92nd General Assembly
Status of SB0575
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WELCH-O'MALLEY.

(LYONS,JOSEPH)

   815 ILCS 5/2.1            from Ch. 121 1/2, par. 137.2-1                    
   815 ILCS 5/8              from Ch. 121 1/2, par. 137.8                      
   815 ILCS 5/11             from Ch. 121 1/2, par. 137.11                     
   815 ILCS 5/14             from Ch. 121 1/2, par. 137.14                     
   815 ILCS 175/15-5.15                                                        
   815 ILCS 175/15-5.20                                                        
   815 ILCS 175/15-20                                                          
   815 ILCS 175/15-25                                                          
   815 ILCS 175/15-45                                                          
   815 ILCS 175/15-50                                                          
   815 ILCS 175/15-85                                                          
   815 ILCS 175/15-95 new                                                      
   815 ILCS 307/10-5.20                                                        
   815 ILCS 307/10-20                                                          
   815 ILCS 307/10-25                                                          
   815 ILCS 307/10-40                                                          
   815 ILCS 307/10-45                                                          
   815 ILCS 307/10-50                                                          
   815 ILCS 307/10-55                                                          
   815 ILCS 307/10-85                                                          
   815 ILCS 307/10-125 new                                                     
   815 ILCS 602/5-5.05                                                         
   815 ILCS 602/5-5.10                                                         
   815 ILCS 602/5-5.15                                                         
   815 ILCS 602/5-5.30                                                         
   815 ILCS 602/5-20                                                           
   815 ILCS 602/5-30                                                           
   815 ILCS 602/5-35                                                           
   815 ILCS 602/5-60                                                           
   815 ILCS 602/5-65                                                           
   815 ILCS 602/5-95                                                           
   815 ILCS 602/5-145 new                                                      

