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 END OF INQUIRY Full Text Bill Status