Illinois General Assembly - Bill Status for HB1080
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 Bill Status of HB1080  93rd General Assembly

Short Description:  FINANCIAL REGULATION-TECH

House Sponsors
Rep. Joseph M. Lyons - Mark H. Beaubien, Jr. - Bill Mitchell

Senate Sponsors
(Sen. John J. Cullerton)

Last Action
DateChamber Action
  8/23/2004HousePublic Act . . . . . . . . . 93-0991

Statutes Amended In Order of Appearance
205 ILCS 5/3from Ch. 17, par. 309


Synopsis As Introduced
Amends the Illinois Banking Act. Makes a technical change in a Section concerning the primary powers of banks.

Senate Floor Amendment No. 2
Deletes reference to:
205 ILCS 5/3
Adds reference to:
815 ILCS 10/1

Deletes everything. Amends the Uniform TOD Security Registration Act. Provides that "security account" means an investment management or custody account with a trust company or trust division of a bank with trust powers, including the securities in the account, a cash balance in the account, and cash, equivalents, interest, earnings, or dividends earned or declared on a security in the account, whether or not credited to the account before the owner's death. Effective immediately.

Senate Floor Amendment No. 3
Adds reference to:
760 ILCS 5/5.3
760 ILCS 5/5.5 new

Amends the Illinois Trust and Trustees Act. Provides anti-lapse provisions for gifts to a deceased beneficiary of an inter vivos trust, unless the settlor expressly provides otherwise in his or her trust. Provides that the anti-lapse provisions do not apply to a future interest that is or becomes indefeasibly vested at the settlor's death or at any time thereafter before it takes effect in possession or enjoyment. Updates references to conform with the changes in the Internal Revenue Code. Provides that a change in the method of determining a reasonable current return by converting to a total return trust and substituting the distribution amount for net trust accounting income is a proper change in the definition of trust income notwithstanding any contrary provision of the Principal and Income Act, and the distribution amount shall be deemed a reasonable current return that fairly apportions the total return of a total return trust. Provides that a unitrust changes the definition of income by substituting the unitrust amount for net trust accounting income as the method of determining current return and shall be given effect notwithstanding any contrary provision of the Principal and Income Act. Provides, by way of example and not limitation, that a unitrust amount determined by a percentage of not less than 3% nor greater than 5% is conclusively presumed a reasonable current return that fairly apportions the total return of a unitrust. Defines "unitrust" and "unitrust amount".

