IllinoisHB4273104th General Assembly (2025–2026)HouseWALLET

CORPORATE OPPORTUNITIES

Sponsored By: Sponsor information unavailable

Signed by Governor

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.

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Bill Overview

Analyzed Economic Effects

2 provisions identified: 2 benefits, 0 costs, 0 mixed.

Illinois tightens fire insurance rate rules

Starting July 1, 2027, Illinois reviews rate filings for covered fire and extended-coverage policies. Rates cannot be excessive, inadequate, or unfairly discriminatory, and insurers must use reliable Illinois loss data when available. Insurers can add broader data when needed, but cannot use it to improperly shift costs onto Illinois policyholders. For a complete filing, the Department of Insurance has 60 days to object; otherwise, the filing counts as compliant. A final order can stop a filing and require refunds. The rules exclude commercial policies, some leased, rented, vacant, or construction properties, and farm dwellings.

Homeowners get more renewal notice

Starting July 1, 2027, insurers must give at least 60 days’ notice before a renewal increase over 10% on covered policies. This notice rule does not block the increase, and it excludes changes policyholders request, changes in exposure, and excluded insurance lines. Insurers can send deductible or coverage-change notices electronically for covered policies, but must still give 60 days’ notice.

Sponsors & Cosponsors

Sponsors

There is no primary sponsor on record.

Cosponsors

  • Aarón M. Ortíz

    Democratic • House

  • Barbara Hernandez

    Democratic • House

  • Bob Morgan

    Democratic • House

  • Christopher Belt

    Democratic • Senate

  • Cristina Castro

    Democratic • Senate

  • Dagmara Avelar

    Democratic • House

  • Debbie Meyers-Martin

    Democratic • House

  • Doris Turner

    Democratic • Senate

  • Elgie R. Sims, Jr.

    Democratic • Senate

  • Janet Yang Rohr

    Democratic • House

  • Jawaharial Williams

    Democratic • House

  • Justin Cochran

    Democratic • House

  • Kelly M. Cassidy

    Democratic • House

  • Lilian Jiménez

    Democratic • House

  • Mary Edly-Allen

    Democratic • Senate

  • Maura Hirschauer

    Democratic • House

  • Meg Loughran Cappel

    Democratic • Senate

  • Michael E. Hastings

    Democratic • Senate

  • Michael W. Halpin

    Democratic • Senate

  • Michelle Mussman

    Democratic • House

  • Mike Porfirio

    Democratic • Senate

  • Norma Hernandez

    Democratic • House

  • Rachel Ventura

    Democratic • Senate

  • Rita Mayfield

    Democratic • House

  • Sara Feigenholtz

    Democratic • Senate

  • Suzanne M. Ness

    Democratic • House

  • Suzy Glowiak Hilton

    Democratic • Senate

  • Thaddeus Jones

    Democratic • House

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

Senate Floor Amendment No. 1 Recommend Do Adopt Insurance;

Yes: 9 • No: 3 • Other: 1

Senate vote • 5/13/2026

Third Reading - Passed;

Yes: 43 • No: 14 • 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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