HB0274ham001 98TH GENERAL ASSEMBLY

Rep. Linda Chapa LaVia

Filed: 3/25/2013

09800HB0274ham001 LRB098 03154 HLH 43305 a

AMENDMENT TO HOUSE BILL 274

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

"Section 5. The Business Enterprise for Minorities, Females, and Persons with Disabilities Act is amended by adding Section 5.5 as follows:

(30 ILCS 575/5.5 new)

Sec. 5.5. Inclusion of silent investors. Notwithstanding any other provision of law, the Council must include the equity ownership of silent investors in the calculation of majority ownership and when calculating control of a company for the purposes of determining whether businesses are legitimately classified as businesses owned by minorities, females, or persons with disabilities. As used in this Section, "silent investor" includes a shareholder of a corporation, a limited partner in a limited partnership, a member of a limited liability company, or any other form of equity ownership without regard to the form of business organization used by the business, if any.

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