Commercial Banking, Collections, and Bankruptcy

(Sandack, R-Lombard; Mathias, R-Buffalo Grove) exempts from judgment a revocable or irrevocable trust that names the wife or husband of the insured or which names child, parent, or other person dependent upon the insured as the primary beneficiary of the trust. Passed both chambers.

(Frerichs, D-Champaign; Bradley, D-Marion) extends the enterprise zones for another 25 years. The current 97 enterprise zones expire in 2013. It also created five new zones from the current River’s Edge Zones. Passed both chambers.

(Feigenholtz, D-Chicago; Steans, D-Chicago) is supposed to eliminate Illinois’ $2.7 billion Medicaid funding gap. It repeals the compromise of the Medicaid eligibility rules negotiated last fall between the Department of Healthcare and Family Services and the Joint Committee on Administrative Rules. Some of these changes include the following: (1) A home transferred into a trust after the bill becomes law may not be considered homestead property. If the home was transferred into a trust before the bill becomes law, it prevents a person from being eligible for long-term care if the person’s equity interest in this homestead exceeds the minimum home equity as allowed under federal law. (2) People over the age of 65 can no longer participate in a federally created OBRA Pooled Trust unless the beneficiary is a ward of the county public guardian or the State guardian. These parts of this Act (in Section 75) took effect June 14, 2012.

(Yarbrough, D-Maywood; Althoff, R-Crystal Lake) allows recorders in counties of less than 500,000 inhabitants to electronically store recorded documents. They can do so now only if authorized by the county board. Passed both chambers.

(Barickman, R-Pontiac; LaHood, R-Dunlap) amends the Security Deposit Return Act to allow a lessor of five or more units to send an itemized statement of damage and repair costs to the lessee by electronic mail to a verified electronic mail address provided by the lessee. Passed both chambers.

(Silverstein, D-Chicago; Mautino, D-Spring Valley) is a cleanup of the statutes that authorize organizing as a business entity under Illinois law. (1) It provides consistency between the various business entity acts by authorizing filings previously missing from the Acts, particularly the Uniform Partnership Act and Uniform Limited Partnership Act and by standardizing the filing fees. (2) Allows for electronic filing of documents and reports. (3) Establishes procedures for reinstatement of limited liability partnership status. (4) Provides the manner for resignation as agent for service of process and the method of service. (5) Revises the manner by which administrative dissolution, revocation, and reinstatement is accomplished. Passed both chambers.

(Nekritz, D-Des Plaines; Garrett, D-Lake Forest) authorizes easements for high-speed Internet to the existing easement for cable television. Passed both chambers.

(Zalewski, D-Chicago; Harmon, D-Oak Park) amends the Secured Transactions Article of the Uniform Commercial Code. It provides that a person may not cause to be filed a false record the person knows or reasonably should know is (1) not authorized or permitted under specified provisions; (2) not related to a valid existing or potential commercial or financial transaction, an existing agricultural or other lien, or a judgment of a court of competent jurisdiction; and (3) filed with the intent to harass or defraud the person identified as debtor in the record or any other person. Creates criminal and civil penalties and administrative relief from the Secretary of State. Exempts records filed by a regulated financial institution or its representative. Passed both chambers.