O'MALLEY. (WAIT-MATHIAS) 760 ILCS 20/2 from Ch. 110 1/2, par. 252 760 ILCS 20/15 from Ch. 110 1/2, par. 265 Amends the Illinois Uniform Transfers to Minors Act. Defines "qualified minor's trust" as any trust (including a trust created by the custodian) (i) of which the minor is the sole beneficiary and (ii) that satisfies the requirements of the Internal Revenue Code concerning the federal gift tax and transfers for the benefit of a minor. Provides that at any time, a custodian may transfer part or all of the custodial property to a qualified minor's trust without a court order. Provides that such a transfer terminates the custodianship to the extent of the transfer. 99-02-02 S FIRST READING 99-02-02 S REFERRED TO SENATE RULES COMMITTEE RULES 99-02-03 S ASSIGNED TO COMMITTEE JUDICIARY 99-02-18 S DO PASS 010-000-000 SJUD 99-02-18 S PLACED ON CALENDAR ORDER OF 2ND READING 99-02-24 99-02-25 S SECOND READING 99-02-25 S PLACED ON CALENDAR ORDER OF 3RD READING 99-02-26 99-02-26 S THIRD READING - PASSED 054-000-000 99-02-26 H ARRIVE IN HOUSE 99-02-26 H PLACED CALENDAR ORDER OF FIRST READING 99-03-04 H HOUSE SPONSOR WAIT 99-03-05 H FIRST READING 99-03-05 H REFERRED TO HOUSE RULES COMMITTEE RULES 99-03-19 H ASSIGNED TO COMMITTEE JUD-CIVIL LAW 99-04-15 H DO PASS/SHORT DEBATE 011-000-000 HJUA 99-04-15 H PLACED CALENDAR 2ND READING-SHORT DEBATE 99-04-15 H ADDED AS A JOINT SPONSOR MATHIAS 99-04-20 H SECOND READING-SHORT DEBATE 99-04-20 H PLCD CAL ORDER 3RD READING-SHORT DEBATE 99-04-27 H THIRD READING/SHORT DEBATE/PASSED 113-000-000 99-04-27 S PASSED BOTH HOUSES 99-05-26 S SENT TO THE GOVERNOR 99-07-09 S GOVERNOR APPROVED 99-07-09 S EFFECTIVE DATE 00-01-01 99-07-09 S PUBLIC ACT.............................. 91-0090 END OF INQUIRY Full Text Bill Summary