Fabio
89 lines
5.5 KiB
Markdown
89 lines
5.5 KiB
Markdown
---
|
||
type: "Bill"
|
||
title: "LLC ACT-FIDUCIARY DUTIES"
|
||
description: "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."
|
||
jurisdiction: "us/states/il"
|
||
legislature: "Illinois General Assembly"
|
||
session: "102nd"
|
||
identifier: "SB 1795"
|
||
citation: "Illinois SB 1795 (102nd)"
|
||
classification: ["bill"]
|
||
subjects: []
|
||
status: "enacted"
|
||
primary_sponsors: ["Daniel Didech", "Robert F. Martwick"]
|
||
version_count: 3
|
||
action_count: 28
|
||
vote_count: 2
|
||
first_action: "2021-02-26"
|
||
last_action: "2021-07-30"
|
||
source: "openstates"
|
||
source_identifier: "ocd-bill/e5b45131-621f-44e7-b696-f2b02292ce1e"
|
||
source_url: "https://ilga.gov/legislation/BillStatus.asp?DocNum=1795&GAID=16&DocTypeID=SB&LegId=134448&SessionID=110&GA=102"
|
||
source_hash: "fde2749bf6f2f0d14d2302795c1b339c1cf895433cd13815fb0fe68b3ebcc58b"
|
||
vintage: "2026-07-01"
|
||
source_snapshot: "https://data.openstates.org/daily/2026-07-01/public.pgdump"
|
||
retrieved_at: "2026-07-06"
|
||
confidence: "reported"
|
||
tags: ["legislation", "bill", "us-il"]
|
||
---
|
||
|
||
# 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.
|
||
|
||
1. **Introduced** (filed) — [source](https://ilga.gov/legislation/102/SB/PDF/10200SB1795.pdf)
|
||
2. **Engrossed** (committee substitute) — [source](https://ilga.gov/legislation/102/SB/PDF/10200SB1795eng.pdf)
|
||
3. **Enrolled** (enrolled) — [source](https://ilga.gov/legislation/102/SB/PDF/10200SB1795enr.pdf)
|
||
|
||
## 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](https://data.openstates.org/daily/2026-07-01/public.pgdump); origin `ocd-bill/e5b45131-621f-44e7-b696-f2b02292ce1e`. Confidence: reported (aggregated from official Illinois legislature records).
|
||
|