IL HB1809

Amends the Corporate Fiduciary Act to replace references to "Commissioner" with "Secretary" throughout Section 1-7 regarding office locations and corporate fiduciaries.

Requires trust companies seeking to establish branch offices to apply for and obtain approval from the Secretary, while removing the previous notice requirement for banks, savings and loan associations, and savings banks.

Maintains the requirement that trust companies must obtain prior Secretary approval 60 days before a subsidiary commences business (if newly incorporated) or before acquisition of an existing subsidiary.

Allows the Secretary to specify circumstances and conditions under which trust companies may directly or indirectly acquire subsidiaries without prior approval.

Takes effect upon becoming law.