Illinois Senate Bill 1671 (Prior Session Legislation)

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Completed Legislative Action
Spectrum: Partisan Bill (Democrat 3-0)
Status: Failed on January 13 2021 - 100% progression
Action: 2021-01-13 - Session Sine Die
Text: Latest bill text (Engrossed) [HTML]

Reinserts the provisions of the introduced bill with the following changes. Provides that "emerging investment manager" means a qualified investment adviser that manages an investment portfolio of at least $10,000,000 but less than $20,000,000,000 (instead of $10,000,000,000) at the time of the initial contract with the retirement system, pension fund, or investment board and is a minority-owned business, women-owned business, or business owned by a person with a disability. Defines "qualified manager of emerging investment managers services". In a provision requiring a competitive process for awarding investment contracts, adds an exclusion for contracts for investment services with an emerging investment manager provided through a qualified manager of emerging investment managers services. In a provision requiring contracts for investment services to include certain disclosures regarding subcontractors, excludes from the definition of "subcontractor" qualified managers of emerging investment managers services. Provides that based upon a written recommendation from an investment adviser providing qualified manager of emerging investment managers services for the selection or appointment of an emerging investment manager that has been providing investment services in the multimanager portfolio for at least 24 months, the board of a retirement system, pension fund, or investment board may select or appoint such emerging investment manager based upon such recommendation. Requires a qualified manager of emerging investment managers services to comply with specified requirements concerning written contracts.

PENCD-EMRGING INVSTMNT MANAGER

Sen. Don Harmon [D]

Rep. Gregory Harris [D]

Sen. Karina Villa [D]

2019-04-10 - Senate - Third Reading in Senate (Y: 57 N: 0 NV: 2 Abs: 0) [PASS]

Date	Chamber	Action
2021-01-13	Senate	Session Sine Die
2020-12-01	Senate	Chief Sponsor Changed to Sen. Don Harmon
2019-11-28	House	Rule 19(a) / Re-referred to Rules Committee
2019-10-30	House	Added Alternate Co-Sponsor Rep. Karina Villa
2019-10-21	House	Final Action Deadline Extended-9(b) November 27, 2019
2019-10-21	House	Placed on Calendar 2nd Reading - Short Debate
2019-10-21	House	Approved for Consideration Rules Committee; 004-000-000
2019-10-21	House	Alternate Chief Sponsor Changed to Rep. Gregory Harris
2019-06-28	House	Rule 19(a) / Re-referred to Rules Committee
2019-05-31	House	Final Action Deadline Extended-9(b) June 30, 2019
2019-05-24	House	Final Action Deadline Extended-9(b) May 31, 2019
2019-05-22	House	Held on Calendar Order of Second Reading - Short Debate
2019-05-22	House	Second Reading - Short Debate
2019-05-09	House	Placed on Calendar 2nd Reading - Short Debate
2019-05-09	House	Do Pass / Short Debate Personnel & Pensions Committee; 010-000-000
2019-04-30	House	Assigned to Personnel & Pensions Committee
2019-04-11	House	Referred to Rules Committee
2019-04-11	House	First Reading
2019-04-11	House	Chief House Sponsor Rep. Robert Martwick
2019-04-11	House	Arrived in House
2019-04-10	Senate	Third Reading - Passed; 057-000-000
2019-04-10	Senate	Placed on Calendar Order of 3rd Reading
2019-04-10	Senate	Senate Floor Amendment No. 1 Adopted; Martinez
2019-04-10	Senate	Recalled to Second Reading
2019-04-10	Senate	Senate Floor Amendment No. 1 Recommend Do Adopt Government Accountability and Ethics; 007-000-000
2019-04-09	Senate	Placed on Calendar Order of 3rd Reading April 10, 2019
2019-04-09	Senate	Second Reading
2019-04-09	Senate	Senate Floor Amendment No. 1 Assignments Refers to Government Accountability and Ethics
2019-04-05	Senate	Senate Floor Amendment No. 1 Referred to Assignments
2019-04-05	Senate	Senate Floor Amendment No. 1 Filed with Secretary by Sen. Iris Y. Martinez
2019-03-20	Senate	Placed on Calendar Order of 2nd Reading March 21, 2019
2019-03-20	Senate	Do Pass Government Accountability and Ethics; 006-000-000
2019-02-27	Senate	Assigned to Government Accountability and Ethics
2019-02-15	Senate	Referred to Assignments
2019-02-15	Senate	First Reading
2019-02-15	Senate	Filed with Secretary by Sen. Iris Y. Martinez

Chapter	Article	Section	Citation Type	Statute Text
40	5	1-109.1	Amended Code	Citation Text
40	5	1-113.14	Amended Code	Citation Text

Type	Source
Summary	https://www.ilga.gov/legislation/BillStatus.asp?DocNum=1671&GAID=15&DocTypeID=SB&SessionID=108&GA=101
Text	https://www.ilga.gov/legislation/101/SB/10100SB1671.htm
Text	https://www.ilga.gov/legislation/101/SB/10100SB1671eng.htm
Amendment	https://www.ilga.gov/legislation/101/SB/10100SB1671sam001.htm
Roll Call	https://www.ilga.gov/legislation/votehistory/101/senate/10100SB1671_04102019_058000T.pdf