Actions 
DateChamber Action
  1/31/2003HouseFiled with the Clerk by Rep. Michael J. Madigan
  1/31/2003HouseChief Co-Sponsor Rep. Barbara Flynn Currie
  1/31/2003HouseChief Co-Sponsor Rep. Joseph M. Lyons
  1/31/2003HouseFirst Reading
  1/31/2003HouseReferred to Rules Committee
  2/4/2003HouseAssigned to Executive Committee
  3/12/2003HouseDo Pass / Short Debate Executive Committee; 010-000-000
  3/12/2003HousePlaced on Calendar 2nd Reading - Short Debate **
  3/31/2003HouseSecond Reading - Short Debate
  3/31/2003HouseHeld on Calendar Order of Second Reading - Short Debate **
  4/2/2003HousePlaced on Calendar Order of 3rd Reading - Short Debate **
  4/3/2003HouseThird Reading - Short Debate - Passed 069-044-004
  4/8/2003SenateArrive in Senate
  4/8/2003SenatePlaced on Calendar Order of First Reading April 9, 2003
  4/8/2003SenateChief Senate Sponsor Sen. Emil Jones, Jr.
  4/8/2003SenateFirst Reading
  4/8/2003SenateReferred to Rules
  4/16/2003SenateAssigned to Executive
  5/1/2003SenateDo Pass Executive; 007-004-000
  5/1/2003SenatePlaced on Calendar Order of 2nd Reading May 6, 2003
  5/6/2003SenateSecond Reading
  5/6/2003SenatePlaced on Calendar Order of 3rd Reading May 7, 2003
  5/6/2003SenateSenate Floor Amendment No. 1 Filed with Secretary by Sen. Kimberly A. Lightford
  5/6/2003SenateSenate Floor Amendment No. 1 Referred to Rules
  5/7/2003SenateSenate Floor Amendment No. 1 Rules Refers to Judiciary
  5/8/2003SenateSenate Floor Amendment No. 1 Postponed - Judiciary
  5/14/2003SenateSenate Floor Amendment No. 1 Postponed - Judiciary
  5/16/2003SenateThird Reading Deadline Extended - Rule 2-10, to December 31, 2003.
  7/1/2003SenatePursuant to Senate Rule 3-9(b) / Referred to Rules
  7/1/2003SenateSenate Floor Amendment No. 1 Tabled Pursuant to Rule 5-4(a)
  5/11/2004SenateApproved for Consideration Rules
  5/11/2004SenatePlaced on Calendar Order of 3rd Reading May 12, 2004
  5/11/2004SenateSenate Floor Amendment No. 2 Filed with Secretary by Sen. John J. Cullerton
  5/11/2004SenateSenate Floor Amendment No. 2 Referred to Rules
  5/11/2004SenateAlternate Chief Sponsor Changed to Sen. John J. Cullerton
  5/11/2004SenateSenate Floor Amendment No. 2 Rules Refers to Judiciary
  5/12/2004SenateSenate Floor Amendment No. 2 Be Adopted Judiciary; 010-000-000
  5/12/2004SenateSenate Floor Amendment No. 3 Filed with Secretary by Sen. John J. Cullerton
  5/12/2004SenateSenate Floor Amendment No. 3 Referred to Rules
  5/12/2004SenateRecalled to Second Reading
  5/12/2004SenateSenate Floor Amendment No. 2 Adopted; Cullerton
  5/12/2004SenatePlaced on Calendar Order of 3rd Reading May 13, 2004
  5/13/2004SenateThird Reading Deadline Extended - Rule 2-10, extended to January 11, 2005.
  5/18/2004SenateSenate Floor Amendment No. 3 Rules Refers to Judiciary
  5/18/2004SenateSenate Floor Amendment No. 3 Be Adopted Judiciary; 008-000-000
  5/18/2004SenateRecalled to Second Reading
  5/18/2004SenateSenate Floor Amendment No. 3 Adopted; Cullerton
  5/18/2004SenatePlaced on Calendar Order of 3rd Reading
  5/18/2004SenateThird Reading - Passed; 058-000-000
  5/19/2004HouseArrived in House
  5/19/2004HousePlaced on Calendar Order of Concurrence Senate Amendment(s) 2,3
  5/24/2004HouseSponsor Removed Rep. Barbara Flynn Currie
  5/25/2004HouseChief Sponsor Changed to Rep. Joseph M. Lyons
  5/25/2004HouseSponsor Removed Rep. Joseph M. Lyons
  5/25/2004HouseSenate Floor Amendment No. 2 Motion Filed Concur Rep. Joseph M. Lyons
  5/25/2004HouseSenate Floor Amendment No. 3 Motion Filed Concur Rep. Joseph M. Lyons
  5/25/2004HouseSenate Floor Amendment No. 2 Motion to Concur Referred to Rules Committee
  5/25/2004HouseSenate Floor Amendment No. 3 Motion to Concur Referred to Rules Committee
  5/25/2004HouseAdded Chief Co-Sponsor Rep. Mark H. Beaubien, Jr.
  5/25/2004HouseAdded Chief Co-Sponsor Rep. Bill Mitchell
  5/25/2004HouseSenate Floor Amendment No. 2 Motion to Concur Rules Referred to Judiciary I - Civil Law Committee
  5/25/2004HouseSenate Floor Amendment No. 3 Motion to Concur Rules Referred to Judiciary I - Civil Law Committee
  5/27/2004HouseSenate Floor Amendment No. 2 Motion to Concur Recommends be Adopted Judiciary I - Civil Law Committee; 016-000-000
  5/27/2004HouseSenate Floor Amendment No. 3 Motion to Concur Recommends be Adopted Judiciary I - Civil Law Committee; 016-000-000
  5/27/2004HouseSenate Floor Amendment No. 2 House Concurs 111-000-003
  5/27/2004HouseSenate Floor Amendment No. 3 House Concurs 111-000-003
  5/27/2004HousePassed Both Houses
  6/25/2004HouseSent to the Governor
  8/23/2004HouseGovernor Approved
  8/23/2004HouseEffective Date August 23, 2004
  8/23/2004HousePublic Act . . . . . . . . . 93-0991

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