97TH GENERAL ASSEMBLY
State of Illinois
2011 and 2012
SB1112

 

Introduced 2/8/2011, by Sen. John J. Cullerton

 

SYNOPSIS AS INTRODUCED:
 
765 ILCS 405/2  from Ch. 148, par. 72

    Amends the Land Trust Beneficial Interest Disclosure Act. Makes a technical change in a Section concerning disclosure in applications.


LRB097 04826 AJO 44865 b

 

 

A BILL FOR

 

SB1112LRB097 04826 AJO 44865 b

1    AN ACT concerning civil law.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The Land Trust Beneficial Interest Disclosure
5Act is amended by changing Section 2 as follows:
 
6    (765 ILCS 405/2)  (from Ch. 148, par. 72)
7    Sec. 2. Whenever any trustee of a land trust, or any
8beneficiary or beneficiaries of a land trust, make application
9to the the State of Illinois or to any of its agencies or
10political subdivisions for any benefit, authorization, license
11or permit, relating to the land which is the subject of such
12trust, any interest therein, improvements thereto, or use
13thereof, such application shall identify each beneficiary of
14such land trust by name and address and define his interest
15therein. Each beneficiary shall be identified, regardless of
16the size of the beneficiary's interest in the land trust.
17During the term of the lease, the trustee shall file
18supplements to the application identifying (by name, address,
19and interest) each beneficiary added or deleted. A beneficiary
20identified in an application or supplement shall not be a
21nominee for another individual or entity. The application also
22shall specify whether the land trust currently owns the
23property that is the subject of the lease.

 

 

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1    All such applications and supplements shall be verified by
2the applicant in his capacity as trustee, or by the beneficiary
3as a beneficial owner of an interest in such land trust. If
4such application or supplement is filed by a body politic or
5other corporate entity it shall be verified by a duly
6authorized officer of such body politic or other corporate
7entity for whom the application is made.
8    If an application or supplement is with respect to a lease
9of property to the State, the application or supplement shall
10be filed with the head of the appropriate State agency at least
1130 days before the lease is executed.
12(Source: P.A. 88-174.)