Fabio
5.5 KiB
type, title, description, jurisdiction, legislature, session, identifier, citation, classification, subjects, status, primary_sponsors, version_count, action_count, vote_count, first_action, last_action, source, source_identifier, source_url, source_hash, vintage, source_snapshot, retrieved_at, confidence, tags
| type | title | description | jurisdiction | legislature | session | identifier | citation | classification | subjects | status | primary_sponsors | version_count | action_count | vote_count | first_action | last_action | source | source_identifier | source_url | source_hash | vintage | source_snapshot | retrieved_at | confidence | tags | ||||||
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| Bill | LLC ACT-FIDUCIARY DUTIES | Amends the Limited Liability Company Act. Provides that the statutory fiduciary duties a member owes to a member-managed company and its other members do not limit any fiduciary duties owed at common law. Removes a provision requiring a member to discharge his or her duties to a member-managed company and its other members under the Act or under the operating agreement and to exercise any rights consistent with the obligation of good faith and fair dealing. Instead provides that the implied contractual covenant of good faith and fair dealing applies to the operating agreement and members of a member-managed company in the same manner and to the same extent that it applies at law to other contracts and parties to the contracts. Makes changes concerning the extent to which an operating agreement of a limited liability company may restrict or eliminate a fiduciary duty owed at common law or under the Act. Makes other changes. | us/states/il | Illinois General Assembly | 102nd | SB 1795 | Illinois SB 1795 (102nd) |
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enacted |
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3 | 28 | 2 | 2021-02-26 | 2021-07-30 | openstates | ocd-bill/e5b45131-621f-44e7-b696-f2b02292ce1e | https://ilga.gov/legislation/BillStatus.asp?DocNum=1795&GAID=16&DocTypeID=SB&LegId=134448&SessionID=110&GA=102 | fde2749bf6f2f0d14d2302795c1b339c1cf895433cd13815fb0fe68b3ebcc58b | 2026-07-01 | https://data.openstates.org/daily/2026-07-01/public.pgdump | 2026-07-06 | reported |
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Illinois SB 1795 (102nd) — LLC ACT-FIDUCIARY DUTIES
Amends the Limited Liability Company Act. Provides that the statutory fiduciary duties a member owes to a member-managed company and its other members do not limit any fiduciary duties owed at common law. Removes a provision requiring a member to discharge his or her duties to a member-managed company and its other members under the Act or under the operating agreement and to exercise any rights consistent with the obligation of good faith and fair dealing. Instead provides that the implied contractual covenant of good faith and fair dealing applies to the operating agreement and members of a member-managed company in the same manner and to the same extent that it applies at law to other contracts and parties to the contracts. Makes changes concerning the extent to which an operating agreement of a limited liability company may restrict or eliminate a fiduciary duty owed at common law or under the Act. Makes other changes.
Version chain
The bill's text revisions, in order — the diff chain from filing to enrollment.
Votes
- Third Reading — 58–0 (pass) · upper
- Third Reading — 111–0 (pass) · lower
Sponsors
- Daniel Didech — primary (person)
- Robert F. Martwick — primary (person)
Timeline
The legislative action history — every referral, reading, and vote.
- 2021-02-26 Filed with Secretary by Sen. Robert F. Martwick
filing - 2021-02-26 First Reading
reading-1 - 2021-02-26 Referred to Assignments
referral-committee - 2021-03-09 Assigned to Judiciary
referral-committee - 2021-03-16 To Judiciary- Business Entities
- 2021-04-13 Reported Back To Judiciary; 002-000-000
- 2021-04-14 Do Pass Judiciary; 008-000-000
committee-passage - 2021-04-14 Placed on Calendar Order of 2nd Reading April 15, 2021
- 2021-04-20 Second Reading
reading-2 - 2021-04-20 Placed on Calendar Order of 3rd Reading April 21, 2021
- 2021-04-22 Third Reading - Passed; 058-000-000
passage, reading-3 - 2021-04-22 Arrived in House
introduction - 2021-04-22 Chief House Sponsor Rep. Daniel Didech
- 2021-04-23 First Reading
reading-1 - 2021-04-23 Referred to Rules Committee
referral-committee - 2021-05-04 Assigned to Judiciary - Civil Committee
referral-committee - 2021-05-12 Do Pass / Consent Calendar Judiciary - Civil Committee; 015-000-000
committee-passage - 2021-05-12 Placed on Calendar 2nd Reading - Consent Calendar
- 2021-05-13 Second Reading - Consent Calendar
reading-2 - 2021-05-13 Held on Calendar Order of Second Reading - Consent Calendar
reading-2 - 2021-05-14 Placed on Calendar Order of 3rd Reading - Consent Calendar
- 2021-05-21 Third Reading - Consent Calendar - First Day
reading-3 - 2021-05-26 Third Reading - Consent Calendar - Passed 111-000-001
passage, reading-3 - 2021-05-26 Passed Both Houses
- 2021-06-24 Sent to the Governor
executive-receipt - 2021-07-30 Governor Approved
executive-signature - 2021-07-30 Effective Date January 1, 2022
- 2021-07-30 Public Act . . . . . . . . . 102-0230
became-law
Source
OpenStates / OpenCivicData bulk snapshot 2026-07-01; origin ocd-bill/e5b45131-621f-44e7-b696-f2b02292ce1e. Confidence: reported (aggregated from official Illinois legislature records).