Business Advice and Financial Planning

(Crowe, D-Maryville; Didech, D-Buffalo Grove) provides for (1) the valid execution, attestation, self-proving, and probate of electronic wills, paper copies of electronic wills, and wills attested to by witnesses through audio-video communication; and (2) the valid execution, attestation, and witnessing of documents, other than wills, through audio-visual communication. The Governor signed it yesterday, and it took effect on his signature. 

(Sims, D-Chicago; Andrade, D-Chicago) creates the Uniform Electronic Transactions Act to join 48 other states if enacted. It replaces the Electronic Commerce Security Act of 1999. Effective June 25, 2021.

(Morrison, D-Highwood; Morgan, D-Highwood) makes several change sto the Business Corporation Act. (1) It amends Section 7.05  to provide that shareholder meetings can be held through means of remote communication if the corporation implements reasonable measures to ensure  (a) that each person participating remotely is a shareholder; and (b) that shareholders participating remotely have a reasonable opportunity to participate in the meeting and to vote on resolutions considered at the meeting. It allows for both fully remote shareholder meetings and hybrid meetings at which some shareholders are present in person and some shareholders participate remotely. 

To facilitate remote shareholder meetings, Section 7.15 is amended to provide that the means of remote communication must be included in the notice of shareholders meeting and amends Section 7.30 to provide that lists of shareholders eligible to vote at the meeting may be maintained on a reasonably accessible electronic network.

Senate Bill 116 also creates a new Section 14.13 that allows for the filing by corporations of interim changes to the corporation’s name, address, officers, directors, principal office, or minority-owned business status. 

Senate Bill 116 also amends the Limited Liability Company Act to allow terminated limited liability companies to revoke their termination within 90 days of the effective date of termination if the company has not begun to distribute its assets or commenced proceedings for a court supervision of its winding up.  The LLC Act is also amended to allow voluntarily terminated limited liability companies to be reinstated upon the filing of all reports and the payment of all fees and penalties then due. 

Passed both chambers. Effective Jan. 1, 2022. 

(Sims, D-Chicago; Andrade, D-Chicago) creates the Uniform Electronic Transactions Act to join 48 other states if enacted. It replaces the Electronic Commerce Security Act of 1999. Passed both chambers. Effective immediately. 

(Holmes, D-Aurora; Kifowit, D-Aurora) amends the Illinois Notary Public Act providing requirements authorizing electronic and remote notarization and electronic notaries public. Effective on the later of: (1) January 1, 2022; or (2) the date on which the Secretary of State files with its Index Department a notice of its adoption of rules necessary to implement this Act.

(Crowe, D-Maryville; Didech, D-Buffalo Grove) provides for (1) the valid execution, attestation, self-proving, and probate of electronic wills, paper copies of electronic wills, and wills attested to by witnesses through audio-video communication; and (2) the valid execution, attestation, and witnessing of documents, other than wills, through audio-visual communication. Passed both chambers. Effective on the Governor’s signature.  

(Sims, D-Chicago; Ann Williams, D-Chicago) creates the Uniform Electronic Transactions Act to join 48 other states if enacted. It replaces the Electronic Commerce Security Act of 1999. Passed both chambers. Effective immediately on the Governor's signature.

(Crowe, D-Maryville) provides that an electronic will shall be executed by the testator or by some person in the testator's presence and at the testator's direction, and attested to in the testator's presence by two or more credible witnesses. Provides for the revocation of an electronic will. Provides that an electronic will is a digital asset and any person or business in possession of an electronic will is a custodian.

Provides that a person may witness any document, other than a will, using audio-video communication between the individual's signing the document and the witness. Provides for remote attestation for a will and methods for determining a signer's or testator's identity.

Provides for the verification of an electronic will when a petition to have an electronic will admitted to probate is filed. Provides for: admission of a paper copy of an electronic will; admission of a will attested to by a witness who is physically present; admission of a will attested to by a remote witness; and admission of a will signed under the Electronic Commerce Security Act.

Provides that nothing prohibits any party from introducing evidence of fraud, forgery, compulsion, or other improper conduct which in the opinion of the court is deemed sufficient to invalidate the will when being admitted. Provides for: formal proof of a will with a remote witness; formal proof of an electronic will; and formal proof of a will witnessed under the Electronic Commerce Security Act.

Senate Bill 72 has just been introduced.