summary
Introduced
02/16/2023
02/16/2023
In Committee
03/23/2023
03/23/2023
Crossed Over
03/22/2023
03/22/2023
Passed
Dead
01/08/2025
01/08/2025
Introduced Session
103rd General Assembly
Bill Summary
Amends the Cemetery Care Act. Defines "average fair market value", "total return percentage", and "net income". Provides that a trustee may apply to the Comptroller to establish a master trust fund in which deposits are made. Allows a cemetery authority to take distributions from its fund either by distributing ordinary income or total return distribution. Requires an application for the implementation of the total return distribution method to be submitted to the Comptroller at least 120 days before the effective date of the election to receive total return distribution. Allows, where no receiver is available, a circuit court to order a willing local municipality, township, county, or city to take over the cemetery. Repeals a provision regarding the use of care funds. Makes other changes.
AI Summary
This bill amends the Cemetery Care Act in Illinois to make several changes. It allows cemetery authorities to establish a master trust fund for collective investment and administration of care funds, and provides for distributions from care funds using either ordinary income or a total return distribution method. The bill also requires cemetery authorities to submit an application to the Comptroller to use the total return distribution method and establishes certain requirements and restrictions around that method. Additionally, the bill provides for the handling of care funds when a cemetery authority is abandoned or seeks dissolution. Overall, the bill aims to provide more flexibility and oversight in the management of cemetery care funds in Illinois.
Committee Categories
Business and Industry
Sponsors (14)
Jaime Andrade (D)*,
Javier Cervantes (D)*,
Kelly Cassidy (D),
Cristina Castro (D),
Dan Caulkins (R),
Terra Costa Howard (D),
Bill Cunningham (D),
Marcus Evans (D),
Edgar González (D),
Jay Hoffman (D),
Marty Moylan (D),
Aarón Ortíz (D),
Nick Smith (D),
Ann Williams (D),
Last Action
Session Sine Die (on 01/07/2025)
Bill Topics
Banking, Finance, and Domestic Commerce
- ‐ Other Commerce
Local Government
- ‐ General Local Government
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location | Created |
|---|---|---|
| State Bill Page | https://www.ilga.gov/legislation/BillStatus.asp?DocNum=3102&GAID=17&DocTypeID=HB&SessionID=112&GA=103 | 02/16/2023 |
| BillText | https://www.ilga.gov/legislation/103/HB/10300HB3102eng.htm | 03/16/2023 |
| House Amendment 002 | https://www.ilga.gov/legislation/103/HB/10300HB3102ham002.htm | 03/09/2023 |
| House Amendment 001 | https://www.ilga.gov/legislation/103/HB/10300HB3102ham001.htm | 03/06/2023 |
| BillText | https://www.ilga.gov/legislation/103/HB/10300HB3102.htm | 02/16/2023 |
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