Senate Sponsors: PARKER-MAHAR-O'MALLEY-GEO-KARIS. House Sponsors: HAMOS-SCHOENBERG Short description: CORP FIDUCIARY-DIRECTORS Synopsis of Bill as introduced: Amends the Corporate Fiduciary Act. Adds a caption and makes technical changes in a Section concerning receivership expenses. SENATE AMENDMENT NO. 1. Deletes reference to: 205 ILCS 620/6-13 Adds reference to: 205 ILCS 620/2-6.5 new 205 ILCS 620/5-10 from Ch. 17, par. 1555-10 205 ILCS 620/8-1 from Ch. 17, par. 1558-1 205 ILCS 620/9-6 new Replaces everything after the enacting clause. Amends the Corporate Fiduciary Act. Provides for the management of business affairs of an independent corporate fiduciary by a board of directors. Authorizes staggered terms for directors. Provides for the assessments for the Corporate Fiduciary Receivership account in the Bank and Trust Company Fund to be levied until $5,000,000 has been deposited into the account. Requires corporate fiduciaries to be audited each year by an independent licensed public accountant. Effective immediately. HOUSE AMENDMENT NO. 1. Adds reference to: 205 ILCS 620/6-13.5 new Provides for assessments for the Corporate Fiduciary Receivership account to be levied until the account has a balance of $4,000,000 rather than $5,000,000. Authorizes the Commissioner of Banks and Real Estate to require a corporate fiduciary in receivership to post a bond sufficient to pay the costs of the receivership. Last action on Bill: PUBLIC ACT.............................. 92-0485 Last action date: AUG-23-2001 Location: Senate Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 1 SENATE - 1 END OF INQUIRY Full Text Bill Status