Rep. Linda Chapa LaVia
Filed: 3/25/2013
 
 

 

 

 
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1
AMENDMENT TO HOUSE BILL 274




2    AMENDMENT NO. ______. Amend House Bill 274 by replacing 
3everything after the enacting clause with the following:

 
4    "Section 5. The Business Enterprise for Minorities, 
5Females, and Persons with
Disabilities Act is amended  by adding 
6Section 5.5 as follows:
 
7    (30 ILCS 575/5.5 new)
8    Sec. 5.5. Inclusion of silent investors. Notwithstanding 
9any other provision of law, the Council must include the equity 
10ownership of silent investors in the calculation of majority 
11ownership and when calculating control of a company for the 
12purposes of determining whether businesses are legitimately


13classified as businesses owned by minorities, females, or 
14persons with disabilities.  As used in this Section, "silent 
15investor" includes a shareholder of a corporation, a limited 
16partner in a limited partnership, a member of a limited 
 
 
09800HB0274ham001- 2 -LRB098 03154 HLH 43305 a

1liability company, or any other form of equity ownership 
2without regard to the form of business organization used by the 
3business, if any.
 

4    Section 99. Effective date. This Act takes effect upon 
5becoming law.".