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93RD GENERAL ASSEMBLY
State of Illinois
2003 and 2004
SB2559
Introduced 2/3/2004, by Don Harmon SYNOPSIS AS INTRODUCED:
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815 ILCS 5/2.1 |
from Ch. 121 1/2, par. 137.2-1 |
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Amends the Illinois Securities Law of 1953. Removes from the definition of security, a certificate of deposit. Effective immediately.
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A BILL FOR
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SB2559 |
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LRB093 20591 RXD 46406 b |
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| AN ACT concerning business transactions.
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| Be it enacted by the People of the State of Illinois,
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| represented in the General Assembly:
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| Section 5. The Illinois Securities Law of 1953 is amended |
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| by changing Section 2.1 as follows:
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| (815 ILCS 5/2.1) (from Ch. 121 1/2, par. 137.2-1)
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| Sec. 2.1. Security. "Security" means any note, stock, |
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| treasury stock,
bond, debenture, evidence of indebtedness, |
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| certificate of interest or
participation in any profit-sharing |
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| agreement, collateral-trust
certificate, preorganization |
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| certificate or subscription, transferable
share, investment |
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| contract, investment fund share, face-amount certificate,
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| voting-trust certificate, certificate of deposit, certificate |
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| of deposit
for a security, fractional
undivided interest in |
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| oil, gas or other mineral lease, right or royalty,
any put, |
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| call, straddle, option, or privilege on any security, |
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| certificate
of deposit, or group or index of securities |
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| (including any interest therein
or based on the value thereof), |
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| or any put, call, straddle, option, or
privilege entered into, |
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| relating to
foreign currency, or, in general, any interest or |
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| instrument commonly known
as a "security", or any certificate |
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| of interest or participation in,
temporary or interim |
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| certificate for, receipt for, guarantee of, or warrant
or right |
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| to subscribe to or purchase, any of the foregoing.
"Security" |
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| does not mean a mineral investment contract or a mineral
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| deferred delivery contract; provided, however, the Department |
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| shall have
the authority to regulate these contracts as |
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| hereinafter provided.
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| (Source: P.A. 92-308, eff. 1-1-02.)
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| Section 99. Effective date. This Act takes effect upon |
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| becoming law.
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