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SB 263 Illinois Senate · 94th Regular Session

CORP FIDUCIARY-AFFILIATE INVST

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 status failed 3 of 5 stages cleared
Introduction
Mar 2005
Committee Review
May 2005
Senate Passage
Mar 2005
House Passage
Governor
Introduced Mar 9, 2005 Last action Jan 9, 2007
Floor votes · Senate Mar 9, 2005

How they voted

51–0
Passed · 4 other
Total votes 55
Mar 9, 2005
D Democratic29
26 Yea 3
89% Yea
R Republican26
25 Yea 1
96% Yea
Vote distribution
All Yea All Nay Mixed No data
Full legislative history

Actions timeline

Total actions
18
Key actions
2
Committee
6
May 13, 2005
Committee
Rule 19(a) / Re-referred to Rules Committee
lower
Apr 5, 2005
Committee
Assigned to Executive Committee
lower
Mar 15, 2005
Committee
Referred to Rules Committee
lower
Mar 9, 2005
Introduced
Arrived in House
lower
Mar 9, 2005
Senate · Passed
Senate Vote: pass (51-0-4)
senate
Feb 24, 2005
Upper · Passed
Do Pass Financial Institutions; 006-000-000
upper
Feb 17, 2005
Committee
Assigned to Financial Institutions
upper
Feb 3, 2005
Committee
Referred to Rules
upper
0 primary · 1 co-sponsor

Sponsors

No sponsor information available.