Public Act 104-0428 (SB 1797), Digital Assets and Consumer Protection Act (Part 2 of 2)
Document text
Research, not advice. Part of the Bitcoin research archive (October 2026). Claims labelled unverified, contested or fringe are reported, not endorsed; statuses of bills and rules are as of the date checked. Government, court and patent records are public domain; the research notes are CC BY 4.0.
Certificate of authority.
(a) It shall be lawful for any person to engage in the
activity of a special purpose trust company after the
Public Act 104-0428
SB1797 Enrolled LRB104 09833 BAB 19901 b
effective date of this amendatory Act of the 104th General
Assembly upon filing an application for and procuring from the
Secretary a certificate of authority stating that the person
has complied with the requirements of this Act and is
qualified to engage in the activity of a special purpose trust
company.
(b) No natural person or natural persons, firm,
partnership, or corporation not having been authorized under
this Act shall transact in the activity of a special purpose
trust company. A person who violates this Section is guilty of
a Class A misdemeanor and the Attorney General or State's
Attorney of the county in which the violation occurs may
restrain the violation by a complaint for injunctive relief.
(c) Any entity that holds a certificate of authority under
Article II of this Act may engage in the activity of a special
purpose trust company without applying for or receiving a
certificate of authority under this Article IIA.
(d) Nothing in this Section shall limit the authority of a
depository institution to provide nonfiduciary custodial
services consistent with its charter in accordance with
applicable law and subject to any limitations and restrictions
imposed by its chartering authority.
(205 ILCS 620/2A-4 new)
Sec. 2A-4. Rulemaking and organization.
(a) The Department shall adopt rules for the
Public Act 104-0428
SB1797 Enrolled LRB104 09833 BAB 19901 b
administration of this Article, including, but not limited to:
rules for defining statutory terms; applying for a certificate
of authority; review, investigation, and approval of
application for certificate of authority; capital
requirements; office location and name; collateralizing
fiduciary assets; and general corporate powers. The authority
of this subsection (a) is in addition to, and in no way limits,
the authority of the Secretary under subsection (a) of Section
5-1.
(b) Articles III, V, VI, VII, VIII, and IX of this Act
shall apply to a special purpose trust company under this
Article as if the special purpose trust company were a trust
company authorized under Article II of this Act, subject to
any rules adopted by the Department.
(205 ILCS 620/4-1) (from Ch. 17, par. 1554-1)
Sec. 4-1. Foreign corporate fiduciary; certificate of
authority. After July 13, 1953, no foreign corporation,
including banks, savings banks, and savings and loan
associations, now or hereafter organized under the laws of any
other state or territory, and no national banking association
having its principal place of business in any other state or
territory or federal savings and loan association or federal
savings bank having its principal place of business in any
other state or territory, may procure a certificate of
authority under Article II of this Act and any certificate of
Public Act 104-0428
SB1797 Enrolled LRB104 09833 BAB 19901 b
authority heretofore issued hereunder to any such foreign
corporation or to any such national banking association shall
become null and void on July 13, 1953, except that any such
foreign corporation or any such national banking association
actually acting as trustee, executor, administrator,
administrator to collect, guardian, or in any other like
fiduciary capacity in this State on July 13, 1953, may
continue to act as such fiduciary in that particular trust or
estate until such time as it has completed its duties
thereunder. Such foreign corporation and such national banking
association shall be subject to the provisions in this Article
IV, regardless of whether its certificate of authority was
obtained before July 13, 1953. The right and eligibility of
any foreign corporation, any national banking association
having its principal place of business in any other state or
territory or any federal savings and loan association or
federal savings bank having its principal place of business in
any other state or territory hereafter to act as trustee,
executor, administrator, administrator to collect, guardian,
or in any other like fiduciary capacity in this State shall be
governed solely by the provisions of this Act. Provided,
however, that the Commissioner shall not be required to
conduct an annual examination of such foreign corporation
pursuant to Section 5-2 of this Act, but may examine such
foreign corporation as the Commissioner deems appropriate.
"Principal place of business" of any bank, federal savings and
Public Act 104-0428
SB1797 Enrolled LRB104 09833 BAB 19901 b
loan association or savings bank, for purposes of this Article
IV, means the principal office as designated on the charter by
its principal regulator.
(Source: P.A. 91-97, eff. 7-9-99.)
