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91_SB0392enr SB392 Enrolled LRB9101147ACpk 1 AN ACT to amend the Charitable Trust Act by adding 2 Section 7.5. 3 Be it enacted by the People of the State of Illinois, 4 represented in the General Assembly: 5 Section 5. The Charitable Trust Act is amended by adding 6 Section 7.5 as follows: 7 (760 ILCS 55/7.5 new) 8 Sec. 7.5. Charitable trust for the benefit of a minor or 9 disabled person; report. 10 (a) In the case of a charitable trust established for 11 the benefit of a minor or disabled person, the person or 12 trustee responsible for the trust, if not the guardian or 13 parent, shall report its existence by certified or registered 14 United States mail to the parent or guardian of the minor or 15 disabled person within 30 days after formation of the trust 16 and every 6 months thereafter. The written report shall 17 include the name and address of the trustee or trustees 18 responsible for the trust, the name and address of the 19 financial institution at which funds for the trust are held, 20 the amount of funds raised for the trust, and an itemized 21 list of expenses for administration of the trust. 22 The guardian of the estate of the minor or disabled 23 person shall report the existence of the trust as part of the 24 ward's estate to the court that appointed the guardian as 25 part of its responsibility to manage the ward's estate as 26 established under Section 11-13 of the Probate Act of 1975. 27 Compliance with this Section in no way affects other 28 requirements for trustee registration and reporting under 29 this Act or any accountings or authorizations required by the 30 court handling the ward's estate. 31 (b) If a person or trustee fails to report the existence SB392 Enrolled -2- LRB9101147ACpk 1 of the trust to the minor's or disabled person's parent or 2 guardian as required in this Section, the person or trustee 3 is subject to injunction, to removal, to account, and to 4 other appropriate relief before a court of competent 5 jurisdiction exercising chancery jurisdiction. 6 (c) For the purpose of this Section, a charitable trust 7 for the benefit of a minor or disabled person is a trust, 8 including a special needs trust, that receives funds 9 solicited from the public under representations that such 10 will (i) benefit a needy minor or disabled person, (ii) pay 11 the medical or living expenses of the minor or disabled 12 person, or (iii) be used to assist in family expenses of the 13 minor or disabled person. 14 (d) Each and every trustee of a charitable trust for the 15 benefit of a minor or disabled person must register under 16 this Act and in addition must file an annual report as 17 required by Section 7 of this Act. 18 Section 99. Effective date. This Act takes effect upon 19 becoming law.