SB2508sam001 96TH GENERAL ASSEMBLY

Sen. Kyle McCarter

Filed: 3/12/2010

09600SB2508sam001 LRB096 14822 DRJ 38871 a

AMENDMENT TO SENATE BILL 2508

AMENDMENT NO. ______. Amend Senate Bill 2508 on page 1, after line 3, by inserting the following:

"Section 3. The Limited Liability Company Act is amended by changing Section 1-25 as follows:

(805 ILCS 180/1-25)

Sec. 1-25. Nature of business. A limited liability company may be formed for any lawful purpose or business except:

(1) (blank);

(2) insurance unless, for the purpose of carrying on business as a member of a group including incorporated and individual unincorporated underwriters, the Director of Insurance finds that the group meets the requirements of subsection (3) of Section 86 of the Illinois Insurance Code and the limited liability company, if insolvent, is subject to liquidation by the Director of Insurance under Article XIII of the Illinois Insurance Code;

(3) the practice of dentistry unless all the members and managers are licensed as dentists under the Illinois Dental Practice Act; or

(4) the practice of medicine unless all the managers, if any, are licensed to practice medicine under the Medical Practice Act of 1987 and each member is either:

(A) licensed to practice medicine under the Medical Practice Act of 1987; or

(B) a registered medical corporation or corporations organized pursuant to the Medical Corporation Act; or

(C) a professional corporation organized pursuant to the Professional Service Corporation Act of physicians licensed to practice under the Medical Practice Act of 1987; or

(D) a hospital affiliate as defined in Section 10.8 of the Hospital Licensing Act; or

(E) (D) a limited liability company that satisfies the requirements of subparagraph (A), (B), or (C), or (D).

(Source: P.A. 95-331, eff. 8-21-07; 95-738, eff. 1-1-09.)".