SB0746eng 100TH GENERAL ASSEMBLY

SB0746 Engrossed LRB100 05754 SMS 15777 b

AN ACT concerning regulation.

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

Section 5. The Corporate Fiduciary Act is amended by changing Section 1-7 as follows:

(205 ILCS 620/1-7) (from Ch. 17, par. 1551-7)

Sec. 1-7. Office locations; corporate fiduciaries.

(a) Any corporate fiduciary may establish branch offices at any location. Any corporate fiduciary that seeks to establish a branch office shall, if it is a trust company, apply for and obtain approval for the branch office from the Secretary Commissioner or, if it is a bank, savings and loan association, or savings bank, give notice of its intent to establish a branch office to the Commissioner, 30 days prior to the purchasing or leasing of land, building, or equipment for the branch office under the terms and conditions as the Commissioner shall specify by rule.

(b) Any trust company that proposes to establish a subsidiary, whether by incorporating the subsidiary or by acquiring the subsidiary, shall apply for and obtain prior approval from the Secretary Commissioner 60 days prior to commencing business by the subsidiary, if newly incorporated, or prior to its acquisition, if it is acquired, provided the Secretary Commissioner may specify circumstances and conditions when a trust company may directly or indirectly acquire a subsidiary without prior approval.

(Source: P.A. 90-665, eff. 7-30-98.)

Section 99. Effective date. This Act takes effect upon becoming law.