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91_SB0392ccr001
SRS91SB0392JJchccr2
1 91ST GENERAL ASSEMBLY
2 CONFERENCE COMMITTEE REPORT
3 ON SENATE BILL 392
4 -------------------------------------------------------------
5 -------------------------------------------------------------
6 To the President of the Senate and the Speaker of the
7 House of Representatives:
8 We, the conference committee appointed to consider the
9 differences between the houses in relation to House
10 Amendments Nos. 1, 2, and 4 to Senate Bill 392, recommend the
11 following:
12 (1) that the House recede from House Amendments Nos. 1,
13 2, and 4; and
14 (2) that Senate Bill 392 be amended by replacing the
15 title with the following:
16 "AN ACT to amend the Charitable Trust Act by adding
17 Section 7.5."; and
18 by replacing everything after the enacting clause with the
19 following:
20 "Section 5. The Charitable Trust Act is amended by adding
21 Section 7.5 as follows:
22 (760 ILCS 55/7.5 new)
23 Sec. 7.5. Charitable trust for the benefit of a minor or
24 disabled person; report.
25 (a) In the case of a charitable trust established for
26 the benefit of a minor or disabled person, the person or
27 trustee responsible for the trust, if not the guardian or
28 parent, shall report its existence by certified or registered
29 United States mail to the parent or guardian of the minor or
30 disabled person within 30 days after formation of the trust
31 and every 6 months thereafter. The written report shall
32 include the name and address of the trustee or trustees
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1 responsible for the trust, the name and address of the
2 financial institution at which funds for the trust are held,
3 the amount of funds raised for the trust, and an itemized
4 list of expenses for administration of the trust.
5 The guardian of the estate of the minor or disabled
6 person shall report the existence of the trust as part of the
7 ward's estate to the court that appointed the guardian as
8 part of its responsibility to manage the ward's estate as
9 established under Section 11-13 of the Probate Act of 1975.
10 Compliance with this Section in no way affects other
11 requirements for trustee registration and reporting under
12 this Act or any accountings or authorizations required by the
13 court handling the ward's estate.
14 (b) If a person or trustee fails to report the existence
15 of the trust to the minor's or disabled person's parent or
16 guardian as required in this Section, the person or trustee
17 is subject to injunction, to removal, to account, and to
18 other appropriate relief before a court of competent
19 jurisdiction exercising chancery jurisdiction.
20 (c) For the purpose of this Section, a charitable trust
21 for the benefit of a minor or disabled person is a trust,
22 including a special needs trust, that receives funds
23 solicited from the public under representations that such
24 will (i) benefit a needy minor or disabled person, (ii) pay
25 the medical or living expenses of the minor or disabled
26 person, or (iii) be used to assist in family expenses of the
27 minor or disabled person.
28 (d) Each and every trustee of a charitable trust for the
29 benefit of a minor or disabled person must register under
30 this Act and in addition must file an annual report as
31 required by Section 7 of this Act.
32 Section 99. Effective date. This Act takes effect upon
33 becoming law.".
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1 Submitted on May 26, 1999
2 s/Sen. Patrick O'Malley s/Rep. Thomas Dart
3 s/Sen. Carl Hawkinson s/Rep. Steve Davis
4 s/Sen. Kirk Dillard s/Rep. Barbara Flynn Currie
5 s/Sen. John Cullerton s/Rep. Tom Cross
6 s/Sen. George P. Shadid s/Rep. James H. Meyer
7 Committee for the Senate Committee for the House