*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.