Illinois General Assembly - Bill Status for SB1522
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 Bill Status of SB1522  101st General Assembly


Senate Sponsors
Sen. Rachelle Crowe

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

Statutes Amended In Order of Appearance
805 ILCS 180/10-10
805 ILCS 180/15-5

Synopsis As Introduced
Amends the Limited Liability Company Act. Deletes a provision that provides that all or specified members of a limited liability company are liable in their capacity as members for all or specified debts, obligations, or liabilities of the company if: (i) a provision to that effect is contained in the articles of organization and (ii) a member so liable has consented in writing to the adoption of the provision or to be bound by the provision. Provides that with respect to imposing liability upon a member because of a member's personal conduct, nothing in the Act shall be deemed to limit the effect of law other than the Act. Provides that a limited liability company's operating agreement may not restrict the duty to act fairly as described in the Act. Provides that the operating agreement may identify the standards by which the obligation to act fairly is measured.

DateChamber Action
  2/15/2019SenateFiled with Secretary by Sen. Don Harmon
  2/15/2019SenateFirst Reading
  2/15/2019SenateReferred to Assignments
  2/27/2019SenateAssigned to Judiciary
  3/5/2019SenateDo Pass Judiciary; 009-000-000
  3/5/2019SenatePlaced on Calendar Order of 2nd Reading
  4/9/2019SenateSecond Reading
  4/9/2019SenatePlaced on Calendar Order of 3rd Reading April 10, 2019
  4/12/2019SenateRule 3-9(a) / Re-referred to Assignments
  2/25/2020SenateChief Sponsor Changed to Sen. Rachelle Crowe
  1/13/2021SenateSession Sine Die

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