92nd General Assembly
Summary of SB0048
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Short description: 
CORP FIDUCIARY-DIRECTORS                                                   

Synopsis of Bill as introduced:
        Amends the Corporate Fiduciary Act.  Adds  a  caption  and  makes      
   technical changes in a Section concerning receivership expenses.            
        SENATE AMENDMENT NO. 1.                                                
          Deletes reference to:                                                
          205 ILCS 620/6-13                                                    
          Adds reference to:                                                   
          205 ILCS 620/2-6.5 new                                               
          205 ILCS 620/5-10               from Ch. 17, par. 1555-10            
          205 ILCS 620/8-1                from Ch. 17, par. 1558-1             
          205 ILCS 620/9-6 new                                                 
        Replaces  everything  after  the  enacting  clause.  Amends   the      
   Corporate  Fiduciary  Act.   Provides  for  the management of business      
   affairs of an independent corporate fiduciary by a board of directors.      
   Authorizes  staggered  terms  for   directors.    Provides   for   the      
   assessments  for  the  Corporate Fiduciary Receivership account in the      
   Bank and Trust Company Fund to be levied until $5,000,000    has  been      
   deposited  into  the  account.   Requires  corporate fiduciaries to be      
   audited each  year  by  an  independent  licensed  public  accountant.      
   Effective immediately.                                                      
        HOUSE AMENDMENT NO. 1.                                                 
          Adds reference to:                                                   
          205 ILCS 620/6-13.5 new                                              
        Provides for assessments for the Corporate Fiduciary Receivership      
   account to be levied until the account has  a  balance  of  $4,000,000      
   rather than $5,000,000.  Authorizes the Commissioner of Banks and Real      
   Estate to require a corporate fiduciary in receivership to post a bond      
   sufficient to pay the costs of the receivership.                            
Last action on Bill: PUBLIC ACT.............................. 92-0485

   Last action date: AUG-23-2001

           Location: Senate

 Amendments to Bill: AMENDMENTS ADOPTED: HOUSE -   1     SENATE -   1


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