Illinois General Assembly - Bill Status for SB1865
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 Bill Status of SB1865  93rd General Assembly

Short Description:  SECURITIES ENFORCE FORFEIT

Senate Sponsors
Sen. Patrick Welch - Susan Garrett - Barack Obama

House Sponsors
(Rep. Robert S. Molaro - Eddie Washington)

Last Action
DateChamber Action
  8/21/2003SenatePublic Act . . . . . . . . . 93-0580

Statutes Amended In Order of Appearance
815 ILCS 5/8from Ch. 121 1/2, par. 137.8
815 ILCS 5/11from Ch. 121 1/2, par. 137.11
815 ILCS 5/11bfrom Ch. 121 1/2, par. 137.11b
815 ILCS 5/12from Ch. 121 1/2, par. 137.12
815 ILCS 5/14from Ch. 121 1/2, par. 137.14


Synopsis As Introduced
Amends the Illinois Securities Law of 1953. Authorizes the Secretary of State to appoint special agents and investigators to conduct investigations. Grants to those agents police power with respect to the enforcement of the Illinois Securities Law of 1953 and any other law administered by the Illinois Securities Department. Provides that registration under the Securities Law may be denied or revoked if the registrant has engaged in any unethical practice in connection with any security rather than the offer or sale of securities. Provides for the seizure and forfeiture of assets obtained in violation of the Securities Law. Effective immediately.

Senate Floor Amendment No. 1
Deletes provisions authorizing Securities Department investigators to exercise all the powers of peace officers.

 Fiscal Note (Office of the Secretary of the State)
 Fiscal impact of $5,500 on the State of Illinois. Badges for special agents $500. Additional training for existing personnel to become special agents $5,000. The funds would come from the Securities Audit and Enforcement Fund. There is no impact on the GRF.

Actions 
DateChamber Action
  2/20/2003SenateFiled with Secretary by Sen. Patrick Welch
  2/20/2003SenateChief Co-Sponsor Sen. Susan Garrett
  2/20/2003SenateFirst Reading
  2/20/2003SenateReferred to Rules
  2/27/2003SenateAssigned to Executive
  3/6/2003SenateDo Pass Executive; 012-000-000
  3/6/2003SenatePlaced on Calendar Order of 2nd Reading March 11, 2003
  3/11/2003SenateSenate Floor Amendment No. 1 Filed with Secretary by Sen. Patrick Welch
  3/11/2003SenateSenate Floor Amendment No. 1 Referred to Rules
  3/11/2003SenateAdded as Co-Sponsor Sen. Barack Obama
  3/18/2003SenateSenate Floor Amendment No. 1 Rules Refers to Executive
  3/18/2003SenateFiscal Note Requested by Sen. Peter J. Roskam
  3/19/2003SenateSenate Floor Amendment No. 1 Be Adopted Executive; 012-000-000
  3/20/2003SenateFiscal Note Filed
  3/21/2003SenateSecond Reading
  3/21/2003SenateSenate Floor Amendment No. 1 Adopted; Welch
  3/21/2003SenatePlaced on Calendar Order of 3rd Reading March 24, 2003
  4/4/2003SenateThird Reading Deadline Extended - Rule 2-10(e) to April 9, 2003.
  4/8/2003SenateAdded as Chief Co-Sponsor Sen. Barack Obama
  4/8/2003SenateThird Reading - Passed; 056-000-000
  4/8/2003HouseArrived in House
  4/8/2003HousePlaced on Calendar Order of First Reading
  4/10/2003HouseChief House Sponsor Rep. Robert S. Molaro
  4/10/2003HouseFirst Reading
  4/10/2003HouseReferred to Rules Committee
  4/14/2003HouseAssigned to State Government Administration Committee
  5/1/2003HouseMotion Do Pass - Lost State Government Administration Committee; by Voice Vote
  5/1/2003HouseRemains in State Government Administration Committee
  5/2/2003HouseCommittee/3rd Reading Deadline Extended-Rule 9(b); May 31, 2003
  5/28/2003HouseDo Pass / Short Debate State Government Administration Committee; 009-001-000
  5/28/2003HousePlaced on Calendar 2nd Reading - Short Debate
  5/28/2003HouseSecond Reading - Short Debate
  5/28/2003HouseHeld on Calendar Order of Second Reading - Short Debate
  5/28/2003HouseAdded Alternate Chief Co-Sponsor Rep. Eddie Washington
  5/29/2003HouseSecond Reading - Short Debate
  5/29/2003HousePlaced on Calendar Order of 3rd Reading - Short Debate
  5/30/2003HouseThird Reading - Short Debate - Passed 107-008-000
  5/30/2003SenatePassed Both Houses
  6/27/2003SenateSent to the Governor
  8/21/2003SenateGovernor Approved
  8/21/2003SenateEffective Date August 21, 2003
  8/21/2003SenatePublic Act . . . . . . . . . 93-0580

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