IllinoisHB4273104th General Assembly (2025–2026)HouseWALLET

CORPORATE OPPORTUNITIES

Sponsored By: Sponsor information unavailable

Became Law

Summary

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.

judiciary - civilassignmentsjudiciaryexecutive

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Bill Overview

Analyzed Economic Effects

3 provisions identified: 3 benefits, 0 costs, 0 mixed.

Home and renters insurance renewal protections

Beginning July 1, 2027, your insurer cannot raise your renewal premium more than 10% unless it gives you at least 60 days’ written notice. The notice can be mailed or sent electronically if you agree. Changes to deductibles or coverage that affect an entire policy form also require at least 60 days’ advance notice. These rules apply to covered fire and extended coverage policies in Illinois.

Advance notice before nonrenewal or cancellation

Beginning July 1, 2027, your insurer must mail you at least 30 days’ notice before it does not renew your policy. The company must keep proof of mailing, and the nonrenewal cannot take effect until 30 days after that date. For cancellation for nonpayment, it must mail at least 10 days’ notice. Your broker or agent and your last‑known mortgagee or lienholder must also be told, and they may choose electronic delivery.

Clear renewal offers from insurers

Beginning July 1, 2027, when your insurer says it will renew, it must give you a clear written renewal offer. The notice must state the premium amount due, any payment plans, and who is authorized to accept payment, or that no one is authorized. This helps you see the cost and how to pay.

Sponsors & Cosponsors

Sponsors

There is no primary sponsor on record.

Cosponsors

  • Aarón M. Ortíz

    Affiliation unavailable

  • Barbara Hernandez

    Affiliation unavailable

  • Bob Morgan

    Affiliation unavailable

  • Christopher Belt

    Affiliation unavailable

  • Cristina Castro

    Affiliation unavailable

  • Dagmara Avelar

    Affiliation unavailable

  • Debbie Meyers-Martin

    Affiliation unavailable

  • Doris Turner

    Affiliation unavailable

  • Elgie R. Sims, Jr.

    Affiliation unavailable

  • Janet Yang Rohr

    Affiliation unavailable

  • Jawaharial Williams

    Affiliation unavailable

  • Justin Cochran

    Affiliation unavailable

  • Kelly M. Cassidy

    Affiliation unavailable

  • Lilian Jiménez

    Affiliation unavailable

  • Mary Edly-Allen

    Affiliation unavailable

  • Maura Hirschauer

    Affiliation unavailable

  • Meg Loughran Cappel

    Affiliation unavailable

  • Michael E. Hastings

    Affiliation unavailable

  • Michael W. Halpin

    Affiliation unavailable

  • Michelle Mussman

    Affiliation unavailable

  • Mike Porfirio

    Affiliation unavailable

  • Norma Hernandez

    Affiliation unavailable

  • Rachel Ventura

    Affiliation unavailable

  • Rita Mayfield

    Affiliation unavailable

  • Sara Feigenholtz

    Affiliation unavailable

  • Suzanne M. Ness

    Affiliation unavailable

  • Suzy Glowiak Hilton

    Affiliation unavailable

  • Thaddeus Jones

    Affiliation unavailable

Roll Call Votes

All Roll Calls

Yes: 245 • No: 106

House vote 5/27/2026

Senate Floor Amendment No. 1 House Concurs

Yes: 72 • No: 38

House vote 5/21/2026

Senate Floor Amendment No. 1 Motion to Concur Recommends Be Adopted Executive Committee;

Yes: 8 • No: 4

Senate vote 5/13/2026

Senate Floor Amendment No. 1 Recommend Do Adopt Insurance;

Yes: 9 • No: 3

Senate vote 5/13/2026

Third Reading - Passed;

Yes: 43 • No: 14 • Other: 1

Senate vote 5/13/2026

Senate Floor Amendment No. 1 Recommend Do Adopt Insurance;

Yes: 9 • No: 3 • Other: 1

Senate vote 5/6/2026

Do Pass Judiciary;

Yes: 9 • No: 0

Senate vote 5/6/2026

Do Pass Judiciary;

Yes: 9 • No: 0 • Other: 1

House vote 4/14/2026

Third Reading - Standard Debate - Passed

Yes: 73 • No: 37

House vote 3/19/2026

Do Pass / Short Debate Judiciary - Civil Committee;

Yes: 13 • No: 7

Actions Timeline

  1. Public Act . . . . . . . . . 104-0752

    8/4/2026House
  2. Effective Date July 1, 2027

    8/4/2026House
  3. Governor Approved

    8/4/2026House
  4. Sent to the Governor

    6/25/2026House
  5. Added as Alternate Co-Sponsor Sen. Christopher Belt

    6/10/2026Senate
  6. Added as Alternate Co-Sponsor Sen. Suzy Glowiak Hilton

    6/10/2026Senate
  7. Added as Alternate Co-Sponsor Sen. Mary Edly-Allen

    6/9/2026Senate
  8. Added as Alternate Co-Sponsor Sen. Michael W. Halpin

    6/9/2026Senate
  9. Added as Alternate Co-Sponsor Sen. Elgie R. Sims, Jr.

    5/28/2026Senate
  10. Added Co-Sponsor Rep. Lilian Jiménez

    5/27/2026House
  11. Added Co-Sponsor Rep. Norma Hernandez

    5/27/2026House
  12. Added Co-Sponsor Rep. Barbara Hernandez

    5/27/2026House
  13. Added Co-Sponsor Rep. Justin Cochran

    5/27/2026House
  14. Passed Both Houses

    5/27/2026House
  15. Added Co-Sponsor Rep. Kelly M. Cassidy

    5/27/2026House
  16. Added Co-Sponsor Rep. Janet Yang Rohr

    5/27/2026House
  17. Added Co-Sponsor Rep. Debbie Meyers-Martin

    5/27/2026House
  18. Added Co-Sponsor Rep. Suzanne M. Ness

    5/27/2026House
  19. Added Chief Co-Sponsor Rep. Jawaharial Williams

    5/27/2026House
  20. House Concurs

    5/27/2026House
  21. Senate Floor Amendment No. 1 House Concurs 072-038-000

    5/27/2026House
  22. Added Co-Sponsor Rep. Michelle Mussman

    5/27/2026House
  23. Added Co-Sponsor Rep. Dagmara Avelar

    5/27/2026House
  24. Added Co-Sponsor Rep. Aarón M. Ortíz

    5/27/2026House
  25. Added Co-Sponsor Rep. Bob Morgan

    5/27/2026House

Bill Text

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