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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.
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