(205 ILCS 620/4-2) (from Ch. 17, par. 1554-2)
Sec. 4-2. Foreign corporation; eligibility. Any foreign
corporation may act in this State as trustee, executor,
administrator, administrator to collect, guardian, or in any
other like fiduciary capacity, whether the appointment is by
will, deed, court order or otherwise, without complying with
any laws of this State relating to the qualification of
corporations organized under the laws of this State to conduct
a trust business or laws relating to the qualification of
foreign corporations, provided only (1) such foreign
corporation is authorized by the laws of the state of its
organization or domicile to act as a fiduciary in that state,
and (2) a corporation organized under the laws of this State, a
national banking association having its principal place of
business in this State, and a federal savings and loan
association or federal savings bank having its principal place
of business in this State and authorized to act as a fiduciary
in this State, may, in such other state, act in a similar
fiduciary capacity or capacities, as the case may be, upon
conditions and qualifications which the Commissioner finds are
not unduly restrictive when compared to those imposed by the
Public Act 104-0428
SB1797 Enrolled LRB104 09833 BAB 19901 b
laws of Illinois. Any foreign corporation eligible to act in a
fiduciary capacity in this State pursuant to the provisions of
this Act, shall be deemed qualified to accept and execute
trusts in this State within the meaning of this Act and the
Probate Act of 1975, approved August 7, 1975, as amended. No
foreign corporation shall be permitted to act as trustee,
executor, administrator, administrator to collect, guardian or
in any other like fiduciary capacity in this State except as
provided in Article IV of this Act; however, any foreign
corporation actually acting in any such fiduciary capacity in
this State on July 13, 1953, although not eligible to so act
pursuant to the provisions of this Article IV, may continue to
act as fiduciary in that particular trust or estate until such
time as it has completed its duties thereunder.
(Source: P.A. 92-685, eff. 7-16-02.)
(205 ILCS 620/4-5) (from Ch. 17, par. 1554-5)
Sec. 4-5. Certificate of authority; fees; certificate of
reciprocity.
(a) Prior to the time any foreign corporation acts in this
State as testamentary trustee, trustee appointed by any court,
trustee under any written agreement, declaration or instrument
of trust, executor, administrator, administrator to collect,
guardian or in any other like fiduciary capacity, such foreign
corporation shall apply to the Commissioner of Banks and Real
Estate for a certificate of authority with reference to the
Public Act 104-0428
SB1797 Enrolled LRB104 09833 BAB 19901 b
fiduciary capacity or capacities in which such foreign
corporation proposes to act in this State, and the
Commissioner of Banks and Real Estate shall issue a
certificate of authority to such corporation concerning only
the fiduciary capacity or such of the fiduciary capacities to
which the application pertains and with respect to which he
has been furnished satisfactory evidence that such foreign
corporation meets the requirements of Section 4-2 of this Act.
The certificate of authority shall set forth the fiduciary
capacity or capacities, as the case may be, for which the
certificate is issued, and shall recite and certify that such
foreign corporation is eligible to act in this State in such
fiduciary capacity or capacities, as the case may be, pursuant
to the provisions of this Act. The certificate of authority
shall remain in full force and effect until such time as such
foreign corporation ceases to be eligible so to act under the
provisions of this Act.
(b) Each foreign corporation making application for a
certificate of authority shall pay reasonable fees to the
Commissioner of Banks and Real Estate as determined by the
Commissioner for the services of his office.
(c) Any foreign corporation holding a certificate of
reciprocity which recites and certifies that such foreign
corporation is eligible to act in this State in any such
fiduciary capacity pursuant to the provisions of Article IV of
this Act or any predecessor Act upon the same subject, issued
Public Act 104-0428
SB1797 Enrolled LRB104 09833 BAB 19901 b
prior to the effective date of this amendatory Act of 1987 may
act in this State under such certificate of reciprocity in any
such fiduciary capacity without applying for a new certificate
of authority. Such certificate of reciprocity shall remain in
full force and effect until such time as such foreign
corporation ceases to be eligible so to act under the
provisions of Article IV of this Act.
(d) Any foreign corporation acting in Illinois under a
certificate of authority or a certificate of reciprocity shall
report changes in its name or address to the Commissioner and
shall notify the Commissioner when it is no longer serving as a
corporate fiduciary in Illinois.
(e) The provisions of this Section shall not apply to a
foreign corporation establishing or acquiring and maintaining
a place of business in this State to conduct business as a
fiduciary in accordance with Article IVA of this Act.
(Source: P.A. 92-483, eff. 8-23-01.)
(205 ILCS 620/4A-15)
Sec. 4A-15. Representative offices.
