Date	Chamber	Action
7/30/2021	Senate	Public Act . . . . . . . . . 102-0230

Statutes Amended In Order of Appearance

805 ILCS 180/15-3

805 ILCS 180/15-5

Synopsis As Introduced
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.

Actions 

Date	Chamber	Action
2/26/2021	Senate	Filed with Secretary by Sen. Robert F. Martwick
2/26/2021	Senate	First Reading
2/26/2021	Senate	Referred to Assignments
3/9/2021	Senate	Assigned to Judiciary
3/16/2021	Senate	To Judiciary- Business Entities
4/13/2021	Senate	Reported Back To Judiciary; 002-000-000
4/14/2021	Senate	Do Pass Judiciary; 008-000-000
4/14/2021	Senate	Placed on Calendar Order of 2nd Reading April 15, 2021
4/20/2021	Senate	Second Reading
4/20/2021	Senate	Placed on Calendar Order of 3rd Reading April 21, 2021
4/22/2021	Senate	Third Reading - Passed; 058-000-000
4/22/2021	House	Arrived in House
4/22/2021	House	Chief House Sponsor Rep. Daniel Didech
4/23/2021	House	First Reading
4/23/2021	House	Referred to Rules Committee
5/4/2021	House	Assigned to Judiciary - Civil Committee
5/12/2021	House	Do Pass / Consent Calendar Judiciary - Civil Committee; 015-000-000
5/12/2021	House	Placed on Calendar 2nd Reading - Consent Calendar
5/13/2021	House	Second Reading - Consent Calendar
5/13/2021	House	Held on Calendar Order of Second Reading - Consent Calendar
5/14/2021	House	Placed on Calendar Order of 3rd Reading - Consent Calendar
5/21/2021	House	Third Reading - Consent Calendar - First Day
5/26/2021	House	Third Reading - Consent Calendar - Passed 111-000-001
5/26/2021	Senate	Passed Both Houses
6/24/2021	Senate	Sent to the Governor
7/30/2021	Senate	Governor Approved
7/30/2021	Senate	Effective Date January 1, 2022
7/30/2021	Senate	Public Act . . . . . . . . . 102-0230

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