92nd General Assembly
Summary of HB5860
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House Sponsors:
BUGIELSKI-CAPPARELLI.

Senate Sponsors:
WALSH,T

Short description: 
CORP FID FOREIGN ELIGIBILITY                                               

Synopsis of Bill as introduced:
        Amends the Corporate Fiduciary  Act.   Provides  that  a  foreign      
   corporation  eligible  to  act  in  a fiduciary capacity in this State      
   shall be deemed qualified to accept  and  execute  trusts  within  the      
   meaning  of  the Corporate Fiduciary Act as well as the Probate Act of      
   1975.  Effective immediately.                                               
        HOUSE AMENDMENT NO. 1.                                                 
          Adds reference to:                                                   
          205 ILCS 620/9-6                                                     
        Removes the requirement  that  corporate  fiduciaries  obtain  an      
   audit  by an independent licensed public accountant once each calendar      
   year.  Retains the audit  requirement  for  certain  trust  companies.      
   Exempts  trust  companies owned by a bank holding company, a financial      
   holding company, or a savings and  loan  holding  company  from  audit      
   requirements   unless  the  audit  requirements  are  ordered  by  the      
   Commissioner of Banks and Real Estate.                                      
        HOUSE AMENDMENT NO. 2.                                                 
        Amends the Corporate Fiduciary Act in relation to audits of trust      
   companies.  Removes provision exempting trust  companies  owned  by  a      
   bank  holding  company,  a financial holding company, or a savings and      
   loan holding company from certain audit requirements.   Provides  that      
   trust  companies  owned  by  those  entities  shall be deemed to be in      
   compliance with those audit requirements if the entity that  owns  the      
   trust  company  obtains  an  audit  by  an independent licensed public      
   accountant that includes the trust company and meets certain statutory      
   requirements and if a copy of the audit report relating to  the  trust      
   company is filed with the Commissioner of Banks and Real Estate.            
 
Last action on Bill: PUBLIC ACT.............................. 92-0685

   Last action date: JUL-16-2002

           Location: House

 Amendments to Bill: AMENDMENTS ADOPTED: HOUSE -   2     SENATE -   0


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