SB2091sam002 96TH GENERAL ASSEMBLY

Sen. William R. Haine

Filed: 3/27/2009

09600SB2091sam002 LRB096 11456 RPM 24747 a

AMENDMENT TO SENATE BILL 2091

AMENDMENT NO. ______. Amend Senate Bill 2091, AS AMENDED, with reference to page and line numbers of Senate Amendment No. 1 as follows:

on page 7, line 15, by replacing "offers" with "offers, solicits, promotes,"; and

by replacing line 26 on page 7 through line 1 on page 8 with the following: "settlement provider establishing the terms under which"; and

on page 19, by replacing line 12 through line 15 with the following:

"(o) Viatical settlement providers licensed under the Viatical Settlements Act shall be subject to the license requirements of this Act. Not later than 30 days after the effective date of this Act, such licensee shall submit the additional materials or information required for licensure under this Act but not previously required under the Viatical Settlements Act. To the extent that this Act requires materials or information for licensure previously submitted by the licensee pursuant to the Viatical Settlements Act, those materials need not be resubmitted with the initial application for licensure pursuant to this Act."; and

on page 20, by replacing line 6 through line 7 with the following: "set forth in subsection (b) of this Section, within 6 months after the effective date of this Act or within 6 months after availability of training course, whichever is later."; and

on page 20, line 19, by replacing "6" with "4"; and

on page 21, line 13, by replacing "Vital" with "Viatical"; and

on page 21, by replacing line 25 with the following: "viatical settlement brokers with whom the provider contracts or otherwise engages in viatical settlement transactions. These"; and

on page 24, line 14, by replacing "Code." with "Code, in addition to any monetary or criminal penalties as may be appropriate."; and

on page 28, by replacing line 13 with the following: "provider or the viatical settlement provider's authorized"; and

on page 45, line 4, by replacing "viatical settlement broker," with "escrow agent,"; and

on page 47, line 10, by replacing "provider" with "provider, viatical settlement broker, viator, or applicant for a policy"; and

on page 50, line 5, by replacing "(c)" with "(b)"; and

on page 55, by deleting line 2 through line 5; and

on page 55, line 6, by replacing "(c)" with "(b)"; and

on page 55, line 16, by replacing "60" with "24"; and

on page 55, line 23, by replacing "5-year" with "2-year"; and

by deleting line 19 on page 56 through line 10 on page 57; and

on page 57, line 11, by replacing "(d)" with "(c)"; and

on page 57, line 12, by replacing "(c)" with "(b)"; and

on page 57, line 21, by replacing "(e)" with "(d)"; and

on page 57, line 24, by replacing "(c)" with "(b)"; and

on page 58, line 5, by replacing "(f)" with "(e)"; and

on page 58, line 11, by replacing "(g)" with "(f)"; and

by deleting line 15 on page 60 through line 5 on page 61; and

on page 61, line 6, by replacing "(g)" with "(f)"; and

on page 61, line 6, by replacing "return" with "retain"; and

on page 61, line 15, by replacing "(h)" with "(g)"; and

on page 78 line 2 by replacing "practice or plan" with "act, practice, or arrangement"; and

on page 82, line 5, after "Director.", by inserting "To the extent that an individual or entity is exempted pursuant to this Section and is then later determined to have been engaged in STOLI and to have circumvented the application of this Act through this Section, the Director shall take appropriate remedial action, including, but not limited to, license revocation, appropriate monetary, or both or other penalties as provided in Section 72 of this Act and subsections (a) through (g) of Section 500-70 the Illinois Insurance Code.".