SECOND READING MAR-29-2001 S AMENDMENT NO. 01-WELCH MAR-29-2001 S ADOPTED MAR-29-2001 S PLACED ON CALENDAR ORDER OF 3RD READING 01-03-30 MAR-30-2001 S THIRD READING - PASSED 054-000-000 MAR-30-2001 H ARRIVE IN HOUSE MAR-30-2001 H PLACED CALENDAR ORDER OF FIRST READING APR-05-2001 H HOUSE SPONSOR LYONS,JOSEPH APR-05-2001 H FIRST READING APR-05-2001 H REFERRED TO HOUSE RULES COMMITTEE RULES APR-18-2001 H ASSIGNED TO COMMITTEE FIN INSTIT MAY-02-2001 H DO PASS/SHORT DEBATE 019-001-000 HFIN MAY-02-2001 H PLACED CALENDAR 2ND READING-SHORT DEBATE MAY-03-2001 H SECOND READING-SHORT DEBATE MAY-03-2001 H PLCD CAL ORDER 3RD READING-SHORT DEBATE MAY-16-2001 H THIRD READING/SHORT DEBATE/PASSED 113-002-000 MAY-16-2001 S PASSED BOTH HOUSES JUN-14-2001 S SENT TO THE GOVERNOR AUG-09-2001 S GOVERNOR APPROVED AUG-09-2001 S EFFECTIVE DATE 02-01-01 AUG-09-2001 S PUBLIC ACT.............................. 92-0308 END OF INQUIRY Full Text Bill Summary