Illinois · House Bill 4594 · 103rd General Assembly

TRUST CD-VIRTUOUS TRUSTS

HB 4594 Sponsored by Kam Buckner Passed one chamber, then died

  1. Introduced Jan 26, 2024
  2. In committee Jan 31, 2024
  3. Passed the House Apr 16, 2024
  4. Died  
  5. To the governor  
  6. Became law  

What it does

The legislature's own summary of the bill, or its official long title.

Amends the Illinois Trust Code. Allows a virtuous trust to be created for a business or other noncharitable purpose without a definite or definitely ascertainable beneficiary. Requires a virtuous trust to be created by a written instrument. Allows a virtuous trust to hold an ownership interest of any corporation, partnership, limited partnership, cooperative, limited liability company, limited liability partnership…

Read the full title (244 words)

Amends the Illinois Trust Code. Allows a virtuous trust to be created for a business or other noncharitable purpose without a definite or definitely ascertainable beneficiary. Requires a virtuous trust to be created by a written instrument. Allows a virtuous trust to hold an ownership interest of any corporation, partnership, limited partnership, cooperative, limited liability company, limited liability partnership, or joint venture. Provides that a trustee of a virtuous trust or a virtuous trust shall not be deemed to violate the trustee's duties by virtue of the trustee investing and managing the trust's assets pursuant to the terms and the purposes of the trust. Exempts a virtuous trust from the common law rule against perpetuities. Allows a virtuous trust to be enforced by one or more trust enforcers appointed in the trust instruction, and allows a virtuous trust instrument to provide for appointing successor trust enforcers. Requires a virtuous trust to have a trust purpose committee with at least 3 persons as members. Includes provisions related to the trust purpose committee, including appointment procedures, voting procedures, powers of the committee, resignation procedures, and reporting requirements. Provides that property of a virtuous trust may be applied only to its intended use. Allows the trust purpose committee and the trust enforcers to modify or terminate a virtuous trust by unanimous agreement. Prohibits a person serving as a trustee from servicing as a trust enforcer or as a member of the trust purpose committee. Makes conforming changes.

Every action

22 steps, oldest first, as the legislature records them.

Show the 14 earlier steps
  1. HouseFiled with the Clerk by Rep. Kam Buckner
  2. HouseFirst Reading
  3. CommitteeReferred to Rules Committee · House Rules
  4. CommitteeAssigned to Judiciary - Civil Committee · House Judiciary - Civil
  5. CommitteeDo Pass / Short Debate Judiciary - Civil Committee; 014-000-000 · House Judiciary - Civil
  6. HousePlaced on Calendar 2nd Reading - Short Debate
  7. HouseSecond Reading - Short Debate
  8. HousePlaced on Calendar Order of 3rd Reading - Short Debate
  9. HouseThird Reading - Short Debate - Passed 111-000-000
  10. HouseAdded Chief Co-Sponsor Rep. Martin McLaughlin
  11. SenateArrive in Senate
  12. SenatePlaced on Calendar Order of First Reading April 18, 2024
  13. SenateChief Senate Sponsor Sen. Napoleon Harris, III
  14. SenateFirst Reading
  1. CommitteeReferred to Assignments · Senate Assignments
  2. CommitteeAssigned to Judiciary · Senate Judiciary
  3. SenateRule 2-10 Committee/3rd Reading Deadline Established As May 24, 2024
  4. SenateRule 2-10 Committee/3rd Reading Deadline Established As May 25, 2024
  5. SenateRule 2-10 Committee/3rd Reading Deadline Established As May 26, 2024
  6. CommitteePursuant to Senate Rule 3-9(b) / Referred to Assignments · Senate Assignments
  7. SenateAlternate Chief Sponsor Changed to Sen. Robert Peters
  8. HouseSession Sine Die

Roll calls

2 recorded votes: 1 on the floor, 1 in committee. Each shows how every member voted.

Third Reading · Full House

Passed 111–0
Apr 16, 2024 · journal entry
Yes 111 No 0 Not voting 7
Democrats: 72 yes, 0 no Republicans: 39 yes, 0 no
How each member voted

Yes · 111

Not voting · 1

Absent · 1

Excused · 5

Committee and other votes

DateWhereQuestionResult
Mar 13, 2024 House Judiciary - Civil Judiciary - Civil - Do Pass
Members

Yes · 14

Not voting · 1

 Passed 14–0

Sponsors

The member who introduced it, joined by 1 cosponsor: 1 Republican.

All 1 cosponsor

From Illinois's official records (www.ilga.gov), checked Nov 13, 2026. Text links go to the official versions; LegiList does not copy bill text.