HB3776eng 96TH GENERAL ASSEMBLY

HB3776 Engrossed LRB096 09917 MJR 20080 b

AN ACT concerning financial regulation.

Be it enacted by the People of the State of Illinois, represented in the General Assembly:

Section 5. The Illinois Trust and Payable on Death Accounts Act is amended by changing Section 2 as follows:

(205 ILCS 625/2) (from Ch. 17, par. 2132)

Sec. 2. Definitions. As used in this Act, the following words have the meanings ascribed to them as set forth herein:

(a) "Institution" includes any bank as defined in Section 2 of the Illinois Banking Act, any association as defined in Section 1-10.03 of the Illinois Savings and Loan Act, any insured savings bank as defined in Section 1007.75 of the Savings Bank Act, or any credit union as defined in Section 1.1 of the Illinois Credit Union Act, and similar federal institutions.

(b) "Account" includes any account, deposit, certificate of deposit, withdrawable capital account or credit union share in any institution.

(c) "Beneficiary" includes, but is not limited to, a natural person, corporation, charitable organization, or any other organization.

(Source: P.A. 92-285, eff. 1-1-02.)