HB2710 Summary

• Amends the Illinois Funeral or Burial Funds Act to require trustees of trusts funding pre-need contracts to issue monthly statements to beneficiaries.

• Monthly statements must include the rate of interest, interest earned, net and liquid value, original principal investment, and any fees assessed by the banking or investment institution holding the trust.

• Maintains existing provisions that trusts are single-purpose funds protected from creditors and seizure, except in actions by the Comptroller to revoke licenses or create receiverships.

• Clarifies that beneficiary estates are not responsible for funeral and burial purchases under guaranteed price pre-need contracts.