Illinois General Assembly - Bill Status for HB0811

Illinois General Assembly - Bill Status for HB0811

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Bill Status of HB0811 96th General Assembly

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Short Description: UNIFORM PRUDENT MGMT INST FUND

House Sponsors
Rep. Lou Lang

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

Last Action

Date	Chamber	Action
6/30/2009	House	Public Act . . . . . . . . . 96-0029

Statutes Amended In Order of Appearance

New Act

760 ILCS 50/Act rep.

805 ILCS 110/41

from Ch. 32, par. 170

805 ILCS 110/43

from Ch. 32, par. 172

805 ILCS 110/46e

from Ch. 32, par. 180

805 ILCS 110/46f

from Ch. 32, par. 181

805 ILCS 110/46g

from Ch. 32, par. 182

805 ILCS 110/46j

from 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

Date	Chamber	Action
2/9/2009	House	Filed with the Clerk by Rep. Lou Lang
2/9/2009	House	First Reading
2/9/2009	House	Referred to Rules Committee
2/11/2009	House	Assigned to Executive Committee
2/23/2009	House	Re-assigned to Financial Institutions Committee
3/10/2009	House	House Committee Amendment No. 1 Filed with Clerk by Financial Institutions Committee
3/10/2009	House	House Committee Amendment No. 1 Adopted in Financial Institutions Committee; by Voice Vote
3/10/2009	House	Do Pass as Amended / Short Debate Financial Institutions Committee; 020-000-000
3/11/2009	House	Placed on Calendar 2nd Reading - Short Debate
3/23/2009	House	Second Reading - Short Debate
3/23/2009	House	Held on Calendar Order of Second Reading - Short Debate
3/24/2009	House	Placed on Calendar Order of 3rd Reading - Short Debate
3/24/2009	House	Third Reading - Short Debate - Passed 114-000-000
3/25/2009	Senate	Arrive in Senate
3/25/2009	Senate	Placed on Calendar Order of First Reading March 26, 2009
3/27/2009	Senate	Chief Senate Sponsor Sen. John J. Cullerton
3/27/2009	Senate	Added as Alternate Chief Co-Sponsor Sen. Don Harmon
3/30/2009	Senate	First Reading
3/30/2009	Senate	Referred to Assignments
4/15/2009	Senate	Assigned to Financial Institutions
4/21/2009	Senate	Alternate Chief Sponsor Changed to Sen. Ira I. Silverstein
4/27/2009	Senate	Senate Committee Amendment No. 1 Filed with Secretary by Sen. Ira I. Silverstein
4/27/2009	Senate	Senate Committee Amendment No. 1 Referred to Assignments
4/28/2009	Senate	Senate Committee Amendment No. 1 Assignments Refers to Financial Institutions
4/30/2009	Senate	Senate Committee Amendment No. 1 Held in Financial Institutions
4/30/2009	Senate	Held in Financial Institutions
5/7/2009	Senate	Senate Committee Amendment No. 1 Adopted
5/7/2009	Senate	Do Pass as Amended Financial Institutions; 011-000-000
5/7/2009	Senate	Placed on Calendar Order of 2nd Reading May 12, 2009
5/12/2009	Senate	Second Reading
5/12/2009	Senate	Placed on Calendar Order of 3rd Reading May 13, 2009
5/13/2009	Senate	Third Reading - Passed; 057-000-001
5/14/2009	House	Arrived in House
5/14/2009	House	Placed on Calendar Order of Concurrence Senate Amendment(s) 1
5/18/2009	House	Senate Committee Amendment No. 1 Motion Filed Concur Rep. Lou Lang
5/18/2009	House	Senate Committee Amendment No. 1 Motion to Concur Referred to Rules Committee
5/19/2009	House	Senate Committee Amendment No. 1 Motion to Concur Recommends Be Adopted Rules Committee; 004-000-000
5/22/2009	House	Senate Committee Amendment No. 1 House Concurs 114-000-000
5/22/2009	House	Passed Both Houses
6/19/2009	House	Sent to the Governor
6/30/2009	House	Governor Approved
6/30/2009	House	Effective Date June 30, 2009
6/30/2009	House	Public Act . . . . . . . . . 96-0029