(a) A foreign corporation conducting fiduciary activities
outside this State, but not conducting fiduciary activities in
this State may establish a representative office under the
Foreign Bank Representative Office Act. At these offices, the
foreign corporation may market and solicit fiduciary services
and provide back office and administrative support to the
Public Act 104-0428
SB1797 Enrolled LRB104 09833 BAB 19901 b
foreign corporation's fiduciary activities, but it may not
engage in fiduciary activities.
(b) A foreign corporation invested with trust powers or
authority to act as a fiduciary pursuant to the laws of its
home state but not conducting fiduciary activities must apply
for and procure a license under the Foreign Bank
Representative Office Act before establishing an office in
this State for the purpose of marketing, soliciting, or
transacting any service or product, unless such office is
otherwise established as permitted by and in accordance with
this Act, the Illinois Banking Act, the Savings Bank Act, the
Foreign Banking Office Act, or any Act specified by rules
adopted under this Act.
(Source: P.A. 92-483, eff. 8-23-01; 92-811, eff. 8-21-02.)
(205 ILCS 620/5-1) (from Ch. 17, par. 1555-1)
Sec. 5-1. Commissioner's powers. The Commissioner of Banks
and Real Estate shall have the following powers and authority
and is charged with the duties and responsibilities designated
in this Act:
(a) To promulgate, in accordance with the Illinois
Administrative Procedure Act, reasonable rules for the purpose
of administering the provisions of this Act, for the purpose
of protecting consumers of this State as may be necessary and
appropriate, and for the purpose of incorporating by reference
rules promulgated by the Federal Deposit Insurance
Public Act 104-0428
SB1797 Enrolled LRB104 09833 BAB 19901 b
Corporation, the Board of Governors of the Federal Reserve
System, the Office of the Comptroller of the Currency, the
Office of Thrift Supervision, or their successors that pertain
to corporate fiduciaries, including, but not limited to,
standards for the operation and conduct of the affairs of
corporate fiduciaries;
(b) To issue orders for the purpose of administering the
provisions of this Act and any rule promulgated in accordance
with this Act;
(c) To appoint hearing officers to conduct hearings held
pursuant to any of the powers granted to the Commissioner
under this Section for the purpose of administering this Act
and any rule promulgated in accordance with this Act;
(d) To subpoena witnesses, to compel their attendance, to
administer an oath, to examine any person under oath and to
require the production of any relevant books, papers, accounts
and documents in the course of and pursuant to any
investigation being conducted, or any action being taken, by
the Commissioner in respect of any matter relating to the
duties imposed upon, or the powers vested in, the Commissioner
under the provisions of this Act, or any rule or regulation
promulgated in accordance with this Act;
(e) To conduct hearings;
(f) To promulgate the form and content of any applications
required under this Act;
(g) To impose civil penalties of up to $100,000 against
Public Act 104-0428
SB1797 Enrolled LRB104 09833 BAB 19901 b
any person or corporate fiduciary for each violation of any
provision of this Act, any rule promulgated in accordance with
this Act, any order of the Commissioner or any other action
which, in the Commissioner's discretion, is a detriment or
impediment to accepting or executing trusts; and
(h) To address any inquiries to any corporate fiduciary,
or the officers thereof, in relation to its doings and
conditions, or any other matter connected with its affairs,
and it shall be the duty of any corporate fiduciary or person
so addressed, to promptly reply in writing to such inquiries.
The Commissioner may also require reports from any corporate
fiduciary at any time he may deem desirable.
(Source: P.A. 96-1365, eff. 7-28-10.)
Section 90-25. The Consumer Fraud and Deceptive Business
Practices Act is amended by adding Section 2HHHH as follows:
(815 ILCS 505/2HHHH new)
Sec. 2HHHH. Violations of the Digital Assets and Consumer
Protection Act. Any person who violates Article 5 of the
Digital Assets and Consumer Protection Act commits an unlawful
practice within the meaning of this Act.
Article 99. Non-acceleration and Effective Date
Section 99-95. No acceleration or delay. Where this Act
Public Act 104-0428
SB1797 Enrolled LRB104 09833 BAB 19901 b
makes changes in a statute that is represented in this Act by
text that is not yet or no longer in effect (for example, a
Section represented by multiple versions), the use of that
text does not accelerate or delay the taking effect of (i) the
changes made by this Act or (ii) provisions derived from any
other Public Act.
Section 99-99. Effective date. This Act takes effect upon
becoming law.