SB 497 Illinois Senate · 95th Regular Session

CIV PRO/TREAS-COLLEGE SAVINGS

Summary
Amends the State Treasurer Act to provide that moneys held in an account invested in the Illinois College Savings Pool shall be exempt from all claims of the creditors of the participant, donor, or designated beneficiary of that account, except for non-exempt College Savings Pool transfers to or from the account. Defines "participant" and "donor". Amends the Code of Civil Procedure. Provides that moneys held in an account invested in the Illinois College Savings Pool of which the debtor is a participant or donor is personal property that is exempt from judgment, attachment, or distress from rent except for: (i) contributions to the account made with the intent to hinder, delay, or defraud any creditor, (ii) certain contributions to the account made during the 365 day period prior to the date of the debtor filing for bankruptcy in excess of the annual gift tax exclusion; or (iii) certain contributions to the account made during the 730 to 366 day period prior to the date of the debtor filing for bankruptcy in excess of the annual gift tax exclusion.
Bill status signed all 5 stages cleared
Introduction
Mar 2007
Committee Review
May 2007
Senate Passage
May 2007
House Passage
May 2007
Signed into Law
Aug 2007
Introduced Mar 30, 2007 Signed Aug 20, 2007
Floor votes · Senate Mar 29, 2007 · House May 23, 2007

How they voted

520
Passed · 1 other
Total votes 53
Mar 29, 2007
D Democratic33
32 Yea 1
96% Yea
R Republican20
20 Yea
100% Yea
Vote distribution
All Yea All Nay Mixed No data
Full legislative history

Actions timeline

Total actions
35
Key actions
6
Committee
6
Aug 20, 2007
Signed into law
Governor Approved
upper
May 23, 2007
Upper · Passed
Passed Both Houses
upper
May 23, 2007
House · Passed
House Vote: pass (103-0-4)
house
May 8, 2007
Lower · Passed
Do Pass / Short Debate Financial Institutions Committee; 022-000-000
lower
Apr 30, 2007
Committee
Assigned to Financial Institutions Committee
lower
Apr 16, 2007
Committee
Referred to Rules Committee
lower
Mar 30, 2007
Introduced
Arrived in House
lower
Mar 29, 2007
Senate · Passed
Senate Vote: pass (52-0-1)
senate
Mar 1, 2007
Upper · Passed
Do Pass Judiciary Civil Law; 010-000-000
upper
Feb 21, 2007
Committee
Assigned to Judiciary Civil Law
upper
Feb 8, 2007
Committee
Referred to Rules
upper
0 primary · 5 co-sponsors

Sponsors

No sponsor information available.