IL SB1494

Director may independently decide whether to hold a public hearing on a plan of division or amended plan of division, but must hold a hearing if requested by the dividing company.

Dividing companies may amend their plan of division before it becomes effective and must file the amended plan for Director approval; a prior approval order is not rescinded by subsequent disapproval of an amended plan.

Director may rely on information, findings, and conclusions from previous plan review when evaluating amended plans and shall not charge a filing fee for amended plan submissions.

If an amended plan is filed after a certificate of division has been recorded, the dividing company must file a certificate of stay to halt the previous plan's effectiveness until the Director issues an order on the amended plan.

Director's approval order must include findings of fact and conclusions of law, and conditions for freeing resulting companies from liabilities are conclusively deemed satisfied once the Director's final, non-appealable order is issued.