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91_SB0392ham002
LRB9101147ACtmam02
1 AMENDMENT TO SENATE BILL 392
2 AMENDMENT NO. ____. Amend Senate Bill 392 on page 19,
3 line 24, after "7", by inserting "and by adding Section 7.5";
4 and
5 on page 24, immediately below line 7, by inserting the
6 following:
7 "(760 ILCS 55/7.5 new)
8 Sec. 7.5. Charitable trust for the benefit of a minor;
9 report.
10 (a) In the case of a charitable trust established for
11 the benefit a minor by a person other than the minor's parent
12 or guardian, the person or trustee responsible for the trust
13 shall report its existence by certified or registered United
14 States mail to the parent or guardian of the minor within 30
15 days after formation of the trust and every 6 months
16 thereafter. The written report shall include the name and
17 address of the trustee or trustees responsible for the trust,
18 the name and address of the financial institution at which
19 funds for the trust are held, the amount of funds raised for
20 the trust, and an itemized list of expenses for
21 administration of the trust.
22 The guardian of the minor shall report the existence of
-2- LRB9101147ACtmam02
1 the trust as part of the ward's estate to the court that
2 appointed the guardian as part of its responsibility to
3 manage the ward's estate as established under subsection
4 (b-5) Section 11-13 of the Probate Act of 1975. Compliance
5 with this Section in no way affects other requirements for
6 trustee registration and reporting under this Act.
7 (b) If a person or trustee fails to report the existence
8 of the trust to the minor's parent or guardian as required in
9 this Section, the person or trustee is subject to injunction,
10 to removal, to account, and to other appropriate relief
11 before a court of competent jurisdiction exercising chancery
12 jurisdiction.".