BUSINESS - COMMERCIAL - BANKING
HB 152 - Wine and Spirits Disputes
Creates the Illinois Wine and Spirits Industry Fair Dealing Act of 1999. Gives more power to distributors against suppliers. P.A. 91-2; effective 5-21-99.
HB 157 - Caller ID
Prohibits telephone solicitors or autodialers from impeding the function of caller ID if the solicitor's service or equipment is capable of allowing the display of the solicitor's telephone number. P.A. 91-182; effective 1-1-00.
HB 779 - Exemption from the Franchise Disclosure Act
Amends the Illinois Equipment Fair Dealership Law. Provides that retailers and wholesalers, manufacturers, and distributors of inventory are not subject to the provisions of the Franchise Disclosure Act of 1987. P.A. 91-289; effective 1-1-00.
HB 1069 - Soft Drink Disputes
Creates the Soft Drink Industry Fair Dealing Act. Restricts a supplier of soft drinks from taking certain actions against a soft drink distributor. Requires a supplier to provide a distributor with a notice of cancellation. P.A. 91-3; effective 1-1-00.
HB 1234 - Beer Wholesalers
Grants beer wholesalers more rights under the Beer Industry Fair Dealing Act. P.A. 91-247; effective 7-22-99.
HB 1805 - Auctioneer Licensing
Creates the Auction License Act to regulate and license auctioneers and auction firms. Grandfathers in auctioneers who have lawfully and actively practiced in Illinois if he or she (1) is a resident of Illinois; (2) applies to the Office of Banking and Real Estate within six months after the effective date of this Act; (3) verifies that he or she has practiced as an auctioneer for a period of at least two years before the effective date of this Act; and (4) verifies that he or she has conducted a minimum of five auctions of real or personal property within the two years before the effective date of this Act. Will appear at 225 ILCS 407/. P.A. 91-603; effective generally 1-1-2000; some parts effective 8-16-99.
HB 2194 - Out-of-State CPAs
The requirements for an out-of-state CPA to practice in Illinois or be licensed without examination in Illinois are changed to make it more compatible with modern business practices. P.A. 91-508; effective 8-13-99.
HB 2204 - Banking on Illinois Act
Creates the Banking on Illinois Act. Declares that laws regulating banks in Illinois should be liberally construed to encourage the chartering and operating of financial institutions that locate and maintain their main banking premises in Illinois. Amends the Illinois Banking Act to provide that the provisions of the Illinois Business Corporation Act of 1983 may be relied upon for guidance in matters of corporate governance not controlled by the Illinois Banking Act. Allows banks to offer any product offered by an out-of-state bank. Provides that the establishment of account service charges is a business decision to be made by a bank. Makes the financial statements that customers provide to banks are confidential. P.A. 91-330; 7-29-99.
HB 2616 - Junk Electronic Mail
Creates the Electronic Mail Act. It also makes a violation of the Junk Electronic Mail Act a violation of the Consumer Fraud and Deceptive Business Practices Act as well. It makes it a crime for any person or entity doing business in Illinois to send unsolicited electronic advertisement that contains false or misleading information in the subject line. Will appear at 815 ILCS 511/. P.A. 91-233; effective 1-1-2000.
SB 79 - Day Labor Services Act
Creates a regulatory scheme for entities that provide day labor services. Requires day labor service agency to register with the Illinois Department of Labor. P.A. 91-579; effective 1-1-2000.
SB 85 - Shopper's Club Privacy
Amends the Consumer Fraud and Deceptive Business Practices Act to make it an unlawful practice under the Act for any person who is an officer, manager or employee of a merchant to knowingly disclose to a person other than the merchant's officers, managers, employees, vendors, agents or consultants either (1) the identity of an applicant to, or member of, the merchant's shoppers club or (2) the identity of a shopper club member's actual purchases of merchandise, unless the applicant or member consents to the disclosure. Provides that an applicant's or member's consent is presumed if the applicant or member is given the written opportunity to retain the non-disclosure rights provided for in this Section but fails to so affirmatively direct. Provides that there is no private cause of action for a violation of these provisions. P.A. 91-348; effective 1-1-2000.
