Illinois General Assembly - Bill Status for SB1795
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 Bill Status of SB1795  102nd General Assembly


Short Description:  LLC ACT-FIDUCIARY DUTIES

Senate Sponsors
Sen. Robert F. Martwick

House Sponsors
(Rep. Daniel Didech)

Last Action
DateChamber Action
  7/30/2021SenatePublic 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 
DateChamber Action
  2/26/2021SenateFiled with Secretary by Sen. Robert F. Martwick
  2/26/2021SenateFirst Reading
  2/26/2021SenateReferred to Assignments
  3/9/2021SenateAssigned to Judiciary
  3/16/2021SenateTo Judiciary- Business Entities
  4/13/2021SenateReported Back To Judiciary; 002-000-000
  4/14/2021SenateDo Pass Judiciary; 008-000-000
  4/14/2021SenatePlaced on Calendar Order of 2nd Reading April 15, 2021
  4/20/2021SenateSecond Reading
  4/20/2021SenatePlaced on Calendar Order of 3rd Reading April 21, 2021
  4/22/2021SenateThird Reading - Passed; 058-000-000
  4/22/2021HouseArrived in House
  4/22/2021HouseChief House Sponsor Rep. Daniel Didech
  4/23/2021HouseFirst Reading
  4/23/2021HouseReferred to Rules Committee
  5/4/2021HouseAssigned to Judiciary - Civil Committee
  5/12/2021HouseDo Pass / Consent Calendar Judiciary - Civil Committee; 015-000-000
  5/12/2021HousePlaced on Calendar 2nd Reading - Consent Calendar
  5/13/2021HouseSecond Reading - Consent Calendar
  5/13/2021HouseHeld on Calendar Order of Second Reading - Consent Calendar
  5/14/2021HousePlaced on Calendar Order of 3rd Reading - Consent Calendar
  5/21/2021HouseThird Reading - Consent Calendar - First Day
  5/26/2021HouseThird Reading - Consent Calendar - Passed 111-000-001
  5/26/2021SenatePassed Both Houses
  6/24/2021SenateSent to the Governor
  7/30/2021SenateGovernor Approved
  7/30/2021SenateEffective Date January 1, 2022
  7/30/2021SenatePublic Act . . . . . . . . . 102-0230

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