Illinois General Assembly - Bill Status for SB3005
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 Bill Status of SB3005  102nd General Assembly


Short Description:  U OF I-INTELLECTUAL PROPERTY

Senate Sponsors
Sen. Chapin Rose

Last Action
DateChamber Action
  1/13/2021SenateSession Sine Die

Statutes Amended In Order of Appearance
110 ILCS 305/120 new


Synopsis As Introduced
Amends the University of Illinois Act. Provides that notwithstanding any other provisions of law, the University may form one or more limited liability companies to own any current or future intellectual property attributable to the University pursuant to the Limited Liability Company Act. Requires the University to maintain a 51% ownership interest in any limited liability company formed. Allows the intellectual property to be held as a tenancy in common with all entities that hold an ownership interest in the company. Requires the payment of distributions.

Actions 
DateChamber Action
  2/5/2020SenateFiled with Secretary by Sen. Chapin Rose
  2/5/2020SenateFirst Reading
  2/5/2020SenateReferred to Assignments
  1/13/2021SenateSession Sine Die

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