Full Text of HB1074 95th General Assembly
HB1074eng 95TH GENERAL ASSEMBLY
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HB1074 Engrossed |
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LRB095 09808 RAS 30018 b |
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| AN ACT concerning regulation.
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| Be it enacted by the People of the State of Illinois,
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| represented in the General Assembly:
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| Section 5. The Cemetery Care Act is amended by adding | 5 |
| Section 12.1 and by changing Section 14 as follows:
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| (760 ILCS 100/12.1 new)
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| Sec. 12.1. Any cemetery association, as established | 8 |
| pursuant to the Cemetery Association Act, holding $75,000 or | 9 |
| less in its care funds, in lieu of complying with the annual | 10 |
| report requirements of Section 12 of this Act, shall file with | 11 |
| the Comptroller a financial report containing information | 12 |
| required by the Comptroller. Each report shall be made under | 13 |
| oath and shall be in the form furnished by the Comptroller. The | 14 |
| report shall be filed free of cost. If any financial report | 15 |
| shows that the amount of the care funds held in trust at the | 16 |
| end of the preceding calendar year or fiscal year, as the case | 17 |
| may be, has increased in amount greater than $75,000, then, for | 18 |
| the next calendar or fiscal year, as the case may be, the | 19 |
| cemetery association shall file an annual report as required | 20 |
| under Section 12 of this Act.
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| (760 ILCS 100/14) (from Ch. 21, par. 64.14)
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| Sec. 14. The Comptroller may at any time investigate the |
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HB1074 Engrossed |
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LRB095 09808 RAS 30018 b |
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| cemetery business
of every licensee with respect to its care | 2 |
| funds. The Comptroller shall
examine at least annually every | 3 |
| licensee who holds $750,000
$250,000 or more in
its care funds. | 4 |
| For that purpose, the Comptroller shall have free access
to the | 5 |
| office and places of business and to such records of all
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| licensees and of all trustees of the care funds of all | 7 |
| licensees as
shall relate to the acceptance, use and investment | 8 |
| of care funds. The
Comptroller may require the attendance of | 9 |
| and examine under oath all
persons whose testimony he may | 10 |
| require relative to such business and in
such cases the | 11 |
| Comptroller or any qualified representative of the
Comptroller | 12 |
| whom the Comptroller may designate, may administer oaths to
all | 13 |
| such persons called as witnesses, and the Comptroller, or any | 14 |
| such
qualified representative of the Comptroller, may conduct | 15 |
| such
examinations. The cost of an initial examination
shall be | 16 |
| borne by the
cemetery authority if it has $10,000 or more in | 17 |
| such fund; otherwise, by
the Comptroller. The charge made by | 18 |
| the Comptroller for such examination
shall be based upon the | 19 |
| total amount of care funds held by the cemetery
authority as of | 20 |
| the end of the calendar or fiscal year for which a
report is | 21 |
| required by Section 12 of this Act and shall be in accordance
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| with the following schedule:
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| less than $10,000 .........................no charge;
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| $10,000 or more but less than
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| $50,000 .....................................$10;
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| $50,000 or more but less than
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| $100,000 ....................................$40;
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| $100,000 or more but less than
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| $250,000 ....................................$80;
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| $250,000 or more ....................................$100.
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| Any licensee which is not required to be examined annually | 6 |
| shall submit
an annual report to the Comptroller containing | 7 |
| such information as the
Comptroller reasonably may request.
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| The Comptroller may order additional audits or | 9 |
| examinations as he or she
may deem necessary or advisable to | 10 |
| ensure the safety and stability of the trust
funds and to | 11 |
| ensure compliance with this Act. These additional audits or
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| examinations shall only be made after good cause is established | 13 |
| by the
Comptroller in the written order. The grounds for | 14 |
| ordering these additional
audits or examinations may include, | 15 |
| but shall not be limited to:
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| (1) material and unverified changes or fluctuations in | 17 |
| trust balances;
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| (2) the licensee changing trustees more than twice in | 19 |
| any 12-month
period;
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| (3) any withdrawals or attempted withdrawals from the | 21 |
| trusts in violation
of this Act; or
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| (4) failure to maintain or produce documentation | 23 |
| required by this Act for
deposits into trust accounts or | 24 |
| trust investment activities.
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| Prior to ordering an additional audit or examination, the | 26 |
| Comptroller shall
request the licensee to respond and comment |
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| upon the factors identified by the
Comptroller as warranting | 2 |
| the subsequent examination or audit. The licensee
shall have 30 | 3 |
| days to provide a response to the Comptroller. If the
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| Comptroller decides to proceed with the additional examination | 5 |
| or audit, the
licensee shall bear the full cost of that | 6 |
| examination or audit, up to a maximum
of $7,500. The
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| Comptroller may elect to pay for the examination or audit and | 8 |
| receive
reimbursement from the licensee. Payment of the costs | 9 |
| of the examination or
audit by a licensee shall be a condition | 10 |
| of receiving or maintaining a license
under this Act. All | 11 |
| moneys received by the Comptroller for examination or
audit | 12 |
| fees shall be maintained in a separate account to be known as | 13 |
| the
Comptroller's Administrative
Fund. This Fund,
subject to | 14 |
| appropriation by the General Assembly, may
be utilized by the | 15 |
| Comptroller for
enforcing this Act and other purposes that may | 16 |
| be authorized by law.
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| (Source: P.A. 89-615, eff. 8-9-96.)
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| Section 99. Effective date. This Act takes effect January | 19 |
| 1, 2008.
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