Illinois General Assembly - Bill Status for SB2921

Amends the State Treasurer Act. Modifies and reorganizes the provisions of a Section concerning the College Savings Pool. Provides that the State Treasurer may establish and administer a College Savings Pool as a qualified tuition program under the Internal Revenue Code, and that the Pool may consist of one or more college savings programs. Provides that the State Treasurer, in administering the College Savings Pool, may receive, hold, and invest moneys paid into the Pool and perform such other actions as are necessary to ensure that the Pool operates as a qualified tuition program under the Internal Revenue Code. Provides provisions concerning administration, availability, fees, and investment restrictions of the Pool. Modifies the way in which investments, distributions, contributions, and bonds are made regarding the Pool. Defines terms. Makes conforming, technical, and other changes. Effective immediately.

Replaces everything after the enacting clause. Amends the State Treasurer Act. Provides that the State Treasurer, on behalf of the State of Illinois, is authorized to purchase specified real property located in the City of Springfield, Illinois which the State Treasurer deems necessary to properly carry out the powers and duties vested in him or her. Provides that the State Treasurer may enter into contracts relating to construction, reconstruction, or renovation projects for any such buildings or lands acquired, and may equip, lease, operate, and maintain those grounds, buildings, and facilities as may be appropriate to carry out his or her statutory purposes and duties. Provides that the State Treasurer may enter into agreements with any person with respect to the use and occupancy of the grounds, buildings, and facilities of the State Treasurer, including concession, license, and lease agreements on terms and conditions as the State Treasurer determines and in accordance with the procurement processes for the Office of the State Treasurer and substantially in accordance with the Illinois Procurement Code. Provides that the exercise of the authority vested in the State Treasurer by specified provisions is subject to the appropriation of the necessary funds. Amends the State Finance Act. Provides that the moneys in the State Pensions Fund shall be used exclusively for, among other specified purposes, the operational expenses of the Office of the State Treasurer, including the acquisition of land and buildings for use by the Office of the State Treasurer, as well as construction, reconstruction, improvement, repair, and maintenance, in accordance with the provisions of laws relating thereto, of such lands and buildings beginning in State fiscal year 2019 and for each fiscal year thereafter. Effective immediately.

Recommends deleting provisions added to the State Treasurer Act that: (i) authorize the State Treasurer to purchase specified real property located in the City of Springfield; (ii) permit the State Treasurer to enter into contracts relating to the construction, reconstruction, or renovation of any of the acquired property; (iii) permit the State Treasurer to equip, lease, operate, and maintain such property as may be appropriate to carry out his or her statutory purposes and duties; and (iv) permit the State Treasurer to enter into agreements with any person with respect to the use and occupancy of the grounds, buildings, and facilities of the State Treasurer. Recommends deleting provisions added to the State Finance Act that require moneys in the State Pension Fund to be used to acquire land and buildings for the Office of the State Treasurer and to cover the construction and maintenance costs of such lands and buildings beginning in State fiscal year 2019 and for each fiscal year thereafter. Recommends amending the Revised Uniform Unclaimed Property Act by: exempting from the Act any property due or owed by a business association resulting from a transaction occurring in the normal and ordinary course of business; providing that an action or proceeding may not be maintained by the State Treasurer to enforce the Act in regard to the reporting, delivery, or payment of property more than 5 (rather than 10) years after the holder filed a non-fraudulent report with the State Treasurer; providing that the parties may agree to extend this limitation period; prohibiting the State Treasurer from commencing an action with respect to a duty of a holder under the Act more than 10 years after the duty arose; permitting the State Treasurer to use estimation techniques that conform to either generally accepted auditing standards or generally accepted accounting principles to determine the amount of unclaimed property (rather than permitting the State Treasurer to determine the value of property due using a reasonable method of estimation based on all information available, including extrapolation and use of statistical sampling when appropriate and necessary); deleting language that prohibits a contingent fee arrangement between the State Treasurer and a contracted examiner that provides for a payment that exceeds 15% of the amount or value of property paid or delivered as a result of the examination; and deleting a provision concerning property to be listed in a transitional report on abandoned property. (Deletes reference to: 15 ILCS 505/30 new and 30 ILCS 105/8.12; Adds reference to: 765 ILCS 1026/15-201; 765 ILCS 1026/15-610; 765 ILCS 1026/15-1006; 765 ILCS 1026/15-1009; and 765 ILCS 1026/15-1503)

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