Illinois General Assembly - Bill Status for SB1946

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Bill Status of SB1946 101st General Assembly

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Short Description: FIN REG-AFFILIATES

Senate Sponsors
Sen. Randall M. Hultgren

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

Last Action

Date	Chamber	Action
1/13/2009	Senate	Session 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.

Actions

Date	Chamber	Action
2/7/2008	Senate	Filed with Secretary by Sen. Randall M. Hultgren
2/7/2008	Senate	First Reading
2/7/2008	Senate	Referred to Rules
2/14/2008	Senate	Assigned to Financial Institutions
2/28/2008	Senate	Do Pass Financial Institutions; 007-000-000
2/28/2008	Senate	Placed on Calendar Order of 2nd Reading March 5, 2008
3/6/2008	Senate	Second Reading
3/6/2008	Senate	Placed on Calendar Order of 3rd Reading March 11, 2008
4/8/2008	Senate	Third Reading - Passed; 056-000-000
4/8/2008	House	Arrived in House
4/8/2008	House	Placed on Calendar Order of First Reading
4/9/2008	House	Chief House Sponsor Rep. Mark H. Beaubien, Jr.
4/9/2008	House	First Reading
4/9/2008	House	Referred to Rules Committee
1/13/2009	Senate	Session Sine Die

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