Illinois General Assembly - Bill Status for HB4726
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 Bill Status of HB4726  94th General Assembly


House Sponsors
Rep. Lovana Jones - Thomas Holbrook - Frank J. Mautino - Gary Hannig - Art Tenhouse, Constance A. Howard, Annazette Collins, Mary E. Flowers, Aaron Schock and David R. Leitch

Senate Sponsors
(Sen. Louis S. Viverito - Kwame Raoul)

Last Action
DateChamber Action
  5/19/2006HousePublic Act . . . . . . . . . 94-0779

Statutes Amended In Order of Appearance
225 ILCS 450/0.03from Ch. 111, par. 5500.03
225 ILCS 450/6.1
225 ILCS 450/9.01
225 ILCS 450/14.3
225 ILCS 450/16from Ch. 111, par. 5517
225 ILCS 450/20.01from Ch. 111, par. 5521.01
225 ILCS 450/20.1from Ch. 111, par. 5522
225 ILCS 450/27from Ch. 111, par. 5533

Synopsis As Introduced
Amends the Illinois Public Accounting Act. Defines "peer review program" as a review of compliance with professional standards of practice (now, generally accepted accounting principles and auditing standards and other generally accepted technical standards). Provides a definition of "Peer Review Administrator". Requires firms and sole practitioners providing accounting services under the Act to complete a peer review as a condition of renewing a license unless an exemption applies. Allows the Department of Financial and Professional Regulation to adopt rules. Provides penalties for failure to comply with remedial actions determined appropriate by the Peer Review Administrator. Requires the firm or sole practitioner to pay for the costs of the peer review. Provides that the peer review proceedings, records, reports, and other documents are privileged and provides exceptions to the privilege. Provides for the peer review year of combined or divided firms or sole practitioners. Makes other changes. Effective immediately.

House Floor Amendment No. 1
Adds reference to:
225 ILCS 450/9.3 new

Deletes everything after the enacting clause. Reinserts the provisions of the bill as introduced with the following changes. Adds a provision authorizing and directing the Board of Examiners and the Department of Financial and Professional Regulation to share information with each other regarding those individuals and entities licensed or certified or applying for licensure or certification under the Illinois Public Accounting Act. Removes the provision concerning restrictions on information that may be obtained in any civil action, arbitration, or administrative proceeding. Effective immediately.

 Fiscal Note (Dept. of Financial & Prof. Regulation)
 It is difficult to estimate the potential cost since we cannot project the rate of noncompliance or the personnel and opertational costs for hearings up to six years from the current date.

DateChamber Action
  1/12/2006HouseFiled with the Clerk by Rep. Lovana Jones
  1/12/2006HouseFirst Reading
  1/12/2006HouseReferred to Rules Committee
  2/14/2006HouseAssigned to Consumer Protection Committee
  2/14/2006HouseMotion to Suspend Rule 25 - Prevailed
  2/15/2006HouseAdded Chief Co-Sponsor Rep. Frank J. Mautino
  2/15/2006HouseAdded Chief Co-Sponsor Rep. Gary Hannig
  2/15/2006HouseAdded Chief Co-Sponsor Rep. Art Tenhouse
  2/16/2006HouseDo Pass / Short Debate Consumer Protection Committee; 013-000-000
  2/16/2006HousePlaced on Calendar 2nd Reading - Short Debate
  2/24/2006HouseHouse Floor Amendment No. 1 Filed with Clerk by Rep. Lovana Jones
  2/24/2006HouseHouse Floor Amendment No. 1 Referred to Rules Committee
  2/28/2006HouseHouse Floor Amendment No. 1 Recommends Be Adopted Rules Committee; 005-000-000
  2/28/2006HouseSecond Reading - Short Debate
  2/28/2006HouseHeld on Calendar Order of Second Reading - Short Debate
  3/1/2006HouseAdded Co-Sponsor Rep. Constance A. Howard
  3/1/2006HouseAdded Co-Sponsor Rep. Annazette Collins
  3/1/2006HouseAdded Co-Sponsor Rep. Mary E. Flowers
  3/1/2006HouseHouse Floor Amendment No. 1 Adopted by Voice Vote
  3/1/2006HousePlaced on Calendar Order of 3rd Reading - Short Debate
  3/1/2006HouseAdded Chief Co-Sponsor Rep. Thomas Holbrook
  3/2/2006HouseThird Reading - Short Debate - Passed 115-000-001
  3/2/2006SenateArrive in Senate
  3/2/2006SenatePlaced on Calendar Order of First Reading March 7, 2006
  3/2/2006SenateChief Senate Sponsor Sen. Louis S. Viverito
  3/2/2006HouseAdded Co-Sponsor Rep. Aaron Schock
  3/2/2006HouseAdded Co-Sponsor Rep. David R. Leitch
  3/7/2006SenateFiscal Note Filed from the Illinois Department of Financial and Professional Regulation.
  3/7/2006SenateFirst Reading
  3/7/2006SenateReferred to Rules
  3/15/2006SenateAssigned to Licensed Activities
  3/24/2006SenateDo Pass Licensed Activities; 005-000-000
  3/24/2006SenatePlaced on Calendar Order of 2nd Reading March 27, 2006
  3/28/2006SenateSecond Reading
  3/28/2006SenatePlaced on Calendar Order of 3rd Reading March 29, 2006
  3/29/2006SenateAdded as Alternate Chief Co-Sponsor Sen. Kwame Raoul
  3/29/2006SenateThird Reading - Passed; 054-003-000
  3/29/2006HousePassed Both Houses
  4/27/2006HouseSent to the Governor
  5/19/2006HouseGovernor Approved
  5/19/2006HouseEffective Date May 19, 2006
  5/19/2006HousePublic Act . . . . . . . . . 94-0779

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