BUGIELSKI-CAPPARELLI. (WALSH,T) 205 ILCS 620/4-2 from Ch. 17, par. 1554-2 Amends the Corporate Fiduciary Act. Provides that a foreign corporation eligible to act in a fiduciary capacity in this State shall be deemed qualified to accept and execute trusts within the meaning of the Corporate Fiduciary Act as well as the Probate Act of 1975. Effective immediately. HOUSE AMENDMENT NO. 1. Adds reference to: 205 ILCS 620/9-6 Removes the requirement that corporate fiduciaries obtain an audit by an independent licensed public accountant once each calendar year. Retains the audit requirement for certain trust companies. Exempts trust companies owned by a bank holding company, a financial holding company, or a savings and loan holding company from audit requirements unless the audit requirements are ordered by the Commissioner of Banks and Real Estate. HOUSE AMENDMENT NO. 2. Amends the Corporate Fiduciary Act in relation to audits of trust companies. Removes provision exempting trust companies owned by a bank holding company, a financial holding company, or a savings and loan holding company from certain audit requirements. Provides that trust companies owned by those entities shall be deemed to be in compliance with those audit requirements if the entity that owns the trust company obtains an audit by an independent licensed public accountant that includes the trust company and meets certain statutory requirements and if a copy of the audit report relating to the trust company is filed with the Commissioner of Banks and Real Estate. FEB-08-2002 H FILED WITH CLERK FEB-08-2002 H ADDED AS A JOINT SPONSOR CAPPARELLI FEB-08-2002 H FIRST READING FEB-08-2002 H REFERRED TO HOUSE RULES COMMITTEE RULES FEB-14-2002 H ASSIGNED TO COMMITTEE JUD-CIVIL LAW FEB-22-2002 H AMENDMENT NO. 01-JUD-CIVIL LAW H FEB-22-2002 H ADOPTED FEB-22-2002 H DO PASS AMENDED/SHORT DEBATE 012-000-000 HJUA FEB-22-2002 H PLACED CALENDAR 2ND READING-SHORT DEBATE MAR-20-2002 H AMENDMENT NO. 02-BUGIELSKI MAR-20-2002 H AMENDMENT REFERRED TO HRUL MAR-20-2002 H CALENDAR ORDER 2ND READING-SHORT DEBATE MAR-21-2002 H AMENDMENT NO. 02-BUGIELSKI MAR-21-2002 H RULES REFERS TO HJUA MAR-21-2002 H CALENDAR ORDER 2ND READING-SHORT DEBATE MAR-22-2002 H AMENDMENT NO. 02-BUGIELSKI MAR-22-2002 H RECOMMENDS BE ADOPTED HJUA/008-000-001 MAR-22-2002 H SECOND READING-SHORT DEBATE MAR-22-2002 H AMENDMENT NO. 02-BUGIELSKI MAR-22-2002 H ADOPTED MAR-22-2002 H PLCD CAL ORDER 3RD READING-SHORT DEBATE APR-01-2002 H THIRD READING/SHORT DEBATE/PASSED 103-005-002 APR-02-2002 S ARRIVE IN SENATE APR-02-2002 S PLACED CALENDAR ORDER OF FIRST READING 02-04-03 APR-04-2002 S CHIEF SPONSOR WALSH,T APR-04-2002 S FIRST READING APR-04-2002 S REFERRED TO SENATE RULES COMMITTEE RULES APR-17-2002 S ASSIGNED TO COMMITTEE JUDICIARY APR-24-2002 S DO PASS 011-000-000 SJUD APR-24-2002 S PLACED ON CALENDAR ORDER OF 2ND READING 02-04-25 APR-25-2002 S SECOND READING APR-25-2002 S PLACED ON CALENDAR ORDER OF 3RD READING 02-05-06 MAY-07-2002 S ADDED AS A CO-SPONSOR SHADID MAY-07-2002 S ADDED AS A CO-SPONSOR O'DANIEL MAY-07-2002 S THIRD READING - PASSED 056-000-000 MAY-07-2002 H PASSED BOTH HOUSES JUN-05-2002 H SENT TO THE GOVERNOR JUL-16-2002 H GOVERNOR APPROVED JUL-16-2002 H EFFECTIVE DATE 02-07-16 JUL-16-2002 H PUBLIC ACT.............................. 92-0685 END OF INQUIRY Full Text Bill Summary