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SB2284 Engrossed |
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LRB094 16496 AJO 51757 b |
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| AN ACT concerning civil law.
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| Be it enacted by the People of the State of Illinois,
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| represented in the General Assembly:
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| Section 5. The Code of Civil Procedure is amended by adding |
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| Section 2-807 as follows: |
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| (735 ILCS 5/2-807 new) |
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| Sec. 2-807. Residual funds in a common fund created in a |
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| class action. |
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| (a) Definitions. As used in this Section:
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| "Eligible organization" means a not-for-profit |
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| organization that has been in existence for no less than 3 |
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| years, has been tax exempt for no less than 3 years from the |
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| payment of federal taxes under Section 501(c)(3) of the |
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| Internal Revenue Code, and has a principal purpose of promoting |
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| or providing services that would be eligible for funding under |
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| the Illinois Equal Justice Act. |
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| "Residual funds" means all unclaimed funds, including |
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| uncashed checks or other unclaimed payments, that remain in a |
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| common fund created in a class action after court-approved |
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| payments are made for the following: |
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| (i) class member claims; |
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| (ii) attorney's fees and costs; and |
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| (iii) any reversions to a defendant agreed upon by the |
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| parties. |
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| (b) Settlement. An order approving a proposed settlement of |
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| a class action that results in the creation of a common fund |
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| for the benefit of the class shall, consistent with the other |
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| Sections of this Part, establish a process for the |
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| administration of the settlement and shall provide for the |
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| distribution of any residual funds to one or more eligible |
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| organizations, except that up to 50% of the residual funds may |
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| be distributed to one or more other nonprofit charitable |