GRANBERG-DART. New Act Creates the Land Banking Beneficial Disclosure Act of 1998. Provides that no agreement or understanding of any kind may be made or entered into by any department or agency of the State of Illinois with a trustee or beneficiary of a land trust, when the land is intended for use as a correctional facility or for airport purposes, or for land banking for a correctional facility or airport purposes, until the beneficial interests in the property or land trust have been fully disclosed in a written statement to the department or agency. Requires the disclosure statement to identify each beneficiary and define his or her interest. Requires the trustee to file the disclosure statement with the recorder of deeds. Effective immediately. 98-12-01 H FILED WITH CLERK 98-12-01 H ADDED AS A JOINT SPONSOR DART 98-12-03 H FIRST READING 98-12-03 H REFERRED TO HOUSE RULES COMMITTEE RULES 99-01-12 H SESSION SINE DIE END OF INQUIRY Full Text Bill Summary