summary
Introduced
02/06/2025
02/06/2025
In Committee
06/02/2025
06/02/2025
Crossed Over
Passed
Dead
Introduced Session
Potential new amendment
104th General Assembly
Bill Summary
Amends the Illinois Securities Law of 1953. Provides that the Secretary of State may provide funds for restitution assistance to victims that were awarded restitution in a final order issued by a court of competent jurisdiction in a legal action initiated by the Secretary of State and who have not received the full amount of restitution ordered one year after the date of the final order. Provides that the Secretary of State may adopt rules to implement this provision, including, but not be limited to, eligibility requirements for a restitution assistance award, applicable deadlines for applying for the award, and caps on the amount of restitution awards available from the Secretary of State. Provides that various additional fees collected by the Secretary of States shall be deposited into the Secretary of State Special Services Fund.
AI Summary
This bill amends the Illinois Securities Law of 1953 to establish a new provision allowing the Secretary of State to provide funds for restitution assistance to victims who were awarded restitution in a final court order stemming from a legal action initiated by the Secretary of State, but have not received the full amount of restitution one year after the order was issued. The bill authorizes the Secretary of State to adopt rules governing this new restitution assistance program, including setting eligibility requirements, application deadlines, and caps on the amount of restitution awards. Additionally, the bill changes the destination of certain fees collected by the Secretary of State from the Securities Investors Education Fund to the newly created Secretary of State Special Services Fund. This change appears to be part of a broader administrative restructuring of how certain fees and funds are managed within the Secretary of State's office, specifically related to securities regulations and enforcement.
Committee Categories
Budget and Finance
Sponsors (1)
Last Action
Senate Committee Amendment No. 1 Rule 3-9(a) / Re-referred to Assignments (on 06/02/2025)
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.ilga.gov/legislation/BillStatus.asp?DocNum=1975&GAID=18&DocTypeID=SB&SessionID=114&GA=104 |
| Senate Amendment 001 | https://www.ilga.gov/legislation/104/SB/10400SB1975sam001.htm |
| BillText | https://www.ilga.gov/legislation/104/SB/10400SB1975.htm |
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