SB 123 - Architects
The repeal date of the Illinois Architecture Practice Act of 1989 is extended to Jan. 1, 2010. Under current law structures used for residential purposes are exempted if outside the corporate limits of any city or village. This Act deletes that exemption. P.A. 91-133; effective generally 1-1-2000; Regulatory Sunset Act changes effective 7-16-99.
SB 378 - Savings and Loans as Trustee or Guardian
Allows a savings and loan association to qualify as a trustee or guardian as long as it is subject to statutory and regulatory control. Makes other changes that affect savings and loan associations. P.A. 91-97; effective 7-9-99.
SB 564 - Business Organizations - Various
Allows the SOS to provide "expedited services" by amending the Limited Liability Company Act and the Revised Uniform Limited Partnership Act. "Expedited Services" is defined as services rendered within the same day or within 24 hours from the time the request is made. For LLC information, requests for certificates of good standing may be made by telephone or in person at the Department's Chicago or Springfield office. Requests for certified copies and other photocopies must be made physically in the Department's Springfield office. A similar request process is created for partnership information. The Department (formerly the Corporation Division of the SOS) is then allowed to charge higher fees for the expedited services.
This Act also allows compliance with filing a renewal notice under RULPA by proof that it was mailed before the first day of the anniversary month of the limited partnership. P.A. 91-463; effective 1-1-2000.
SB 565 - Limited Liability Companies
Makes a number of changes to the Limited Liability Company Act, which are as follows. (1) Clarifies that neither a company's identification with a trademark or service mark or use of a name of a division (as long as the LLC clearly discloses its true identity) does not constitute the use of an assumed name under this Act. (2) After a registered agent's notice of resignation, a new registered agent must be placed on record within 60 days and failure to do so may result in dissolution of the LLC by the Secretary of State. (3) Recognizes the postmark on the envelope containing the annual report as satisfactory proof that the annual report is received before the first date of the anniversary month. (4) Repeals current requirement that a company's FEIN be contained in all documents filed with the SOS. (5) Makes other clean-up changes that are considered technical in nature. P.A. 91-354; effective 1-1-2000.
SB 566 - Business Corporation
Makes two substantive changes to the Business Corporation Act and numerous technical changes. The substantive changes are as follows. (1) Amends §5/8.40 to allow a committee, at the direction of the board, to fix the pricing terms or the designation and relative rights, preferences, and limitations of a series of shares. The proponents considered the fact that sometimes it is impossible to assembly the board to make decisions quickly. (2) Amends §5/8.75 to eliminate the written report to shareholders if an indemnity were paid to someone other than the officers and directors. The proponents believed that current law does not seem to serve any real purpose. For undertakings to repay, it is a common practice to advance legal expenses for non-management or lower management personnel who are in litigation against the corporation. P.A. 91-464; effective 1-1-2000.
SB 567 - Not-For-Profit
Makes three substantive changes to three different statutes. (1) Amends the Not-for-Profit Corporation Act to prohibit a statement of correction from altering a corporation's articles of incorporation for the corporation's purpose. It does allow amended articles of incorporation to omit information concerning the initial directors, registered agent, and registered office. (2) Amends the BCA to allow voting trusts to exist for more than 10 years. If no time limit is selected, the trust agreement would be limited to 10 years. (3) Amends the RULPA to eliminate the requirement that the assumed name contain the words "limited partnership." P.A. 91-527; effective 1-1-2000.
SB 890 - Y2K Protection for Financial Institutions
The Illinois Financial Institutions Year 2000 Safety and Soundness Act protects eight enumerated Illinois financial institutions that do business in Illinois by immunizing them against a "Year 2000 action" brought by or for damages incurred by persons not in privity of contract with the institution for the transaction that gave rise to the Year 2000 claim. P.A. 91-645; effective 8-20-99.