Illinois 95th Regular Session Status: Passed Senate

SB 1946 — FIN REG-AFFILIATES

Last action — Session Sine Die

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  1. ✓
    Introduced
  2. ✓
    In Committee
  3. 3
    Passed Senate
  4. 4
    Passed House
  5. 5
    To Executive
  6. 6
    Enacted

This bill died with 95th 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This bill is no longer active — its legislative session has ended, so there is no live prognosis.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. Adds provisions concerning investments and participation by affiliates of any bank or trust company acting in its fiduciary capacity. Provides that any bank or trust company may purchase services or products from an affiliate, provided that the purchase is otherwise prudent and not prohibited by the instrument governing the fiduciary relationship. Provides that the compensation for the service or product may be in addition to the compensation that the bank or 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 authorized by the new provisions. Provides that the new provisions apply to any bank or trust company doing banking or trust business in this State, including any national bank or national trust company or any of its affiliates.

Bill Text

What changed in the latest version

2 added · 26 removed

Plain-language change summary

The updated version of Bill SB 1946 includes a couple of new provisions concerning fiduciary investments by banks and trust companies. Specifically, it allows these financial institutions to purchase products or services from their affiliated companies, as long as these purchases are prudent and not forbidden by their fiduciary agreements. The bill also emphasizes the importance of transparency by requiring the banks to disclose such transactions. This change matters because it could enhance the business operations of banks and trust companies, while also ensuring that customers remain informed about potential conflicts of interest.

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*LRB09517365MJR43436b* SB1946 95TH GENERAL ASSEMBLY State of Illinois and 2008 SB1946 Introduced 2/7/2008, by Sen.
SB1946 Engrossed LRB095 17365 MJR 43436 b AN ACT concerning financial regulation.
Randall M.
Hultgren SYNOPSIS AS INTRODUCED:
ILCS 620/2-14 new Amends the Corporate Fiduciary Act.
Adds provisions concerning investments and participation by affiliates of any bank or trust company acting in its fiduciary capacity.
Provides that any bank or trust company may purchase services or products from an affiliate, provided that the purchase is otherwise prudent and not prohibited by the instrument governing the fiduciary relationship.
Provides that the compensation for the service or product may be in addition to the compensation that the bank or 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 authorized by the new provisions.
Provides that the new provisions apply to any bank or trust company doing banking or trust business in this State, including any national bank or national trust company or any of its affiliates.
LRB095 17365 MJR 43436 b A BILL FOR SB1946 LRB095 17365 MJR 43436 b AN ACT concerning financial regulation.
(c) Any bank or trust company acting in its fiduciary SB1946 - 2 - LRB095 17365 MJR 43436 b capacity may effect such purchases of services or products with or through its affiliate, provided that the fees paid to its affiliate and the terms and conditions of such purchases are reasonable and the transaction is not prohibited by the instrument governing the fiduciary relationship.
(c) Any bank or trust company acting in its fiduciary SB1946 Engrossed - 2 - LRB095 17365 MJR 43436 b capacity may effect such purchases of services or products with or through its affiliate, provided that the fees paid to its affiliate and the terms and conditions of such purchases are reasonable and the transaction is not prohibited by the instrument governing the fiduciary relationship.
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Action History

  1. Session Sine Die

  2. Referred to Rules Committee

  3. First Reading

  4. Chief House Sponsor Rep. Mark H. Beaubien, Jr.

  5. Placed on Calendar Order of First Reading

  6. Arrived in House

  7. Third Reading - Passed; 056-000-000

  8. Placed on Calendar Order of 3rd Reading March 11, 2008

  9. Second Reading

  10. Placed on Calendar Order of 2nd Reading March 5, 2008

  11. Do Pass Financial Institutions; 007-000-000

  12. Assigned to Financial Institutions

  13. Referred to Rules

  14. First Reading

  15. Filed with Secretary by Sen. Randall M. Hultgren

Sponsors

  • Randall M. Hultgren · Cosponsor

Sponsorship breakdown

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0 sponsors · 1 co-sponsors · 182 not signed on

Sponsors (0)

None.

Co-sponsors (1)

  • Randall M. Hultgren

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.

Whip count is in markup. Polling the chamber and every recorded vote this session. Only the first open is slow. It’s instant for you after this. Calling the roll · Tallying · Engrossing

Votes

Third Reading

Passed 56 Yea · 0 Nay · 3 Other
Party YeaNayPresentNot Voting
Unaffiliated 46003
Democrat 9000
Republican 1000
Total 56003
% of votes cast 95%0%0%5%
How each member voted (59)
Member Party Vote
Halvorson — Yea
Hultgren — Yea
Kotowski — Yea
Lauzen — Yea
Link — Yea
Luechtefeld — Yea
Meeks — Yea
Millner — Yea
Noland — Yea
Schoenberg — Yea
Brady — Yea
Silverstein — Yea
Steans — Yea
Trotter — Yea
Sullivan — Yea
Munoz — Yea
Viverito — Not Voting
Wilhelmi — Yea
Cullerton — Yea
Watson — Yea
Jacobs — Yea
Jones, J. — Yea
Demuzio — Yea
Clayborne — Yea
Cronin — Yea
Crotty — Yea
Dahl — Yea
DeLeo — Yea
Dillard — Yea
Forby — Yea
Frerichs — Yea
Garrett — Yea
Haine — Yea
Hendon — Not Voting
Pankau — Yea
Peterson — Not Voting
Radogno — Yea
Raoul — Yea
Righter — Yea
Risinger — Yea
Rutherford — Yea
Sandoval — Yea
Maloney — Yea
Althoff — Yea
Martinez — Yea
Bivins — Yea
Bomke — Yea
Bond — Yea
Burzynski — Yea
David Koehler Democrat Yea
Don Harmon Democrat Yea
Emil Jones, III Democrat Yea
Eva-Dina Delgado Democrat Yea
Kimberly A. Lightford Democrat Yea
Lakesia Collins Democrat Yea
Laura M. Murphy Democrat Yea
Linda Holmes Democrat Yea
Mattie Hunter Democrat Yea
Dave Syverson Republican Yea

Official roll call →

Subjects

finance
Cross-referencing the record. Reading this bill against every other bill in the corpus by meaning, not keywords. Only the first open is slow. It’s instant for you after this. Matching · Ranking · Engrossing

Frequently asked questions

What does SB 1946 do?
Amends the Corporate Fiduciary Act. Adds provisions concerning investments and participation by affiliates of any bank or trust company acting in its fiduciary capacity. Provides that any bank or trust company may purchase services or products from an affiliate, provided that the purchase is otherwise prudent and not prohibited by the instrument governing the fiduciary relationship. Provides that the compensation for the service or product may be in addition to the compensation that the bank or 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 authorized by the new provisions. Provides that the new provisions apply to any bank or trust company doing banking or trust business in this State, including any national bank or national trust company or any of its affiliates.
Who sponsors SB 1946?
SB 1946 is sponsored by Randall M. Hultgren.
What is the current status of SB 1946?
This bill died with 95th 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 1946?
Track SB 1946 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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