HB5326 102ND GENERAL ASSEMBLY

LRB102 24892 SPS 34142 b

102ND GENERAL ASSEMBLY
State of Illinois
2021 and 2022
HB5326

Introduced 1/31/2022, by Rep. Camille Y. Lilly

SYNOPSIS AS INTRODUCED:

805 ILCS 5/14.40 new

Amends the Business Corporation Act of 1983. Provides that as soon as practical after the effective date of this amendatory Act, but no later than January 1, 2023, a corporation that has contracts with the State shall include as part of its annual report submitted to the Secretary of State under this Act a list of its suppliers and a description of the corporation's process for identifying and evaluating suppliers, including whether and, if so, how demographic diversity is considered. Effective immediately.

A BILL FOR

AN ACT concerning business.

Be it enacted by the People of the State of Illinois, represented in the General Assembly:

Section 5. The Business Corporation Act of 1983 is amended by adding Section 14.40 as follows:

(805 ILCS 5/14.40 new)

Sec. 14.40. State contractors reporting. As soon as practical after the effective date of this amendatory Act of the 102nd General Assembly, but no later than January 1, 2023, a corporation that has contracts with this State shall include as part of its annual report submitted to the Secretary of State under this Act a list of its suppliers and a description of the corporation's process for identifying and evaluating suppliers, including whether and, if so, how demographic diversity is considered.

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