Sen. Kyle McCarter

Filed: 3/12/2010

 

 


 

 


 
09600SB2508sam001 LRB096 14822 DRJ 38871 a

1
AMENDMENT TO SENATE BILL 2508

2     AMENDMENT NO. ______. Amend Senate Bill 2508 on page 1,
3 after line 3, by inserting the following:
 
4     "Section 3. The Limited Liability Company Act is amended by
5 changing Section 1-25 as follows:
 
6     (805 ILCS 180/1-25)
7     Sec. 1-25. Nature of business. A limited liability company
8 may be formed for any lawful purpose or business except:
9         (1) (blank);
10         (2) insurance unless, for the purpose of carrying on
11     business as a member of a group including incorporated and
12     individual unincorporated underwriters, the Director of
13     Insurance finds that the group meets the requirements of
14     subsection (3) of Section 86 of the Illinois Insurance Code
15     and the limited liability company, if insolvent, is subject
16     to liquidation by the Director of Insurance under Article

 

 

09600SB2508sam001 - 2 - LRB096 14822 DRJ 38871 a

1     XIII of the Illinois Insurance Code;
2         (3) the practice of dentistry unless all the members
3     and managers are licensed as dentists under the Illinois
4     Dental Practice Act; or
5         (4) the practice of medicine unless all the managers,
6     if any, are licensed to practice medicine under the Medical
7     Practice Act of 1987 and each member is either:
8             (A) licensed to practice medicine under the
9         Medical Practice Act of 1987; or
10             (B) a registered medical corporation or
11         corporations organized pursuant to the Medical
12         Corporation Act; or
13             (C) a professional corporation organized pursuant
14         to the Professional Service Corporation Act of
15         physicians licensed to practice under the Medical
16         Practice Act of 1987; or
17             (D) a hospital affiliate as defined in Section 10.8
18         of the Hospital Licensing Act; or
19             (E) (D) a limited liability company that satisfies
20         the requirements of subparagraph (A), (B), or (C), or
21         (D).
22 (Source: P.A. 95-331, eff. 8-21-07; 95-738, eff. 1-1-09.)".