Bill Status of SB 2091   96th General Assembly

Short Description:  VIATICAL SETTLEMENTS-TECH

Senate Sponsors
Sen. William R. Haine-Bill Brady

House Sponsors
(Rep. Frank J. Mautino)


Last Action  View All Actions

DateChamber Action
  8/25/2009SenatePublic Act . . . . . . . . . 96-0736

Statutes Amended In Order of Appearance
New Act

Synopsis As Introduced
Creates the Viatical Settlements Act of 2009. Contains only a short title provision.

House Committee Amendment No. 1
Adds reference to:
5 ILCS 140/7from Ch. 116, par. 207
215 ILCS 5/500-70
815 ILCS 5/2.1from Ch. 121 1/2, par. 137.2-1
815 ILCS 5/2.33 new
215 ILCS 158/Act rep.

Replaces everything after the enacting clause with the bill as introduced with the following changes. Provides for the regulation of viatical settlement providers, brokers, and life insurance producers acting as brokers who enter into viatical settlements. Sets forth license and bond requirements for viatical settlement providers and viatical settlement brokers. Sets forth requirements for initial and ongoing viatical settlement broker training. Provides that the Director of Insurance may refuse to issue or renew or may suspend or revoke the license of any viatical settlement provider based upon certain findings. Sets forth filing requirements and penalties for failing to file an annual statement. Provides that the Director may examine the business affairs of any licensee and sets guidelines for examination by the Director. Sets forth disclosure and privacy requirements. Requires viatical settlement contracts and disclosure statements to be approved by the Director. Provides for a period of time for rescission after certain disclosures are made. Provides that all viatical settlement contracts shall provide the viator with an absolute right to rescind the contract before the earlier of 30 days after the contract is executed or 15 days after the settlement proceeds have been paid. Provides standards for advertisement of viatical settlement services and contracts. Sets forth provisions concerning offenses and penalties and exemptions. Amends the Freedom of Information Act to exempt from disclosure certain documents required under the Viatical Settlements Act of 2009. Amends the Illinois Insurance Code to provide for license denial, nonrenewal, or revocation for failing to comply with any provision of the Viatical Settlements Act of 2009. Amends the Illinois Securities Law of 1953 to include viatical investment in the definition of "security" and to add a definition of "viatical investment". Repeals the Viatical Settlements Act. Contains a nonacceleration clause. Makes other changes. Effective July 1, 2010.

House Floor Amendment No. 2
Deletes language that provides that viatical settlement providers licensed under the Viatical Settlements Act shall be subject to the license requirements of this Act. Provides instead that viatical settlement providers licensed under the Viatical Settlements Act shall be deemed licensed under this Act. Deletes a provision requiring that a viatical settlement provider shall provide the viator with information concerning the amount of compensation received by the escrow agent. Makes other changes.

House Floor Amendment No. 3
Provides that the list of acts, practices, and arrangements excluded from the definition of "viatical settlement contract" is excluded from the definition provided that the list is not intended to be exhaustive and that an act, practice, or arrangement not listed does not necessarily constitute a viatical settlement contract. Provides that the immunity provided to person's furnishing information concerning viatical settlement fraud shall not apply to false statements made willfully or wantonly (instead of statements made with actual malice). Changes references of "Division" to "Secretary of State".

