Date	Chamber	Action
1/8/2013	House	Session Sine Die

Statutes Amended In Order of Appearance

225 ILCS 45/1

from Ch. 111 1/2, par. 73.101

225 ILCS 45/1a-1

225 ILCS 45/1b

from Ch. 111 1/2, par. 73.101b

225 ILCS 45/2

from Ch. 111 1/2, par. 73.102

225 ILCS 45/4a

815 ILCS 390/14

from Ch. 21, par. 214

815 ILCS 390/15

from Ch. 21, par. 215

Synopsis As Introduced
Amends the Illinois Funeral or Burial Funds Act. Restores a provision that allows persons holding less than $500,000 in trust funds to continue to act as the trustee after the funds are deposited. Provides that a pre-need contract must, if funded by a trust, clearly identify the trustee's name and address and the primary state or federal regulator of the trustee. Provides that a trustee may be the seller or provider of funeral services or merchandise if the seller holds sales of less than $500,000 in trust and deposits funds for which the seller is acting as trustee according in a certain manner. Provides that if a purchaser selects a trust arrangement to fund the pre-need contract, the trust must be maintained: (1) in a deposit account maintained by the seller as trustee in a bank, savings and loan association, savings bank, or credit union authorized to do business in Illinois in which accounts are insured by an agency of the federal government, (2) in a trust company authorized to do business in Illinois, or (3) with a corporate fiduciary as defined in the Corporate Fiduciary Act. Restores a provision that allows trust funds to be maintained in a financial institution located in a state adjoining Illinois if certain conditions are met. Provides that a trustee has a duty to manage the trust and, with respect to the investment of trust funds, shall exercise certain judgment and care. Provides that the trustee has a duty to manage and invest the assets pursuant to the Prudent Investor Rule under the Trusts and Trustees Act if the amount of funds to be entrusted exceeds $1,000,000. Amends the Illinois Pre-Need Cemetery Sales Act. Removes language that provides that the seller must retain a corporate fiduciary as an independent trustee for any amount of trust funds. Provides that a trust established under the Act must be maintained: (1) in a deposit account maintained by the seller as trustee in a bank, savings and loan association, or credit union authorized to do business in Illinois in which accounts are insured by an agency of the federal government, (2) in a trust company authorized to do business in Illinois, or (3) in an investment company authorized to do business in Illinois insured by the Securities Brokers Insurance Corporation.

Actions 

Date	Chamber	Action
1/23/2012	House	Filed with the Clerk by Rep. Dan Brady
1/25/2012	House	First Reading
1/25/2012	House	Referred to Rules Committee
1/8/2013	House	Session Sine Die

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