FUNERAL TRUST FUNDS-TRUSTEES Senate SponsorsSen. John M. Sullivan, Kyle McCarter and Kimberly A. Lightford House Sponsors(Rep. Dan Brady-Elaine Nekritz-Paul Evans-Michael G. Connelly) 7/30/2012SenatePublic Act . . . . . . . . . 97-0867 225 ILCS 45/1from Ch. 111 1/2, par. 73.101225 ILCS 45/1a-1225 ILCS 45/1bfrom Ch. 111 1/2, par. 73.101b225 ILCS 45/2from Ch. 111 1/2, par. 73.102225 ILCS 45/4a815 ILCS 390/14from Ch. 21, par. 214815 ILCS 390/15from Ch. 21, par. 215Amends the Illinois Funeral or Burial Funds Act. Restores a provision that allows persons holding less than $500,000 in trust funds to continue to act as the trustee after the funds are deposited. Provides that a pre-need contract must, if funded by a trust, clearly identify the trustee's name and address and the primary state or federal regulator of the trustee. Provides that a trustee may be the seller or provider of funeral services or merchandise if the seller holds sales of less than $500,000 in trust and deposits funds for which the seller is acting as trustee according in a certain manner. Provides that if a purchaser selects a trust arrangement to fund the pre-need contract, the trust must be maintained: (1) in a deposit account maintained by the seller as trustee in a bank, savings and loan association, savings bank, or credit union authorized to do business in Illinois in which accounts are insured by an agency of the federal government, (2) in a trust company authorized to do business in Illinois, or (3) with a corporate fiduciary as defined in the Corporate Fiduciary Act. Restores a provision that allows trust funds to be maintained in a financial institution located in a state adjoining Illinois if certain conditions are met. Provides that a trustee has a duty to manage the trust and, with respect to the investment of trust funds, shall exercise certain judgment and care. Provides that the trustee has a duty to manage and invest the assets pursuant to the Prudent Investor Rule under the Trusts and Trustees Act if the amount of funds to be entrusted exceeds $1,000,000. Amends the Illinois Pre-Need Cemetery Sales Act. Removes language that provides that the seller must retain a corporate fiduciary as an independent trustee for any amount of trust funds. Provides that a trust established under the Act must be maintained: (1) in a deposit account maintained by the seller as trustee in a bank, savings and loan association, or credit union authorized to do business in Illinois in which accounts are insured by an agency of the federal government, (2) in a trust company authorized to do business in Illinois, or (3) in an investment company authorized to do business in Illinois insured by the Securities Brokers Insurance Corporation.Senate Floor Amendment No. 2 In provisions of the Illinois Funeral or Burial Funds Act and the Illinois Pre-Need Cemetery Sales Act concerning trust deposits, changes references from deposit accounts in a credit union authorized to do business in Illinois in which accounts are insured by an agency of the federal government to a State or federal bank, savings and loan association, or savings bank, the accounts of which are insured by an agency of the federal government; or in a share account or share certificate account maintained by the seller as trustee in a State or federal credit union, the accounts of which are insured as required by the Illinois Credit Union Act or the Federal Credit Union Act.House Committee Amendment No. 1 Deletes reference to:225 ILCS 45/1225 ILCS 45/1a-1225 ILCS 45/1b225 ILCS 45/2225 ILCS 45/4a815 ILCS 390/14815 ILCS 390/15Adds reference to:735 ILCS 5/8-2001from Ch. 110, par. 8-2001735 ILCS 5/8-2001.5Replaces everything after the enacting clause. Amends the Code of Civil Procedure. Provides that the $20 handling charge for obtaining health care facility records shall not be collected from a patient or from a deceased patient's personal representative. Provides that a deceased person's healthcare records must (instead of may) be released upon the written request of the executor or administrator of the deceased person's estate, the deceased person's agent under a power of attorney for healthcare, or a relative of the deceased person with a specified relationship, who shall be considered to be a personal representative of the deceased patient. Adds to a health care facility records release form a certification from the relative that the relative is acting as a personal representative pursuant to these provisions. Effective immediately. 