93RD GENERAL ASSEMBLY
State of Illinois
2003 and 2004
SB2559

 

Introduced 2/3/2004, by Don Harmon

 

SYNOPSIS AS INTRODUCED:
 
815 ILCS 5/2.1   from Ch. 121 1/2, par. 137.2-1

    Amends the Illinois Securities Law of 1953. Removes from the definition of security, a certificate of deposit. Effective immediately.


LRB093 20591 RXD 46406 b

 

 

A BILL FOR

 

SB2559 LRB093 20591 RXD 46406 b

1     AN ACT concerning business transactions.
 
2     Be it enacted by the People of the State of Illinois,
3 represented in the General Assembly:
 
4     Section 5. The Illinois Securities Law of 1953 is amended
5 by changing Section 2.1 as follows:
 
6     (815 ILCS 5/2.1)  (from Ch. 121 1/2, par. 137.2-1)
7     Sec. 2.1. Security. "Security" means any note, stock,
8 treasury stock, bond, debenture, evidence of indebtedness,
9 certificate of interest or participation in any profit-sharing
10 agreement, collateral-trust certificate, preorganization
11 certificate or subscription, transferable share, investment
12 contract, investment fund share, face-amount certificate,
13 voting-trust certificate, certificate of deposit, certificate
14 of deposit for a security, fractional undivided interest in
15 oil, gas or other mineral lease, right or royalty, any put,
16 call, straddle, option, or privilege on any security,
17 certificate of deposit, or group or index of securities
18 (including any interest therein or based on the value thereof),
19 or any put, call, straddle, option, or privilege entered into,
20 relating to foreign currency, or, in general, any interest or
21 instrument commonly known as a "security", or any certificate
22 of interest or participation in, temporary or interim
23 certificate for, receipt for, guarantee of, or warrant or right
24 to subscribe to or purchase, any of the foregoing. "Security"
25 does not mean a mineral investment contract or a mineral
26 deferred delivery contract; provided, however, the Department
27 shall have the authority to regulate these contracts as
28 hereinafter provided.
29 (Source: P.A. 92-308, eff. 1-1-02.)
 
30     Section 99. Effective date. This Act takes effect upon
31 becoming law.