|
|
|
|
94TH GENERAL ASSEMBLY
State of Illinois
2005 and 2006
HB1896
Introduced 2/14/2005, by Rep. Michael J. Madigan - Barbara Flynn Currie - Daniel J. Burke SYNOPSIS AS INTRODUCED:
|
|
765 ILCS 405/2 |
from Ch. 148, par. 72 |
|
Amends the Land Trust Beneficial Interest Disclosure Act. Makes a technical
change in a Section concerning disclosure in applications.
|
| |
|
|
|
|
A BILL FOR
|
|
|
|
|
HB1896 |
|
LRB094 02909 LCB 32910 b |
|
|
| 1 |
| AN ACT concerning civil law.
|
| 2 |
| Be it enacted by the People of the State of Illinois, |
| 3 |
| represented in the General Assembly:
|
| 4 |
| Section 5. The Land Trust Beneficial Interest Disclosure |
| 5 |
| Act is amended by changing Section 2 as follows:
|
| 6 |
| (765 ILCS 405/2) (from Ch. 148, par. 72)
|
| 7 |
| Sec. 2. Whenever any trustee of a land trust, or any |
| 8 |
| beneficiary or
beneficiaries of a land trust, make application |
| 9 |
| to the
the State of Illinois or
to any of its agencies or |
| 10 |
| political subdivisions for any benefit,
authorization, license |
| 11 |
| or permit, relating to the land which is the subject
of such |
| 12 |
| trust, any interest therein, improvements thereto, or use |
| 13 |
| thereof,
such application shall identify each beneficiary of |
| 14 |
| such land trust by name
and address and define his interest |
| 15 |
| therein.
Each beneficiary shall be identified, regardless of |
| 16 |
| the size of the
beneficiary's interest in the land trust. |
| 17 |
| During the term of the lease, the
trustee shall file |
| 18 |
| supplements to the application identifying (by name,
address, |
| 19 |
| and interest) each beneficiary added or deleted. A beneficiary
|
| 20 |
| identified in an application or supplement shall not be a |
| 21 |
| nominee for another
individual or entity. The application also
|
| 22 |
| shall specify whether the land trust currently owns the |
| 23 |
| property that is the
subject of the lease. |
| 24 |
| All such applications and supplements shall be
verified by |
| 25 |
| the applicant in his capacity as trustee, or by the beneficiary
|
| 26 |
| as a beneficial owner of an interest in such land trust. If |
| 27 |
| such
application or supplement is filed by a body politic or |
| 28 |
| other corporate
entity it shall be
verified by a duly |
| 29 |
| authorized officer of such body politic or other
corporate |
| 30 |
| entity for whom the application is made.
|
| 31 |
| If an application or supplement is with respect to a lease |
| 32 |
| of property to
the State, the application or supplement shall |