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HB4273 - 104th General Assembly
CORPORATE OPPORTUNITIES
Last Action
House Sponsors
Rep. Thaddeus JonesSenate Sponsors
(Sen. Michael E. Hastings - Mike Porfirio - Doris Turner - Cristina Castro - Meg Loughran Cappel, Rachel Ventura and Sara Feigenholtz)Statutes Amended In Order of Appearance
805 ILCS 5/8.61 new
Synopsis As Introduced
Amends the Business Corporation Act of 1983. Provides that, subject to any contrary provision in the articles of incorporation of a corporation, a director, officer, key employee, or other fiduciary of the corporation shall not take advantage of a corporate opportunity unless the person first tenders the opportunity to the corporation and the corporation rejects the opportunity. Provides that, if the rejection is by a disinterested board of directors or by disinterested shareholder action, the director, officer, key employee, or other fiduciary of the corporation may then take advantage of the opportunity. Effective immediately.
Senate Floor Amendment No. 1
Deletes reference to:
805 ILCS 5/8.61 new
Adds reference to:
215 ILCS 5/Art. XLVIII heading new
215 ILCS 5/1801 new
215 ILCS 5/1802 new
215 ILCS 5/1803 new
215 ILCS 5/1804 new
215 ILCS 5/1805 new
Replaces everything after the enacting clause. Amends the Illinois Insurance Code. In provisions regarding the notice of intention not to renew a policy of insurance, provides that no company may impose renewal premium increases of more than 10% for policies of fire and extended coverage insurance that are subject to certain cancellation requirements, unless the company mails or delivers by electronic means to the named insured notice of the increase in renewal premium at least 60 days before the policy renewal or anniversary date. Creates the Rates for Fire and Extended Coverage Insurance Article. Contains provisions concerning the purpose and applicability of the Article. Prohibits rates from being excessive, inadequate, or unfairly discriminatory, as specified. Sets forth provisions concerning determinations and notice from the Department of Insurance and hearings on the notice. Provides that credible State-specific loss experience shall be used in the development of rates whenever that data is available and statistically reliable. Authorizes insurers, in order to meet actuarial standards of credibility, to supplement State-specific loss experience with countrywide, regional, or out-of-state loss experience. Effective July 1, 2027.
Actions
| Date | Chamber | Action |
|---|---|---|
| 1/05/2026 | House | Filed with the Clerk by Rep. Daniel Didech |
| 1/14/2026 | House | First Reading |
| 1/14/2026 | House | Referred to Rules Committee |
| 2/11/2026 | House | Assigned to Judiciary - Civil Committee |
| 3/19/2026 | House | Do Pass / Short Debate Judiciary - Civil Committee; 013-007-000 |
| 3/19/2026 | House | Placed on Calendar 2nd Reading - Short Debate |
| 4/10/2026 | House | Second Reading - Short Debate |
| 4/10/2026 | House | Held on Calendar Order of Second Reading - Short Debate |
| 4/14/2026 | House | Placed on Calendar Order of 3rd Reading - Short Debate |
| 4/14/2026 | House | Chair Rules Standard Debate |
| 4/14/2026 | House | Placed on Calendar Order of 3rd Reading - Standard Debate |
| 4/14/2026 | House | Third Reading - Standard Debate - Passed |
| 4/15/2026 | Senate | Arrive in Senate |
| 4/15/2026 | Senate | Placed on Calendar Order of First Reading |
| 4/15/2026 | Senate | Chief Senate Sponsor Sen. Michael E. Hastings |
| 4/15/2026 | Senate | First Reading |
| 4/15/2026 | Senate | Referred to Assignments |
| 4/28/2026 | Senate | Assigned to Judiciary |
| 5/06/2026 | Senate | Do Pass Judiciary; 009-000-000 |
| 5/06/2026 | Senate | Placed on Calendar Order of 2nd Reading May 7, 2026 |
| 5/11/2026 | Senate | Senate Floor Amendment No. 1 Filed with Secretary by Sen. Michael E. Hastings |
| 5/11/2026 | Senate | Senate Floor Amendment No. 1 Referred to Assignments |
| 5/12/2026 | Senate | Senate Floor Amendment No. 1 Assignments Refers to Insurance |
| 5/12/2026 | Senate | Second Reading |
| 5/12/2026 | Senate | Placed on Calendar Order of 3rd Reading May 13, 2026 |
| 5/12/2026 | Senate | Added as Alternate Chief Co-Sponsor Sen. Mike Porfirio |
| 5/13/2026 | Senate | Senate Floor Amendment No. 1 Recommend Do Adopt Insurance; 009-003-000 |
| 5/13/2026 | Senate | Recalled to Second Reading |
| 5/13/2026 | Senate | Senate Floor Amendment No. 1 Adopted; Hastings |
| 5/13/2026 | Senate | Placed on Calendar Order of 3rd Reading |
| 5/13/2026 | Senate | Third Reading - Passed; 043-014-001 |
| 5/13/2026 | House | Arrived in House |
| 5/13/2026 | House | Placed on Calendar Order of Concurrence Senate Amendment(s) 1 |
| 5/13/2026 | Senate | Added as Alternate Chief Co-Sponsor Sen. Doris Turner |
| 5/13/2026 | Senate | Added as Alternate Chief Co-Sponsor Sen. Cristina Castro |
| 5/14/2026 | Senate | Added as Alternate Chief Co-Sponsor Sen. Meg Loughran Cappel |
| 5/14/2026 | Senate | Added as Alternate Co-Sponsor Sen. Rachel Ventura |
| 5/14/2026 | Senate | Added as Alternate Co-Sponsor Sen. Sara Feigenholtz |
| 5/14/2026 | House | Chief Sponsor Changed to Rep. Thaddeus Jones |