Actions 
DateChamber Action
  2/20/2009SenateFiled with Secretary by Sen. William R. Haine
  2/20/2009SenateFirst Reading
  2/20/2009SenateReferred to Assignments
  3/5/2009SenateAssigned to Executive
  3/12/2009SenateDo Pass Executive; 012-000-000
  3/12/2009SenatePlaced on Calendar Order of 2nd Reading March 17, 2009
  3/25/2009SenateSenate Floor Amendment No. 1 Filed with Secretary by Sen. William R. Haine
  3/25/2009SenateSenate Floor Amendment No. 1 Referred to Assignments
  3/27/2009SenateSenate Floor Amendment No. 2 Filed with Secretary by Sen. William R. Haine
  3/27/2009SenateSenate Floor Amendment No. 2 Referred to Assignments
  3/30/2009SenateSenate Floor Amendment No. 1 Assignments Refers to Insurance
  3/30/2009SenateSenate Floor Amendment No. 3 Filed with Secretary by Sen. William R. Haine
  3/30/2009SenateSenate Floor Amendment No. 3 Referred to Assignments
  3/30/2009SenateSenate Floor Amendment No. 4 Filed with Secretary by Sen. William R. Haine
  3/30/2009SenateSenate Floor Amendment No. 4 Referred to Assignments
  3/31/2009SenateSenate Floor Amendment No. 1 Recommend Do Adopt Insurance; 011-000-000
  3/31/2009SenateSecond Reading
  3/31/2009SenatePlaced on Calendar Order of 3rd Reading April 1, 2009
  4/1/2009SenateRecalled to Second Reading
  4/1/2009SenateSenate Floor Amendment No. 1 Withdrawn by Sen. William R. Haine
  4/1/2009SenateSenate Floor Amendment No. 1 Tabled
  4/1/2009SenatePlaced on Calendar Order of 3rd Reading
  4/1/2009SenateThird Reading - Passed; 059-000-000
  4/1/2009SenateSenate Floor Amendment No. 2 Tabled Pursuant to Rule 5-4(a)
  4/1/2009SenateSenate Floor Amendment No. 3 Tabled Pursuant to Rule 5-4(a)
  4/1/2009SenateSenate Floor Amendment No. 4 Tabled Pursuant to Rule 5-4(a)
  4/2/2009HouseArrived in House
  4/2/2009HousePlaced on Calendar Order of First Reading
  4/2/2009HouseChief House Sponsor Rep. John A. Fritchey
  4/2/2009HouseFirst Reading
  4/2/2009HouseReferred to Rules Committee
  4/20/2009HouseAssigned to Executive Committee
  5/5/2009HouseAlternate Chief Sponsor Changed to Rep. Frank J. Mautino
  5/6/2009HouseHouse Committee Amendment No. 1 Filed with Clerk by Executive Committee
  5/6/2009HouseHouse Committee Amendment No. 1 Adopted in Executive Committee; by Voice Vote
  5/6/2009HouseDo Pass as Amended / Short Debate Executive Committee; 007-004-000
  5/6/2009HousePlaced on Calendar 2nd Reading - Short Debate
  5/14/2009HouseHouse Floor Amendment No. 2 Filed with Clerk by Rep. Frank J. Mautino
  5/14/2009HouseHouse Floor Amendment No. 2 Referred to Rules Committee
  5/18/2009HouseHouse Floor Amendment No. 2 Rules Refers to Executive Committee
  5/19/2009HouseHouse Floor Amendment No. 2 Recommends Be Adopted Executive Committee; 008-003-000
  5/19/2009HouseSecond Reading - Short Debate
  5/19/2009HouseHeld on Calendar Order of Second Reading - Short Debate
  5/21/2009HouseHouse Floor Amendment No. 3 Filed with Clerk by Rep. Frank J. Mautino
  5/21/2009HouseHouse Floor Amendment No. 3 Referred to Rules Committee
  5/22/2009HouseFinal Action Deadline Extended-9(b) May 29, 2009
  5/26/2009HouseHouse Floor Amendment No. 3 Recommends Be Adopted Rules Committee; 004-000-000
  5/26/2009HouseHouse Floor Amendment No. 2 Adopted by Voice Vote
  5/26/2009HouseHouse Floor Amendment No. 3 Adopted by Voice Vote
  5/26/2009HousePlaced on Calendar Order of 3rd Reading - Short Debate
  5/27/2009HouseThird Reading - Short Debate - Passed 115-001-000
  5/27/2009SenateSecretary's Desk - Concurrence House Amendment(s) 1, 2, 3
  5/27/2009SenatePlaced on Calendar Order of Concurrence House Amendment(s) 1, 2, 3 - May 28, 2009
  5/27/2009SenateHouse Committee Amendment No. 1 Motion to Concur Filed with Secretary Sen. William R. Haine
  5/27/2009SenateHouse Committee Amendment No. 1 Motion to Concur Referred to Assignments
  5/27/2009SenateHouse Floor Amendment No. 2 Motion to Concur Filed with Secretary Sen. William R. Haine
  5/27/2009SenateHouse Floor Amendment No. 2 Motion to Concur Referred to Assignments
  5/27/2009SenateHouse Floor Amendment No. 3 Motion to Concur Filed with Secretary Sen. William R. Haine
  5/27/2009SenateHouse Floor Amendment No. 3 Motion to Concur Referred to Assignments
  5/27/2009SenateHouse Committee Amendment No. 1 Motion to Concur Assignments Referred to Insurance
  5/27/2009SenateHouse Floor Amendment No. 2 Motion to Concur Assignments Referred to Insurance
  5/27/2009SenateHouse Floor Amendment No. 3 Motion to Concur Assignments Referred to Insurance
  5/28/2009SenateHouse Committee Amendment No. 1 Motion To Concur Recommended Do Adopt Insurance; 007-000-000
  5/28/2009SenateHouse Floor Amendment No. 2 Motion To Concur Recommended Do Adopt Insurance; 007-000-000
  5/28/2009SenateHouse Floor Amendment No. 3 Motion To Concur Recommended Do Adopt Insurance; 007-000-000
  5/29/2009SenateAdded as Chief Co-Sponsor Sen. Bill Brady
  5/29/2009SenateHouse Committee Amendment No. 1 Senate Concurs 057-000-000
  5/29/2009SenateHouse Floor Amendment No. 2 Senate Concurs 057-000-000
  5/29/2009SenateHouse Floor Amendment No. 3 Senate Concurs 057-000-000
  5/29/2009SenatePassed Both Houses
  6/26/2009SenateSent to the Governor
  8/25/2009SenateGovernor Approved
  8/25/2009SenateEffective Date July 1, 2010
  8/25/2009SenatePublic Act . . . . . . . . . 96-0736

Back To Top