HB 3968

  • Illinois House Bill
  • 102nd Regular Session
  • Introduced in House Apr 21, 2021
  • Passed House Apr 21, 2021
  • Senate
  • Governor

Special Purpose Trust Company

Abstract

Amends the Corporate Fiduciary Act to create the Special Purpose Trust Company Authority and Organization Article. Provides that a corporation that has been or shall be incorporated under the general corporation laws of the State for the special purpose of providing fiduciary custodial services or providing other like or related services as specified by rule may be appointed to act as a fiduciary with respect to such services and shall be designated a special purpose trust company. Provides that it shall not be lawful for any person to engage in the activity of a special purpose trust company without first filing an application for and procuring a certificate of authority from the Secretary of Financial and Professional Regulation. Provides that the Department shall adopt rules for the administration of the Article, and that specified Articles of the Corporate Fiduciary Act shall apply to a special purpose trust company as if the special purpose trust company were a trust company. Amends the Illinois Banking Act. In provisions concerning conversion and merger with trust companies, provides that a special purpose trust company may merge with a State bank or convert to a State bank as if the special purpose trust company were a trust company. Defines "special purpose trust company". Amends the Blockchain Business Development Act to provide that the Department of Financial and Professional Regulation shall have authority to adopt rules, opinions, or interpretive letters regarding the custody of digital assets, including digital consumer assets, digital securities, and virtual currency. House Floor Amendment No. 1 Provides that the Department of Financial and Professional Regulation shall have the authority to adopt rules, opinions, or interpretive letters regarding the provision of custodial services for digital assets by banks chartered under the Illinois Banking Act, savings banks chartered under the Savings Bank Act, and corporate fiduciaries authorized under the Certificate Of Authority And Organization Article or Special Purpose Trust Company Authority And Organization Article of the Corporate Fiduciary Act. Defines "digital asset". Removes language that provides that the Department of Financial and Professional Regulation shall have authority to adopt rules, opinions, or interpretive letters regarding the custody of digital assets, including digital consumer assets, digital securities, and virtual currency.

Bill Sponsors (29)

Deb Conroy

     
Cosponsor

Bill Cunningham

     
Primary

Votes


Actions


May 10, 2021

Senate

Assigned to Judiciary

Apr 27, 2021

Senate

Added as Alternate Co-Sponsor Sen. Win Stoller

Apr 22, 2021

Senate

Referred to Assignments

Senate

First Reading

Senate

Chief Senate Sponsor Sen. Bill Cunningham

Apr 21, 2021

House

Placed on Calendar Order of 3rd Reading - Short Debate

House

Recalled to Second Reading - Short Debate

House

House Floor Amendment No. 1 Adopted

Senate

Placed on Calendar Order of First Reading April 22, 2021

Senate

Arrive in Senate

House

Added Co-Sponsor Rep. Suzanne Ness

House

Third Reading - Short Debate - Passed 117-000-000

Apr 20, 2021

House

House Floor Amendment No. 1 Rules Refers to Financial Institutions Committee

House

House Floor Amendment No. 1 Recommends Be Adopted Financial Institutions Committee; 008-000-000

Apr 16, 2021

House

Added Co-Sponsor Rep. Emanuel Chris Welch

Apr 15, 2021

House

House Floor Amendment No. 1 Filed with Clerk by Rep. Margaret Croke

House

House Floor Amendment No. 1 Referred to Rules Committee

House

Added Chief Co-Sponsor Rep. Mark Batinick

Apr 14, 2021

House

Placed on Calendar Order of 3rd Reading - Short Debate

House

Second Reading - Short Debate

Apr 13, 2021

House

Added Co-Sponsor Rep. Seth Lewis

House

Placed on Calendar 2nd Reading - Short Debate

House

Removed from Consent Calendar Status Rep. Margaret Croke

Apr 08, 2021

House

Placed on Calendar 2nd Reading - Consent Calendar

Mar 24, 2021

House

Added Co-Sponsor Rep. Jeff Keicher

House

Added Chief Co-Sponsor Rep. Jaime M. Andrade, Jr.

House

Added Co-Sponsor Rep. Ryan Spain

House

Added Co-Sponsor Rep. C.D. Davidsmeyer

Mar 23, 2021

House

Do Pass / Consent Calendar Financial Institutions Committee; 009-000-000

House

Added Chief Co-Sponsor Rep. Mark L. Walker

House

Added Co-Sponsor Rep. Janet Yang Rohr

Mar 22, 2021

House

Added Co-Sponsor Rep. Nicholas K. Smith

Mar 16, 2021

House

Assigned to Financial Institutions Committee

Mar 09, 2021

House

Added Co-Sponsor Rep. Adam Niemerg

Mar 04, 2021

House

First Reading

House

Referred to Rules Committee

Mar 03, 2021

House

Added Co-Sponsor Rep. Terra Costa Howard

Feb 24, 2021

House

Added Co-Sponsor Rep. Robyn Gabel

House

Added Co-Sponsor Rep. Eva Dina Delgado

House

Added Co-Sponsor Rep. Deb Conroy

House

Added Co-Sponsor Rep. Kelly M. Cassidy

House

Added Co-Sponsor Rep. Jonathan Carroll

House

Added Co-Sponsor Rep. Mark Batinick

House

Removed Co-Sponsor Rep. Mark Batinick

House

Added Co-Sponsor Rep. Kambium Buckner

House

Added Co-Sponsor Rep. Ann M. Williams

House

Added Co-Sponsor Rep. Maurice A. West, II

House

Added Co-Sponsor Rep. Anne Stava-Murray

House

Added Co-Sponsor Rep. Bob Morgan

House

Added Co-Sponsor Rep. Anna Moeller

House

Added Co-Sponsor Rep. Stephanie A. Kifowit

House

Added Chief Co-Sponsor Rep. Michael J. Zalewski

Feb 22, 2021

House

Filed with the Clerk by Rep. Margaret Croke

Bill Text

Bill Text Versions Format
Introduced HTML
Engrossed HTML
House Amendment 001 HTML

Related Documents

Document Format
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Sources

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