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90_HB3628
New Act
765 ILCS 405/2.1 from Ch. 148, par. 72.1
Creates the Land Banking Beneficial Disclosure Act of
1998. Contains only a short title provision. Amends the
Land Trust Beneficial Interest Disclosure Act to add a
caption to a Section concerning grant funds.
LRB9011484NTmb
LRB9011484NTmb
1 AN ACT to create the Land Banking Beneficial Disclosure
2 Act of 1998 and to amend a named Act.
3 Be it enacted by the People of the State of Illinois,
4 represented in the General Assembly:
5 Section 1. Short title. This Act may be cited as the
6 Land Banking Beneficial Disclosure Act of 1998.
7 Section 905. The Land Trust Beneficial Interest
8 Disclosure Act is amended by changing Section 2.1 as follows:
9 (765 ILCS 405/2.1) (from Ch. 148, par. 72.1)
10 Sec. 2.1. Grant funds; statement.
11 (a) No grant funds shall be paid to any trustee of a
12 land trust, or any beneficiary or beneficiaries of a land
13 trust, for any purpose relating to the land which is the
14 subject of such trust, any interest in such land,
15 improvements to such land or use of such land unless the
16 grant agreement authorizes the grantee to enter into such
17 agreement and a statement is first filed which identifies
18 each beneficiary of such land trust by name and address and
19 defines his interest therein. The statement shall be
20 verified by the trustee, or by the beneficiary as a
21 beneficial owner of an interest in such land trust. If the
22 statement is filed by a body politic or other corporate
23 entity it shall be verified by a duly authorized officer of
24 the body politic or other corporate entity for which the
25 statement is made. The statement shall be filed with the
26 grantor agency, and a copy of the statement shall be filed
27 with the Comptroller as an attachment to the grant agreement.
28 (b) As used in this Section, "grant funds" and "grantor
29 agency" have the same meanings ascribed to such terms in the
30 "Illinois Grant Funds Recovery Act", as amended.
-2- LRB9011484NTmb
1 (Source: P.A. 85-747.)