Sec. 2-4.5. Exemptions.

194 words·~1 min read·/il/chapter-205/act-620/2-4-5

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

Sec. 2-4.5. Exemptions. For the purposes of this Act, a person does not engage in the trust business by:

(1)the rendering of fiduciary services by an attorney-at-law admitted to the practice of law in this State;

(2)rendering services as a certified or registered public accountant in the performance of duties as such;

(3)acting as a trustee or receiver in bankruptcy;

(4)engaging in the business of an escrow agent;

(5)receiving rents and proceeds of sale as a licensed real estate broker on behalf of the principal;

(6)acting as trustee under a deed of trust made only as security for the payment of money or for the performance of another act;

(7)acting in accordance with its authorized powers as a religious, charitable, educational, or other not-for-profit corporation or as a charitable trust or as an unincorporated religious organization;

(8)engaging in securities transactions as a dealer or salesman;

(9)acting as either a receiver under the supervision of a court or as an assignee for the benefit of creditors under the supervision of a court; or

(10)engaging in such other activities that the Commissioner may prescribe by rule.