ILCS » Chapter 760 · Act 100
Illinois Compiled Statutes

760 ILCS 100/7 (2026)

License to hold care funds

✓ current as of May 2026
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(760 ILCS 100/7) (from Ch. 21, par. 64.7)
    Sec. 7. License to hold care funds. No cemetery authority owning, operating, controlling or managing a privately operated cemetery may accept the care funds authorized by the provisions of Section 3 of this Act without securing from the Comptroller a license to hold the funds. The license shall be secured by the cemetery authority whether the cemetery authority is serving as trustee of the care funds or whether the care funds are held by an independent trustee.
    All licenses issued under the provisions of this Act by the Department of Financial Institutions prior to the time the administration of this Act was transferred to the Comptroller shall remain valid for all purposes unless such license is terminated, surrendered or revoked as provided in this Act.
(Source: P.A. 89-615, eff. 8-9-96.)

    
Notes of Decisions
Cited in 4 cases, 1995–2017 · leading case: First of Am. Bank, Rockford, N.A. v. Netsch, 651 N.E.2d 1105 (Ill. 1995).
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First of Am. Bank, Rockford, N.A. v. Netsch, 651 N.E.2d 1105 (Ill. 1995). · cites it 2× “(760 ILCS 100/7 (West 1992).) To insure that the cemetery authority has sufficient resources to maintain the cemetery in the future, the Care Act requires the authority to deposit a prescribed amount of care funds into a trust to be used for that purpose.”
Kagan v. Waldheim Cemetery Co., 2016 IL App (1st) 131274 (Ill. App. Ct. 2017). “760 ILCS 100/7 (West 2012). To insure that there are sufficient resources to maintain the cemetery in the future, the cemetery authority must deposit a prescribed amount of care funds into a trust to be used for that purpose.”
Kagan v. Waldheim Cemetery Co., 2016 IL App (1st) 131274 (Ill. App. Ct. 2016). “760 ILCS 100/7 (West 2012). To insure that there are sufficient resources to maintain the cemetery in the future, the cemetery authority must deposit a prescribed amount of care funds into a trust to be used for that purpose.”
Kagan v. Waldheim Cemetery Co., 2016 IL App (1st) 131274 (Ill. App. Ct. 2016). “760 ILCS 100/7 (West 2012). To insure that there are sufficient resources to maintain the cemetery in the future, the cemetery authority must deposit a prescribed amount of care funds into a trust to be used for that purpose.”
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