Illinois General Assembly - Bill Status for HB3053
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 Bill Status of HB3053  103rd General Assembly

Short Description:  CORPORATE ACCOUNTABILITY

House Sponsors
Rep. Robert S. Molaro - Kevin Joyce - Jack D. Franks - Mike Boland - John A. Fritchey, Elaine Nekritz, Eileen Lyons and Larry McKeon

Senate Sponsors
(Sen. Patrick Welch, Larry K. Bomke, Pamela J. Althoff, Richard J. Winkel, Jr., Dale E. Risinger and Mattie Hunter)

Last Action
DateChamber Action
  8/8/2003HousePublic Act . . . . . . . . . 93-0496

Statutes Amended In Order of Appearance
15 ILCS 520/22.6 new
30 ILCS 105/5.595 new
30 ILCS 235/2.6 new
40 ILCS 5/1-109.3 new
720 ILCS 5/17-26 new
720 ILCS 5/17-27 new
720 ILCS 5/29A-3from Ch. 38, par. 29A-3
720 ILCS 5/29A-4 new


Synopsis As Introduced
Amends the Deposit of State Moneys Act, the Public Funds Investment Act, and the Illinois Pension Code to prohibit investment in corporations formerly incorporated in the United States that have incorporated in a foreign country to avoid taxes. Amends the Criminal Code of 1961 to establish penalties for misconduct by a corporate official and fraud in insolvency and to create the Corporate Crime Fund, a special fund in the State treasury, to be used to provide restitution to victims of commercial bribery. Increases the penalties for commercial bribery.

 Pension Note (Pension Laws Commission)
 HB 3053 may have a fiscal impact, depending on investment returns.

House Committee Amendment No. 1
Deletes reference to:
15 ILCS 520/22.6 new
30 ILCS 235/2.6 new
40 ILCS 5/1-109.3 new

Replaces everything after the enacting clause. Deletes proposed changes to the Deposit of State Moneys Act, the Public Funds Investment Act, and the Illinois Pension Code. Provides that Misconduct by a corporate official and fraud in insolvency shall be punished as a Class 2 felony if the benefit derived is $500,000 or more and as a Class 3 felony if the benefit derived is less than $500,000. Provides that the Corporate Crime Fund may be used for restitution to victims of misconduct by a corporate official and fraud in insolvency.

Actions 
DateChamber Action
  2/26/2003HouseFiled with the Clerk by Rep. Robert S. Molaro
  2/26/2003HouseFirst Reading
  2/26/2003HouseReferred to Rules Committee
  2/27/2003HouseAssigned to Commerce and Business Development Committee
  3/11/2003HousePension Note Filed
  3/13/2003HouseHouse Committee Amendment No. 1 Filed with Clerk by Commerce and Business Development Committee
  3/13/2003HouseHouse Committee Amendment No. 1 Adopted in Commerce and Business Development Committee; by Voice Vote
  3/13/2003HouseDo Pass as Amended / Short Debate Commerce and Business Development Committee; 018-000-000
  3/13/2003HousePlaced on Calendar 2nd Reading - Short Debate
  3/18/2003HouseSecond Reading - Short Debate
  3/18/2003HousePlaced on Calendar Order of 3rd Reading - Short Debate
  3/19/2003HouseAdded Chief Co-Sponsor Rep. Kevin Joyce
  3/19/2003HouseAdded Chief Co-Sponsor Rep. Jack D. Franks
  3/19/2003HouseAdded Chief Co-Sponsor Rep. Mike Boland
  3/19/2003HouseAdded Chief Co-Sponsor Rep. John A. Fritchey
  3/19/2003HouseAdded Co-Sponsor Rep. Elaine Nekritz
  3/19/2003HouseAdded Co-Sponsor Rep. Eileen Lyons
  3/19/2003HouseAdded Co-Sponsor Rep. Larry McKeon
  3/19/2003HouseThird Reading - Short Debate - Passed 110-000-003
  3/19/2003HouseMotion to Reconsider Vote - Prevails 112-001-000
  3/19/2003HousePlaced on Calendar Order of 3rd Reading - Short Debate
  3/19/2003HouseThird Reading - Short Debate - Passed 113-000-000
  3/20/2003SenateArrive in Senate
  3/20/2003SenatePlaced on Calendar Order of First Reading March 21, 2003
  3/24/2003SenateChief Senate Sponsor Sen. Patrick Welch
  3/26/2003SenateFirst Reading
  3/26/2003SenateReferred to Rules
  4/3/2003SenateAssigned to Judiciary
  4/16/2003SenateDo Pass Judiciary; 010-000-000
  4/16/2003SenatePlaced on Calendar Order of 2nd Reading April 29, 2003
  4/30/2003SenateSecond Reading
  4/30/2003SenatePlaced on Calendar Order of 3rd Reading May 1, 2003
  5/1/2003SenateAdded as Alternate Co-Sponsor Sen. Larry K. Bomke
  5/5/2003SenateAdded as Alternate Co-Sponsor Sen. Pamela J. Althoff
  5/6/2003SenateAdded as Alternate Co-Sponsor Sen. Richard J. Winkel, Jr.
  5/6/2003SenateAdded as Alternate Co-Sponsor Sen. Dale E. Risinger
  5/15/2003SenateAdded as Alternate Co-Sponsor Sen. Mattie Hunter
  5/15/2003SenateThird Reading - Passed; 056-000-000
  5/15/2003HousePassed Both Houses
  6/13/2003HouseSent to the Governor
  8/8/2003HouseGovernor Approved
  8/8/2003HouseEffective Date January 1, 2004
  8/8/2003HousePublic Act . . . . . . . . . 93-0496

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