SB 263 — CORP FIDUCIARY-AFFILIATE INVST
Last action — Session Sine Die
No card. One bill, free forever — alerts when it moves.
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✓Introduced
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✓In Committee
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3Passed Senate
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4Passed House
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5To Executive
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6Enacted
This bill died with 94th Regular Session. It reached “Passed Senate” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
This bill is no longer active — its legislative session has ended, so there is no live prognosis. It would have to be reintroduced in the current session to move again.
Summary
Amends the Corporate Fiduciary Act. Authorizes any bank or trust company to purchase services or products from an affiliate of the bank or trust company if the purchase is otherwise prudent and not prohibited by the instrument governing the fiduciary relationship. Provides that compensation for the services or products may be in addition to any compensation to which the bank, trust company, or its affiliate is otherwise entitled as a fiduciary. Provides that the bank or trust company must disclose, in a specified manner, any purchase from an affiliate. Applies to any bank or trust company doing banking or trust business in this State, including any national bank, national trust company, or its affiliates. Effective January 1, 2006.
Bill Text
What changed in the latest version
2 added · 24 removedPlain-language change summary
The amendment to SB 263 adds the provision that allows banks and trust companies to purchase services or products from their affiliates as long as it's deemed prudent and not against any fiduciary agreements. It also clarifies that compensation for these services can be in addition to what they typically receive as fiduciaries. This change matters because it could enhance the services offered by banks and trust companies, potentially benefiting clients; however, it also emphasizes the need for clear disclosure regarding these affiliate transactions to maintain transparency and accountability.
*LRB09408677MKM38888b* SB0263 94THEngrossed GENERALLRB094 ASSEMBLY08677 StateMKM of38888 Illinoisb andAN 2006ACT SB0263concerning Introducedregulation. 2/3/2005, by Sen.
Terry Link SYNOPSIS AS INTRODUCED:
ILCS 620/5-15 new Amends the Corporate Fiduciary Act.
Authorizes any bank or trust company to purchase services or products from an affiliate of the bank or trust company if the purchase is otherwise prudent and not prohibited by the instrument governing the fiduciary relationship.
Provides that compensation for the services or products may be in addition to any compensation to which the bank, trust company, or its affiliate is otherwise entitled as a fiduciary.
Provides that the bank or trust company must disclose, in a specified manner, any purchase from an affiliate.
Applies to any bank or trust company doing banking or trust business in this State, including any national bank, national trust company, or its affiliates.
Effective January 1, 2006.
LRB094 08677 MKM 38888 b A BILL FOR SB0263 LRB094 08677 MKM 38888 b AN ACT concerning regulation.
The disclosure shall be given, in writing or electronically, to all SB0263 Engrossed - 2 - LRB094 08677 MKM 38888 b persons entitled to receive statements of account activity, and shall include any capacities in which the bank or trust company or an affiliate acts for the issuer of the securities or the provider of the products or services and the fact that the bank or trust company or an affiliate may have an interest in the products or services.
Action History
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Session Sine Die
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Rule 19(a) / Re-referred to Rules Committee
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Assigned to Executive Committee
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Referred to Rules Committee
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First Reading
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Chief House Sponsor Rep. Angelo Saviano
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Placed on Calendar Order of First Reading
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Arrived in House
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Third Reading - Passed; 054-000-000
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Placed on Calendar Order of 3rd Reading March 2, 2005
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Second Reading
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Placed on Calendar Order of 2nd Reading March 1, 2005
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Do Pass Financial Institutions; 006-000-000
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Assigned to Financial Institutions
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Referred to Rules
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First Reading
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Filed with Secretary by Sen. Terry Link
Sponsors
- Terry Link · Cosponsor
Sponsorship breakdown
Export CSV (upgrade) →0 sponsors · 1 co-sponsors · 182 not signed on
Sponsors (0)
None.
Co-sponsors (1)
- Terry Link
Not signed on (182)
182 members have not signed on to this bill.
Show all 182 →"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.
Votes
| Party | Yea | Nay | Present | Not Voting |
|---|---|---|---|---|
| Unaffiliated | 49 | 0 | 0 | 4 |
| Democrat | 4 | 0 | 0 | 1 |
| Republican | 1 | 0 | 0 | 0 |
| Total | 54 | 0 | 0 | 5 |
| % of votes cast | 92% | 0% | 0% | 8% |
How each member voted (59)
| Member | Party | Vote |
|---|---|---|
| Sandoval | — | Yea |
| Lauzen | — | Yea |
| Maloney | — | Yea |
| Althoff | — | Yea |
| Martinez | — | Yea |
| Bomke | — | Yea |
| Burzynski | — | Yea |
| DeLeo | — | Yea |
| Garrett | — | Yea |
| Halvorson | — | Not Voting |
| Link | — | Yea |
| Luechtefeld | — | Yea |
| Meeks | — | Yea |
| Peterson | — | Yea |
| Brady | — | Yea |
| Sullivan, D. | — | Yea |
| Schoenberg | — | Yea |
| Shadid | — | Yea |
| Sullivan, J. | — | Yea |
| Petka | — | Yea |
| Sieben | — | Yea |
| Silverstein | — | Yea |
| Jacobs | — | Yea |
| Trotter | — | Yea |
| Jones, J. | — | Yea |
| Cullerton | — | Yea |
| Watson | — | Yea |
| Viverito | — | Yea |
| Wilhelmi | — | Yea |
| Demuzio | — | Yea |
| Winkel | — | Yea |
| Wojcik | — | Yea |
| Munoz | — | Not Voting |
| Jones, W. | — | Not Voting |
| Clayborne | — | Yea |
| Cronin | — | Yea |
| Crotty | — | Yea |
| Dahl | — | Yea |
| Dillard | — | Yea |
| Forby | — | Yea |
| Geo-Karis | — | Yea |
| Haine | — | Yea |
| Hendon | — | Yea |
| Pankau | — | Yea |
| Radogno | — | Yea |
| Raoul | — | Yea |
| Rauschenberger | — | Yea |
| Righter | — | Yea |
| Risinger | — | Yea |
| Ronen | — | Yea |
| Roskam | — | Yea |
| Rutherford | — | Yea |
| del Valle | — | Not Voting |
| Don Harmon | Democrat | Yea |
| Emil Jones, III | Democrat | Not Voting |
| Kimberly A. Lightford | Democrat | Yea |
| Lakesia Collins | Democrat | Yea |
| Mattie Hunter | Democrat | Yea |
| Dave Syverson | Republican | Yea |
Subjects
Frequently asked questions
- What does SB 263 do?
- Amends the Corporate Fiduciary Act. Authorizes any bank or trust company to purchase services or products from an affiliate of the bank or trust company if the purchase is otherwise prudent and not prohibited by the instrument governing the fiduciary relationship. Provides that compensation for the services or products may be in addition to any compensation to which the bank, trust company, or its affiliate is otherwise entitled as a fiduciary. Provides that the bank or trust company must disclose, in a specified manner, any purchase from an affiliate. Applies to any bank or trust company doing banking or trust business in this State, including any national bank, national trust company, or its affiliates. Effective January 1, 2006.
- Who sponsors SB 263?
- SB 263 is sponsored by Terry Link.
- What is the current status of SB 263?
- This bill died with 94th Regular Session. It reached “Passed Senate” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
- Where can I track SB 263?
- Track SB 263 free on One Click Politics — get push/email alerts when it moves.
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Last checked for changes 3 months ago · updated continuously
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