SB1042 95TH GENERAL ASSEMBLY

LRB095 05938 AJO 26030 b

95TH GENERAL ASSEMBLY
State of Illinois
2007 and 2008
SB1042

Introduced 2/8/2007, by Sen. John J. Cullerton - Emil Jones, Jr.

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.

A BILL FOR

AN ACT concerning civil law.

Be it enacted by the People of the State of Illinois, represented in the General Assembly:

Section 5. The Land Trust Beneficial Interest Disclosure Act is amended by changing Section 2 as follows:

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

Sec. 2. Whenever any trustee of a land trust, or any beneficiary or beneficiaries of a land trust, make application to the the State of Illinois or to any of its agencies or political subdivisions for any benefit, authorization, license or permit, relating to the land which is the subject of such trust, any interest therein, improvements thereto, or use thereof, such application shall identify each beneficiary of such land trust by name and address and define his interest therein. Each beneficiary shall be identified, regardless of the size of the beneficiary's interest in the land trust. During the term of the lease, the trustee shall file supplements to the application identifying (by name, address, and interest) each beneficiary added or deleted. A beneficiary identified in an application or supplement shall not be a nominee for another individual or entity. The application also shall specify whether the land trust currently owns the property that is the subject of the lease.

All such applications and supplements shall be verified by the applicant in his capacity as trustee, or by the beneficiary as a beneficial owner of an interest in such land trust. If such application or supplement is filed by a body politic or other corporate entity it shall be verified by a duly authorized officer of such body politic or other corporate entity for whom the application is made.

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

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