2/1/2012SenateFiled with Secretary by Sen. John M. Sullivan 2/1/2012SenateFirst Reading 2/1/2012SenateReferred to Assignments 2/7/2012SenateAssigned to Licensed Activities 2/23/2012SenateAdded as Co-Sponsor Sen. Kyle McCarter 2/24/2012SenateDo Pass Licensed Activities; 008-000-000 2/24/2012SenatePlaced on Calendar Order of 2nd Reading February 27, 2012 2/27/2012SenateSecond Reading 2/27/2012SenatePlaced on Calendar Order of 3rd Reading February 28, 2012 3/1/2012SenateSenate Floor Amendment No. 1 Filed with Secretary by Sen. John M. Sullivan 3/1/2012SenateSenate Floor Amendment No. 1 Referred to Assignments 3/6/2012SenateSenate Floor Amendment No. 1 Assignments Refers to Licensed Activities 3/19/2012SenateSenate Floor Amendment No. 2 Filed with Secretary by Sen. John M. Sullivan 3/19/2012SenateSenate Floor Amendment No. 2 Referred to Assignments 3/22/2012SenateSenate Floor Amendment No. 2 Assignments Refers to Licensed Activities 3/27/2012SenateSenate Floor Amendment No. 1 Postponed - Licensed Activities 3/27/2012SenateSenate Floor Amendment No. 2 Recommend Do Adopt Licensed Activities; 008-000-000 3/28/2012SenateRecalled to Second Reading 3/28/2012SenateSenate Floor Amendment No. 2 Adopted; Sullivan 3/28/2012SenatePlaced on Calendar Order of 3rd Reading 3/28/2012SenateThird Reading - Passed; 053-000-000 3/28/2012SenateSenate Floor Amendment No. 1 Tabled Pursuant to Rule 5-4(a) 3/28/2012HouseArrived in House 3/28/2012HouseChief House Sponsor Rep. Dan Brady 3/28/2012HousePlaced on Calendar Order of First Reading 3/28/2012HouseFirst Reading 3/28/2012HouseReferred to Rules Committee 5/21/2012HouseFinal Action Deadline Extended-9(b) May 29, 2012 5/21/2012HouseAssigned to Judiciary I - Civil Law Committee 5/21/2012HouseHouse Committee Amendment No. 1 Filed with Clerk by Rep. Dan Brady 5/21/2012HouseHouse Committee Amendment No. 1 Referred to Rules Committee 5/21/2012HouseMotion Filed to Suspend Rule 25 Judiciary I - Civil Law Committee; Rep. Barbara Flynn Currie 5/21/2012HouseMotion to Suspend Rule 25 - Prevailed by Voice Vote 5/22/2012HouseAdded Alternate Chief Co-Sponsor Rep. Elaine Nekritz 5/22/2012HouseHouse Committee Amendment No. 1 Rules Refers to Judiciary I - Civil Law Committee 5/24/2012HouseHouse Committee Amendment No. 1 Adopted in Judiciary I - Civil Law Committee; by Voice Vote 5/24/2012HouseDo Pass as Amended / Short Debate Judiciary I - Civil Law Committee; 010-000-000 5/24/2012HousePlaced on Calendar 2nd Reading - Short Debate 5/24/2012HouseSecond Reading - Short Debate 5/24/2012HouseHeld on Calendar Order of Second Reading - Short Debate 5/26/2012HousePlaced on Calendar Order of 3rd Reading - Short Debate 5/28/2012HouseAdded Alternate Chief Co-Sponsor Rep. Paul Evans 5/28/2012HouseAdded Alternate Chief Co-Sponsor Rep. Michael G. Connelly 5/28/2012HouseThird Reading - Short Debate - Passed 112-000-000 5/28/2012SenateSecretary's Desk - Concurrence House Amendment(s) 1 5/28/2012SenatePlaced on Calendar Order of Concurrence House Amendment(s) 1 - May 29, 2012 5/28/2012SenateHouse Committee Amendment No. 1 Motion to Concur Filed with Secretary Sen. John M. Sullivan 5/28/2012SenateHouse Committee Amendment No. 1 Motion to Concur Referred to Assignments 5/28/2012SenateHouse Committee Amendment No. 1 Motion to Concur Assignments Referred to Judiciary 5/29/2012SenateHouse Committee Amendment No. 1 Motion To Concur Recommended Do Adopt Judiciary; 009-000-000 5/30/2012SenateAdded as Co-Sponsor Sen. Kimberly A. Lightford 5/30/2012SenateHouse Committee Amendment No. 1 Senate Concurs 056-000-000 5/30/2012SenatePassed Both Houses 6/28/2012SenateSent to the Governor 7/30/2012SenateGovernor Approved 7/30/2012SenateEffective Date July 30, 2012 7/30/2012SenatePublic Act . . . . . . . . . 97-0867