State of Illinois
90th General Assembly
Legislation

   [ Search ]   [ Legislation ]   [ Bill Summary ]
[ Home ]   [ Back ]   [ Bottom ]



90_HB3628

      New Act
      765 ILCS 405/2.1          from Ch. 148, par. 72.1
          Creates the Land Banking  Beneficial  Disclosure  Act  of
      1998.   Contains  only  a  short title provision.  Amends the
      Land Trust  Beneficial  Interest  Disclosure  Act  to  add  a
      caption to a Section concerning grant funds.
                                                     LRB9011484NTmb
                                               LRB9011484NTmb
 1        AN  ACT  to create the Land Banking Beneficial Disclosure
 2    Act of 1998 and to amend a named Act.
 3        Be it enacted by the People of  the  State  of  Illinois,
 4    represented in the General Assembly:
 5        Section  1.   Short  title.  This Act may be cited as the
 6    Land Banking Beneficial Disclosure Act of 1998.
 7        Section  905.   The  Land   Trust   Beneficial   Interest
 8    Disclosure Act is amended by changing Section 2.1 as follows:
 9        (765 ILCS 405/2.1) (from Ch. 148, par. 72.1)
10        Sec. 2.1.  Grant funds; statement.
11        (a)  No  grant  funds  shall  be paid to any trustee of a
12    land trust, or any beneficiary or  beneficiaries  of  a  land
13    trust,  for  any  purpose  relating  to the land which is the
14    subject  of  such  trust,  any   interest   in   such   land,
15    improvements  to  such  land  or  use of such land unless the
16    grant agreement authorizes the grantee  to  enter  into  such
17    agreement  and  a  statement  is first filed which identifies
18    each beneficiary of such land trust by name and  address  and
19    defines   his  interest  therein.   The  statement  shall  be
20    verified  by  the  trustee,  or  by  the  beneficiary  as   a
21    beneficial  owner  of an interest in such land trust.  If the
22    statement is filed by  a  body  politic  or  other  corporate
23    entity  it  shall be verified by a duly authorized officer of
24    the body politic or other  corporate  entity  for  which  the
25    statement  is  made.   The  statement shall be filed with the
26    grantor agency, and a copy of the statement  shall  be  filed
27    with the Comptroller as an attachment to the grant agreement.
28        (b)  As  used in this Section, "grant funds" and "grantor
29    agency" have the same meanings ascribed to such terms in  the
30    "Illinois Grant Funds Recovery Act", as amended.
                            -2-                LRB9011484NTmb
 1    (Source: P.A. 85-747.)

[ Top ]