Illinois Senate Bill 1522 (Prior Session Legislation)

---

Completed Legislative Action
Spectrum: Partisan Bill (Democrat 1-0)
Status: Failed on January 13 2021 - 100% progression
Action: 2021-01-13 - Session Sine Die
Text: Latest bill text (Introduced) [HTML]

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.

LLC-MEMBER LIABILITY & DUTIES

Sen. Rachelle Crowe [D]

Date	Chamber	Action
2021-01-13	Senate	Session Sine Die
2020-02-25	Senate	Chief Sponsor Changed to Sen. Rachelle Crowe
2019-04-12	Senate	Rule 3-9(a) / Re-referred to Assignments
2019-04-09	Senate	Placed on Calendar Order of 3rd Reading April 10, 2019
2019-04-09	Senate	Second Reading
2019-03-05	Senate	Placed on Calendar Order of 2nd Reading
2019-03-05	Senate	Do Pass Judiciary; 009-000-000
2019-02-27	Senate	Assigned to Judiciary
2019-02-15	Senate	Referred to Assignments
2019-02-15	Senate	First Reading
2019-02-15	Senate	Filed with Secretary by Sen. Don Harmon

Chapter	Article	Section	Citation Type	Statute Text
805	180	10-10	Amended Code	Citation Text
805	180	15-5	Amended Code	Citation Text

Type	Source
Summary	https://www.ilga.gov/legislation/BillStatus.asp?DocNum=1522&GAID=15&DocTypeID=SB&SessionID=108&GA=101
Text	https://www.ilga.gov/legislation/101/SB/10100SB1522.htm