Bill Status of HB 811   96th General Assembly

Short Description:  UNIFORM PRUDENT MGMT INST FUND

House Sponsors
Rep. Lou Lang

Senate Sponsors
(Sen. Ira I. Silverstein-Don Harmon)


Last Action  View All Actions

DateChamber Action
  6/30/2009HousePublic Act . . . . . . . . . 96-0029

Statutes Amended In Order of Appearance
New Act
760 ILCS 50/Act rep.
805 ILCS 110/41from Ch. 32, par. 170
805 ILCS 110/43from Ch. 32, par. 172
805 ILCS 110/46efrom Ch. 32, par. 180
805 ILCS 110/46ffrom Ch. 32, par. 181
805 ILCS 110/46gfrom Ch. 32, par. 182
805 ILCS 110/46jfrom Ch. 32, par. 185

Synopsis As Introduced
Creates the Uniform Prudent Management of Institutional Funds Act, proposed by the National Conference of Commissioners on Uniform State Laws. Provides for: standards of conduct in managing and investing an institutional fund held by a charitable institution for charitable purposes; appropriations by an institution for expenditure or accumulation of endowment funds; the delegation of management and investment functions; the release or modification of restrictions on the management, investment, or purpose of an institutional fund; compliance; application; construction; and other matters. Repeals the Uniform Management of Institutional Funds Act. Amends the Religious Corporation Act by making conforming changes.

House Committee Amendment No. 1
Deletes language providing that: the appropriation for expenditure in any year of an amount greater than 7% of the fair market value of an endowment fund, calculated on the basis of market values determined at least quarterly and averaged over a period of not less than 3 years immediately preceding the year in which the appropriation for expenditure is made, creates a rebuttable presumption of imprudence; for an endowment fund in existence for fewer than 3 years, the fair market value of the endowment fund must be calculated for the period the endowment fund has been in existence; and those provisions do not apply to an appropriation for expenditure permitted under law other than the Act or by the gift instrument nor do they create a presumption of prudence for an appropriation for expenditure of an amount less than or equal to 7% of the fair market value of the endowment fund. In language allowing an institution to release or modify a restriction in a gift instrument on the management, investment, or purpose of an institutional fund meeting specified criteria if the institution determines that the restriction is unlawful, impracticable, impossible to achieve, or wasteful, provides that one of the criteria is that the institutional fund has a total value of less than $50,000 (instead of $25,000). Makes other changes.

Senate Committee Amendment No. 1
Changes cross-references to the Electronic Signatures in Global and National Commerce Act. Adds an immediate effective date.

Actions 
DateChamber Action
  2/9/2009HouseFiled with the Clerk by Rep. Lou Lang
  2/9/2009HouseFirst Reading
  2/9/2009HouseReferred to Rules Committee
  2/11/2009HouseAssigned to Executive Committee
  2/23/2009HouseRe-assigned to Financial Institutions Committee
  3/10/2009HouseHouse Committee Amendment No. 1 Filed with Clerk by Financial Institutions Committee
  3/10/2009HouseHouse Committee Amendment No. 1 Adopted in Financial Institutions Committee; by Voice Vote
  3/10/2009HouseDo Pass as Amended / Short Debate Financial Institutions Committee; 020-000-000
  3/11/2009HousePlaced on Calendar 2nd Reading - Short Debate
  3/23/2009HouseSecond Reading - Short Debate
  3/23/2009HouseHeld on Calendar Order of Second Reading - Short Debate
  3/24/2009HousePlaced on Calendar Order of 3rd Reading - Short Debate
  3/24/2009HouseThird Reading - Short Debate - Passed 114-000-000
  3/25/2009SenateArrive in Senate
  3/25/2009SenatePlaced on Calendar Order of First Reading March 26, 2009
  3/27/2009SenateChief Senate Sponsor Sen. John J. Cullerton
  3/27/2009SenateAdded as Alternate Chief Co-Sponsor Sen. Don Harmon
  3/30/2009SenateFirst Reading
  3/30/2009SenateReferred to Assignments
  4/15/2009SenateAssigned to Financial Institutions
  4/21/2009SenateAlternate Chief Sponsor Changed to Sen. Ira I. Silverstein
  4/27/2009SenateSenate Committee Amendment No. 1 Filed with Secretary by Sen. Ira I. Silverstein
  4/27/2009SenateSenate Committee Amendment No. 1 Referred to Assignments
  4/28/2009SenateSenate Committee Amendment No. 1 Assignments Refers to Financial Institutions
  4/30/2009SenateSenate Committee Amendment No. 1 Held in Financial Institutions
  4/30/2009SenateHeld in Financial Institutions
  5/7/2009SenateSenate Committee Amendment No. 1 Adopted
  5/7/2009SenateDo Pass as Amended Financial Institutions; 011-000-000
  5/7/2009SenatePlaced on Calendar Order of 2nd Reading May 12, 2009
  5/12/2009SenateSecond Reading
  5/12/2009SenatePlaced on Calendar Order of 3rd Reading May 13, 2009
  5/13/2009SenateThird Reading - Passed; 057-000-001
  5/14/2009HouseArrived in House
  5/14/2009HousePlaced on Calendar Order of Concurrence Senate Amendment(s) 1
  5/18/2009HouseSenate Committee Amendment No. 1 Motion Filed Concur Rep. Lou Lang
  5/18/2009HouseSenate Committee Amendment No. 1 Motion to Concur Referred to Rules Committee
  5/19/2009HouseSenate Committee Amendment No. 1 Motion to Concur Recommends Be Adopted Rules Committee; 004-000-000
  5/22/2009HouseSenate Committee Amendment No. 1 House Concurs 114-000-000
  5/22/2009HousePassed Both Houses
  6/19/2009HouseSent to the Governor
  6/30/2009HouseGovernor Approved
  6/30/2009HouseEffective Date June 30, 2009
  6/30/2009HousePublic Act . . . . . . . . . 96-0029

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