Illinois HB1619 amends the Cemetery Care Act to redefine terms, establish a master trust fund, and set rules for care fund distributions.
Illinois HB1619 amends the Cemetery Care Act by defining terms such as "cemetery," "cemetery authority," and "care funds." It allows trustees to establish a master trust fund for collective investment and administration. The bill sets rules for distributions from care funds, including ordinary income and total return distribution methods. It also outlines conditions under which the Comptroller may impose corrective measures on care funds and mandates annual reports from cemetery authorities. Effective January 1, 2027.
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- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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