        Amends the Illinois Securities Law of 1953.  Adds  a  certificate      
   of  deposit  to the definition of "security".  Adds to the information      
   to be submitted to the Secretary of  State  with  an  application  for      
   registration   and  to  the  list  of  violations  that  may  cause  a      
   registration to be denied, suspended, or revoked  for  a  salesperson,      
   dealer,  limited  Canadian  dealer,  investment adviser, or investment      
   adviser representative.   Limits the circuit courts that may  be  used      
   for  judicial  review  to Sangamon County and Cook County.  Raises the      
   sentence for violation of certain provisions of the Act to a  Class  4      
   felony (instead of a Class A misdemeanor). Provides that the Secretary      
   of  State  may charge attorneys' fees and witness costs as costs of an      
   investigation.  Amends the Illinois Loan  Brokers  Act  of  1995,  the      
   Business  Opportunity  Sales  Law  of  1995, and the Illinois Business      
   Brokers Act of 1995.   Adds  a  joint  stock  company  and  a  limited      
   liability  partnership  to  the definition of "person".  Provides that      
   applications for the renewal of registration of a loan broker  may  be      
   filed  within  30  days  following the expiration for the registration      
   provided that the annual fee and the additional fee are paid.  Adds to      
   the list of services for which the Secretary of State  may  collect  a      
   fee.   Limits the power of the Secretary of State to administer oaths,      
   subpoena witnesses, or compel the production  of  books,  records,  or      
   other   documents   to   investigations,   audits,  examinations,  and      
   inspections.  Provides for certificates from the Secretary of State on      
   evidentiary matters.   Adds  to  the  list  of  prohibited  fraudulent      
   practices.   Provides  for  service  of  process.  Provides  that  the      
   Secretary  of  State  may  charge attorneys' fees and witness costs as      
   costs of an investigation. Provides that if, upon  the  receipt  of  a      
   copy of an entry of a summary order, no hearing is requested within 30      
   days,  the  failure of the respondent to request a hearing constitutes      
   an admission of the facts alleged in the order.                             
        SENATE AMENDMENT NO. 1.                                                
        Further amends the Illinois Securities  Law  of  1953.   Provides      
   that   the   registration   of  a  dealer,  limited  Canadian  dealer,      
   salesperson, or registered principal of a dealer or  limited  Canadian      
   dealer  may be denied, suspended, or revoked if the Secretary of State      
   finds that  the  dealer,  limited  Canadian  dealer,  salesperson,  or      
   registered principal of a dealer or limited Canadian dealer has failed      
   to maintain and enforce (rather than establish, maintain, and enforce)      
   written  procedures  to  supervise  the  types of business in which it      
   engages.  Provides that the registration of a dealer, limited Canadian      
   dealer,  salesperson,  investment  adviser,  or   investment   adviser      
   representative  may  be denied, suspended, or revoked if the Secretary      
   of State finds that the dealer, limited Canadian dealer,  salesperson,      
   investment  adviser,  or  investment  adviser  representative  or  any      
   principal officer, director, partner, member, trustee, manager, or any      
   person who performs a similar function of the dealer, limited Canadian      
   dealer,  or investment adviser has had a license or registration under      
   any federal  or  state  law  regulating  the  sale  of  securities  or      
   commodity  futures contracts refused, cancelled, suspended, withdrawn,      
   or otherwise adversely affected  in  a  similar  manner  (rather  than      
   refused,   cancelled,  suspended,  withdrawn,  revoked,  or  adversely      
   affected).  Provides  that  the  registration  of  a  dealer,  limited      
   Canadian   dealer,  salesperson,  investment  adviser,  or  investment      
   adviser representative may be denied, suspended,  or  revoked  if  the      
   Secretary  of  State  finds  that  a  corporation,  limited  liability      
   company,   or   limited  liability  partnership  has  been  suspended,      
   canceled,  or  revoked,  or  has  failed  to  register  as  a  foreign      
   corporation,  limited  liability   company,   or   limited   liability      
   partnership.                                                                
   FEB-21-2001  S  FIRST READING                                                  
   FEB-21-2001  S  REFERRED TO SENATE RULES COMMITTEE       RULES                 
   FEB-28-2001  S       ASSIGNED TO COMMITTEE               FIN INST              
   MAR-06-2001  S  ADDED AS A CHIEF CO-SPONSOR              O'MALLEY              
   MAR-08-2001  S       DO PASS                             007-000-000   SFIC    
   MAR-08-2001  S  PLACED ON CALENDAR ORDER OF 2ND READING  01-03-20              
   MAR-20-2001  S  SECOND READING                                                 
   MAR-20-2001  S  PLACED ON CALENDAR ORDER OF 3RD READING  01-03-21              
   MAR-27-2001  S  FILED WITH SECRETARY                                           
   MAR-27-2001  S                             AMENDMENT NO. 01-WELCH              
   MAR-27-2001  S                     AMENDMENT REFERRED TO SRUL                  
   MAR-29-2001  S                             AMENDMENT NO. 01-WELCH              
   MAR-29-2001  S             BE APPROVED FOR CONSIDERATION SRUL                  
   MAR-29-2001  S  RECALLED TO SECOND READING                                     
   MAR-29-2001  S                             AMENDMENT NO. 01-WELCH              
   MAR-29-2001  S                                   ADOPTED                       
   MAR-29-2001  S  PLACED ON CALENDAR ORDER OF 3RD READING  01-03-30              
   MAR-30-2001  S  THIRD READING - PASSED                   054-000-000           
   MAR-30-2001  H  ARRIVE IN HOUSE                                                
   MAR-30-2001  H  PLACED CALENDAR ORDER OF FIRST READING                         
   APR-05-2001  H  HOUSE SPONSOR                            LYONS,JOSEPH          
   APR-05-2001  H  FIRST READING                                                  
   APR-05-2001  H  REFERRED TO HOUSE RULES COMMITTEE        RULES                 
   APR-18-2001  H       ASSIGNED TO COMMITTEE               FIN INSTIT            
   MAY-02-2001  H  DO PASS/SHORT DEBATE                     019-001-000   HFIN    
   MAY-02-2001  H  PLACED CALENDAR 2ND READING-SHORT DEBATE                       
   MAY-03-2001  H  SECOND READING-SHORT DEBATE                                    
   MAY-03-2001  H  PLCD CAL ORDER 3RD READING-SHORT DEBATE                        
   MAY-16-2001  H  THIRD READING/SHORT DEBATE/PASSED        113-002-000           
   MAY-16-2001  S  PASSED BOTH HOUSES                                             
   JUN-14-2001  S  SENT TO THE GOVERNOR                                           
   AUG-09-2001  S  GOVERNOR APPROVED                                              
   AUG-09-2001  S                            EFFECTIVE DATE 02-01-01              
   AUG-09-2001  S  PUBLIC ACT.............................. 92-0308               

   END OF INQUIRY 



 Full Text  Bill Summary