Illinois Senate Bill 1795 (Prior Session Legislation)

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Completed Legislative Action
Spectrum: Partisan Bill (Democrat 2-0)
Status: Passed on July 30 2021 - 100% progression
Action: 2021-07-30 - Public Act . . . . . . . . . 102-0230
Text: Latest bill text (Chaptered) [HTML]

Amends the Limited Liability Company Act. Provides that the statutory fiduciary duties a member owes to a member-managed company and its other members do not limit any fiduciary duties owed at common law. Removes a provision requiring a member to discharge his or her duties to a member-managed company and its other members under the Act or under the operating agreement and to exercise any rights consistent with the obligation of good faith and fair dealing. Instead provides that the implied contractual covenant of good faith and fair dealing applies to the operating agreement and members of a member-managed company in the same manner and to the same extent that it applies at law to other contracts and parties to the contracts. Makes changes concerning the extent to which an operating agreement of a limited liability company may restrict or eliminate a fiduciary duty owed at common law or under the Act. Makes other changes.

LLC ACT-FIDUCIARY DUTIES

Sen. Robert Martwick [D]

Rep. Daniel Didech [D]

2021-05-26 - House - Third Reading in House (Y: 111 N: 0 NV: 1 Abs: 2) [PASS]
2021-04-22 - Senate - Third Reading in Senate (Y: 58 N: 0 NV: 1 Abs: 0) [PASS]

Date	Chamber	Action
2021-07-30	Senate	Public Act . . . . . . . . . 102-0230
2021-07-30	Senate	Effective Date January 1, 2022
2021-07-30	Senate	Governor Approved
2021-06-24	Senate	Sent to the Governor
2021-05-26	Senate	Passed Both Houses
2021-05-26	House	Third Reading - Consent Calendar - Passed 111-000-001
2021-05-21	House	Third Reading - Consent Calendar - First Day
2021-05-14	House	Placed on Calendar Order of 3rd Reading - Consent Calendar
2021-05-13	House	Held on Calendar Order of Second Reading - Consent Calendar
2021-05-13	House	Second Reading - Consent Calendar
2021-05-12	House	Placed on Calendar 2nd Reading - Consent Calendar
2021-05-12	House	Do Pass / Consent Calendar Judiciary - Civil Committee; 015-000-000
2021-05-04	House	Assigned to Judiciary - Civil Committee
2021-04-23	House	Referred to Rules Committee
2021-04-23	House	First Reading
2021-04-22	House	Chief House Sponsor Rep. Daniel Didech
2021-04-22	House	Arrived in House
2021-04-22	Senate	Third Reading - Passed; 058-000-000
2021-04-20	Senate	Placed on Calendar Order of 3rd Reading April 21, 2021
2021-04-20	Senate	Second Reading
2021-04-14	Senate	Placed on Calendar Order of 2nd Reading April 15, 2021
2021-04-14	Senate	Do Pass Judiciary; 008-000-000
2021-04-13	Senate	Reported Back To Judiciary; 002-000-000
2021-03-16	Senate	To Judiciary- Business Entities
2021-03-09	Senate	Assigned to Judiciary
2021-02-26	Senate	Referred to Assignments
2021-02-26	Senate	First Reading
2021-02-26	Senate	Filed with Secretary by Sen. Robert F. Martwick

Chapter	Article	Section	Citation Type	Statute Text
805	180	15-3	Amended Code	Citation Text
805	180	15-5	Amended Code	Citation Text

Type	Source
Summary	https://www.ilga.gov/legislation/BillStatus.asp?DocNum=1795&GAID=16&DocTypeID=SB&SessionID=110&GA=102
Text	https://www.ilga.gov/legislation/102/SB/10200SB1795.htm
Text	https://www.ilga.gov/legislation/102/SB/10200SB1795eng.htm
Text	https://www.ilga.gov/legislation/102/SB/10200SB1795enr.htm
Text	https://www.ilga.gov/legislation/publicacts/102/102-0230.htm
Roll Call	https://www.ilga.gov/legislation/votehistory/102/senate/10200SB1795_04222021_056000T.pdf
Roll Call	https://www.ilga.gov/legislation/votehistory/102/house/10200SB1795_05262021_006052T.pdf