On August 18th, of 1995 Illinois enacted PA 89-364 (205 ILCS 620/24) which created a new Class A Misdemeanor for any "person" who "transacted a trust business" without having secured a certificate of authority enabling that "person" to engage in the trust business. This Act is enforced by the States Attorney of the County in which the transaction occurred and also by the Attorney General both of whom are empowered to pursue injunctive relief to enforce the act.
Wonder becomes whether that act has ever been enforced by either a States Attorney or an Attorney General since that Act became law 28 years ago?
Further wonder is whether the Attorney General has published an opinion in these regards.
Further wonder is whether any individual serving as a Trustee in every instance would be in violation of this Act?
One thought might be that the cases dealing with the need to qualify a foreign corporation in Illinois might be applicable to this hypothetical.
In my own experience, I have used individuals as Trustees of land trusts without them having to qualify to do business as a Trust Company. I would imagine that I might have some "fellow travelers" in this regard.
Perhaps one or several of those companies who do this business lawfully, might have some thoughts relevant as to how this act is intended to impact family members who act as Trustees of their family's Illinois Land Trust?
Once upon a time (1967-1984), having been a States Attorney for 17 years, I know how I would have handled a situation which raises the question I'm trying to present.
As an Old Fart, I am coming to realize more fully each day that all of us will always be smarter than anyone of us and most especially when I am the one in question.
With regard to all my sisters and brothers who each Friday try to meet payroll.
Bob
Robert H. Rennick, Sr.
The Rennick Law Firm, P.C.
117-119 West Court Street
P.O. Box 430
Toulon, IL 61483
Phone: (309) 286-5921
Fax: (309) 286-5000
Webpage: www.rennicklawfirm.com
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