Fabio
118 lines
11 KiB
Markdown
118 lines
11 KiB
Markdown
---
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type: "Bill"
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title: "FUNERAL TRUST FUNDS-TRUSTEES"
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description: "Amends 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."
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jurisdiction: "us/states/il"
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legislature: "Illinois General Assembly"
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session: "97th"
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identifier: "SB 3171"
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citation: "Illinois SB 3171 (97th)"
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classification: ["bill"]
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subjects: []
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status: "enacted"
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primary_sponsors: []
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version_count: 3
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action_count: 57
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vote_count: 3
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first_action: "2012-02-01"
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last_action: "2012-07-30"
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source: "openstates"
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source_identifier: "ocd-bill/dc843419-5d9d-460d-9de5-e0f644c6dac3"
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source_url: "http://ilga.gov/legislation/BillStatus.asp?DocNum=3171&GAID=11&DocTypeID=SB&LegId=64095&SessionID=84&GA=97"
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source_hash: "ac7b397672ba7e7426bc9d22e40dec2b625e8f79f3df4d8dcfe7e55ed846a70c"
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vintage: "2026-07-01"
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source_snapshot: "https://data.openstates.org/daily/2026-07-01/public.pgdump"
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retrieved_at: "2026-07-06"
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confidence: "reported"
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tags: ["legislation", "bill", "us-il"]
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---
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# Illinois SB 3171 (97th) — FUNERAL TRUST FUNDS-TRUSTEES
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Amends 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.
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## Version chain
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The bill's text revisions, in order — the diff chain from filing to enrollment.
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1. **Introduced** (filed) — [source](http://ilga.gov/legislation/fulltext.asp?DocName=09700SB3171&GA=97&SessionId=84&DocTypeId=SB&LegID=64095&DocNum=3171&GAID=11&Session=&print=true)
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2. **Engrossed** (committee substitute) — [source](http://ilga.gov/legislation/fulltext.asp?DocName=09700SB3171eng&GA=97&SessionId=84&DocTypeId=SB&LegID=64095&DocNum=3171&GAID=11&Session=&print=true)
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3. **Enrolled** (enrolled) — [source](http://ilga.gov/legislation/fulltext.asp?DocName=09700SB3171enr&GA=97&SessionId=84&DocTypeId=SB&LegID=64095&DocNum=3171&GAID=11&Session=&print=true)
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## Votes
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- Third Reading — **53–0** (pass) · upper
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- Concurrence — **56–0** (pass) · upper
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- Third Reading — **112–0** (pass) · lower
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## Sponsors
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- John M. Sullivan — primary (person)
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## Timeline
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The legislative action history — every referral, reading, and vote.
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- **2012-02-01** Filed with Secretary by Sen. John M. Sullivan `filing`
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- **2012-02-01** First Reading `reading-1`
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- **2012-02-01** Referred to Assignments `referral-committee`
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- **2012-02-07** Assigned to Licensed Activities `referral-committee`
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- **2012-02-23** Added as Co-Sponsor Sen. Kyle McCarter
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- **2012-02-24** Do Pass Licensed Activities; 008-000-000 `committee-passage`
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- **2012-02-24** Placed on Calendar Order of 2nd Reading February 27, 2012
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- **2012-02-27** Second Reading `reading-2`
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- **2012-02-27** Placed on Calendar Order of 3rd Reading February 28, 2012
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- **2012-03-01** Senate Floor Amendment No. 1 Filed with Secretary by Sen. John M. Sullivan `amendment-introduction`
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- **2012-03-01** Senate Floor Amendment No. 1 Referred to Assignments `referral-committee`
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- **2012-03-06** Senate Floor Amendment No. 1 Assignments Refers to Licensed Activities
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- **2012-03-19** Senate Floor Amendment No. 2 Filed with Secretary by Sen. John M. Sullivan `amendment-introduction`
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- **2012-03-19** Senate Floor Amendment No. 2 Referred to Assignments `referral-committee`
