95TH GENERAL ASSEMBLY
State of Illinois
2007 and 2008
HB5461


 
Introduced , by Rep. Michael J. Madigan - Barbara Flynn Currie - John A. Fritchey
 
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.
















LRB095 19420 AJO 45715 b

















 


 


A BILL FOR









 











HB5461

LRB095 19420 AJO 45715 b






1
    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 Land Trust Beneficial Interest Disclosure 
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Act is amended by changing Section 2 as follows:
 



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    (765 ILCS 405/2)  (from Ch. 148, par. 72)



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    Sec. 2. Whenever any trustee of a land trust, or any 
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beneficiary or
beneficiaries of a land trust, make application 
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to the
the State of Illinois or
to any of its agencies or 
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political subdivisions for any benefit,
authorization, license 
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or permit, relating to the land which is the subject
of such 
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trust, any interest therein, improvements thereto, or use 
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thereof,
such application shall identify each beneficiary of 
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such land trust by name
and address and define his interest 
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therein.
Each beneficiary shall be identified, regardless of 
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the size of the
beneficiary's interest in the land trust.  
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During the term of the lease, the
trustee shall file 
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supplements to the application identifying (by name,
address, 
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and interest) each beneficiary added or deleted.  A beneficiary

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identified in an application or supplement shall not be a 
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nominee for another
individual or entity.  The application also

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shall specify whether the land trust currently owns the 
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property that is the
subject of the lease.
 


 






HB5461
- 2 -
LRB095 19420 AJO 45715 b




1
    All such applications and supplements shall be
verified by 
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the applicant in his capacity as trustee, or by the beneficiary

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as a beneficial owner of an interest in such land trust. If 
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such
application or supplement is filed by a body politic or 
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other corporate
entity it shall be
verified by a duly 
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authorized officer of such body politic or other
corporate 
7
entity for whom the application is made.

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    If an application or supplement is with respect to a lease 
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of property to
the State, the application or supplement shall 
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be filed with the head of the
appropriate State agency at least 
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30 days before the lease is executed.

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(Source: P.A. 88-174.)