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SB 1975

SECURITIES-ADDITIONAL FEES

104th Regular Session Introduced by Lakesia Collins

The bill authorizes the Secretary of State to provide limited restitution assistance to victims unpaid after one year and redirects certain fees to a Special Services Fund.

Senate Committee Amendment No. 1 Rule 3-9(a) / Re-referred to Assignments
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Bill Summary · SB 1975

Summary — SB 1975 (Sen. Lakesia Collins) — Securities — Additional Fees; Restitution Assistance

Status: Introduced 02/06/2025; Sen. Amendment 001 filed 03/18/2025; reported favorably by committee 04/10/2025; re‑referred to Assignments under Rule 3‑9(a) 06/02/2025. Companion: HB 1139.

Purpose

Amends the Illinois Securities Law of 1953 to (1) authorize the Secretary of State to provide limited restitution assistance to victims of securities enforcement actions initiated by the Secretary when court‑ordered restitution has not been fully paid after one year, and (2) change the disposition of various additional fees collected by the Secretary of State by directing them into the Secretary of State Special Services Fund.

Key provisions

  • Legal changes: Amends sections 5, 6, 7, 11, 11c, and 18.1 of 815 ILCS 5 (Illinois Securities Law of 1953).
  • Restitution assistance:
    • The Secretary of State may provide funds to victims who were awarded restitution in a final court order issued in a legal action initiated by the Secretary and who have not received the full restitution amount one year after the final order date.
    • The Secretary of State is authorized to adopt implementing rules. Rules may address:
    • Eligibility criteria for awards;
    • Application deadlines and procedural requirements;
    • Caps or limits on restitution assistance amounts available from the Secretary of State.
  • Fee disposition:
    • Various additional fees collected by the Secretary of State under the Securities Law are to be deposited into the Secretary of State Special Services Fund (rather than the current fund destination).
  • Regulatory and procedural implementation will be carried out via Secretary of State rulemaking (details, dollar caps, and eligibility standards left to administrative rules).

Who is affected

  • Victims of securities fraud or other securities law violations where the Secretary of State brought the enforcement action and the court awarded restitution but the victim remains unpaid after one year — they become potentially eligible for state restitution assistance.
  • Securities market participants and regulated filers may be indirectly affected if new or reallocated fees are used to fund the Special Services Fund (potential for increased or reallocated fee burdens depending on rulemaking).
  • Secretary of State’s office — gains explicit authority to administer restitution assistance and to promulgate rules governing awards; will also handle deposit and use of redirected fees.

Potential impact and considerations

  • Positive for victim recovery: could speed or supplement restitution payments when private/assets recovery is delayed or unsuccessful.
  • Fiscal and administrative: cost exposure depends on rules (eligibility, caps). Redirecting fees to the Special Services Fund concentrates revenue for program administration and possible payouts.
  • Rulemaking is critical: substantive effect will be shaped by administrative rules that set award limits, eligibility, application windows, and fee schedule changes.
  • Legislative/procedural posture: passed initial committee with favorable report and recommended for local & uncontested calendar; currently has been amended and re‑referred to Assignments and placed on various committee deadlines.

Note: The bill text attached includes a lengthy amendment to registration provisions; the central policy changes highlighted above come from the bill synopsis (restoration assistance and fee disposition).

Compiled from official sources — confirm details with the bill’s official record.

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