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- **2012-03-22** Senate Floor Amendment No. 2 Assignments Refers to Licensed Activities
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- **2012-03-27** Senate Floor Amendment No. 1 Postponed - Licensed Activities
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- **2012-03-27** Senate Floor Amendment No. 2 Recommend Do Adopt Licensed Activities; 008-000-000
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- **2012-03-28** Recalled to Second Reading `reading-2`
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- **2012-03-28** Senate Floor Amendment No. 2 Adopted; Sullivan `amendment-passage`
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- **2012-03-28** Placed on Calendar Order of 3rd Reading
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- **2012-03-28** Third Reading - Passed; 053-000-000 `reading-3, passage`
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- **2012-03-28** Senate Floor Amendment No. 1 Tabled Pursuant to Rule 5-4(a) `amendment-failure`
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- **2012-03-28** Arrived in House `introduction`
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- **2012-03-28** Chief House Sponsor Rep. Dan Brady
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- **2012-03-28** Placed on Calendar Order of First Reading `reading-1`
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- **2012-03-28** First Reading `reading-1`
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- **2012-03-28** Referred to Rules Committee `referral-committee`
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- **2012-05-21** Final Action Deadline Extended-9(b) May 29, 2012
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- **2012-05-21** Assigned to Judiciary I - Civil Law Committee `referral-committee`
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- **2012-05-21** House Committee Amendment No. 1 Filed with Clerk by Rep. Dan Brady `amendment-introduction`
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- **2012-05-21** House Committee Amendment No. 1 Referred to Rules Committee `referral-committee`
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- **2012-05-21** Motion Filed to Suspend Rule 25 Judiciary I - Civil Law Committee; Rep. Barbara Flynn Currie
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- **2012-05-21** Motion to Suspend Rule 25 - Prevailed by Voice Vote
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- **2012-05-22** Added Alternate Chief Co-Sponsor Rep. Elaine Nekritz
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- **2012-05-22** House Committee Amendment No. 1 Rules Refers to Judiciary I - Civil Law Committee
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- **2012-05-24** House Committee Amendment No. 1 Adopted in Judiciary I - Civil Law Committee; by Voice Vote `amendment-passage`
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- **2012-05-24** Do Pass as Amended / Short Debate Judiciary I - Civil Law Committee; 010-000-000 `committee-passage`
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- **2012-05-24** Placed on Calendar 2nd Reading - Short Debate
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- **2012-05-24** Second Reading - Short Debate `reading-2`
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- **2012-05-24** Held on Calendar Order of Second Reading - Short Debate `reading-2`
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- **2012-05-26** Placed on Calendar Order of 3rd Reading - Short Debate
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- **2012-05-28** Added Alternate Chief Co-Sponsor Rep. Paul Evans
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- **2012-05-28** Added Alternate Chief Co-Sponsor Rep. Michael G. Connelly
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- **2012-05-28** Third Reading - Short Debate - Passed 112-000-000 `reading-3, passage`
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- **2012-05-28** Secretary's Desk - Concurrence House Amendment(s) 1
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- **2012-05-28** Placed on Calendar Order of Concurrence House Amendment(s) 1 - May 29, 2012
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- **2012-05-28** House Committee Amendment No. 1 Motion to Concur Filed with Secretary Sen. John M. Sullivan `filing`
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- **2012-05-28** House Committee Amendment No. 1 Motion to Concur Referred to Assignments `referral-committee`
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- **2012-05-28** House Committee Amendment No. 1 Motion to Concur Assignments Referred to Judiciary `referral-committee`
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- **2012-05-29** House Committee Amendment No. 1 Motion To Concur Recommended Do Adopt Judiciary; 009-000-000
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- **2012-05-30** Added as Co-Sponsor Sen. Kimberly A. Lightford
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- **2012-05-30** House Committee Amendment No. 1 Senate Concurs 056-000-000
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- **2012-05-30** Passed Both Houses
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- **2012-06-28** Sent to the Governor `executive-receipt`
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- **2012-07-30** Governor Approved `executive-signature`
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- **2012-07-30** Effective Date July 30, 2012
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- **2012-07-30** Public Act . . . . . . . . . 97-0867 `became-law`
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## Source
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OpenStates / OpenCivicData bulk snapshot [2026-07-01](https://data.openstates.org/daily/2026-07-01/public.pgdump); origin `ocd-bill/dc843419-5d9d-460d-9de5-e0f644c6dac3`. Confidence: reported (aggregated from official Illinois legislature records).
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