HB4273 - 104th General Assembly (2025-2026)

CORPORATE OPPORTUNITIES
Last Action
5/13/2026 - House: Placed on Calendar Order of Concurrence Senate Amendment(s) 1
Hearings
Executive Committee Hearing May 21 2026 10:00AM Capitol Building Room 114 Springfield, IL - Senate Floor Amendment 1
Statutes Amended In Order of Appearance
805 ILCS 5/8.61 new  
Synopsis As Introduced
Amends the Business Corporation Act of 1983. Provides that, subject to any contrary provision in the articles of incorporation of a corporation, a director, officer, key employee, or other fiduciary of the corporation shall not take advantage of a corporate opportunity unless the person first tenders the opportunity to the corporation and the corporation rejects the opportunity. Provides that, if the rejection is by a disinterested board of directors or by disinterested shareholder action, the director, officer, key employee, or other fiduciary of the corporation may then take advantage of the opportunity. Effective immediately.

Senate Floor Amendment No. 1
Deletes reference to:
805 ILCS 5/8.61 new  
Adds reference to:
215 ILCS 5/143.17  
215 ILCS 5/Art. XLVIII heading new  
215 ILCS 5/1801 new  
215 ILCS 5/1802 new  
215 ILCS 5/1803 new  
215 ILCS 5/1804 new  
215 ILCS 5/1805 new  
Replaces everything after the enacting clause. Amends the Illinois Insurance Code. In provisions regarding the notice of intention not to renew a policy of insurance, provides that no company may impose renewal premium increases of more than 10% for policies of fire and extended coverage insurance that are subject to certain cancellation requirements, unless the company mails or delivers by electronic means to the named insured notice of the increase in renewal premium at least 60 days before the policy renewal or anniversary date. Creates the Rates for Fire and Extended Coverage Insurance Article. Contains provisions concerning the purpose and applicability of the Article. Prohibits rates from being excessive, inadequate, or unfairly discriminatory, as specified. Sets forth provisions concerning determinations and notice from the Department of Insurance and hearings on the notice. Provides that credible State-specific loss experience shall be used in the development of rates whenever that data is available and statistically reliable. Authorizes insurers, in order to meet actuarial standards of credibility, to supplement State-specific loss experience with countrywide, regional, or out-of-state loss experience. Effective July 1, 2027.
Actions
DateChamberAction
1/05/2026HouseFiled with the Clerk by Rep. Daniel Didech
1/14/2026HouseFirst Reading
1/14/2026HouseReferred to Rules Committee
2/11/2026HouseAssigned to Judiciary - Civil Committee
3/19/2026HouseDo Pass / Short Debate Judiciary - Civil Committee; 013-007-000
3/19/2026HousePlaced on Calendar 2nd Reading - Short Debate
4/10/2026HouseSecond Reading - Short Debate
4/10/2026HouseHeld on Calendar Order of Second Reading - Short Debate
4/14/2026HousePlaced on Calendar Order of 3rd Reading - Short Debate
4/14/2026HouseChair Rules Standard Debate
4/14/2026HousePlaced on Calendar Order of 3rd Reading - Standard Debate
4/14/2026HouseThird Reading - Standard Debate - Passed
4/15/2026SenateArrive in Senate
4/15/2026SenatePlaced on Calendar Order of First Reading
4/15/2026SenateChief Senate Sponsor Sen. Michael E. Hastings
4/15/2026SenateFirst Reading
4/15/2026SenateReferred to Assignments
4/28/2026SenateAssigned to Judiciary
5/06/2026SenateDo Pass Judiciary; 009-000-000
5/06/2026SenatePlaced on Calendar Order of 2nd Reading May 7, 2026
5/11/2026SenateSenate Floor Amendment No. 1 Filed with Secretary by Sen. Michael E. Hastings
5/11/2026SenateSenate Floor Amendment No. 1 Referred to Assignments
5/12/2026SenateSenate Floor Amendment No. 1 Assignments Refers to Insurance
5/12/2026SenateSecond Reading
5/12/2026SenatePlaced on Calendar Order of 3rd Reading May 13, 2026
5/12/2026SenateAdded as Alternate Chief Co-Sponsor Sen. Mike Porfirio
5/13/2026SenateSenate Floor Amendment No. 1 Recommend Do Adopt Insurance; 009-003-000
5/13/2026SenateRecalled to Second Reading
5/13/2026SenateSenate Floor Amendment No. 1 Adopted; Hastings
5/13/2026SenatePlaced on Calendar Order of 3rd Reading
5/13/2026SenateThird Reading - Passed; 043-014-001
5/13/2026HouseArrived in House
5/13/2026HousePlaced on Calendar Order of Concurrence Senate Amendment(s) 1
5/13/2026SenateAdded as Alternate Chief Co-Sponsor Sen. Doris Turner
5/13/2026SenateAdded as Alternate Chief Co-Sponsor Sen. Cristina Castro
5/14/2026SenateAdded as Alternate Chief Co-Sponsor Sen. Meg Loughran Cappel
5/14/2026SenateAdded as Alternate Co-Sponsor Sen. Rachel Ventura
5/14/2026SenateAdded as Alternate Co-Sponsor Sen. Sara Feigenholtz
5/14/2026HouseChief Sponsor Changed to Rep. Thaddeus Jones
5/20/2026HouseSenate Floor Amendment No. 1 Motion Filed Concur Rep. Thaddeus Jones
5/20/2026HouseSenate Floor Amendment No. 1 Motion to Concur Rules Referred to Executive Committee