As best I understand it, what you're describing is a gray area in IL law. Some years ago, it was somewhat popular to carry a semi-automatic handgun and a loaded but not inserted magazine both in a fanny pack. The issue was explained in some detail by another member here who happens to be an IL State Trooper (unfortunately, I can't remember his handle). As best I recall from his explanation, the issue was kind of left up to the discretion of individual departments or even individual officers. Apparently, the Attorney General at the time was asked to clarify but refused to do so out of fear that it might harm his political aspirations (I think the Atty General at the time was Jim Ryan but I could be mistaken).
I would think that what you're describing would probably be viewed differently depending on where in the state you are. If you're very close to Chicago, I wouldn't count on it being viewed too favorably.
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